De La Rue Share Discussion Threads

[wigwammer] 28/10/2023 10:24

I'm sure Mr Whiley is a pleasant and capable man. But he is not a hero, and not a miracle worker. It is simply evident that the obstacles were not as insurmountable as you repetitiously and aggressively claimed 6 months ago. And that's why the shares have gone up. ATB

[kooba] 28/10/2023 10:10

If the previous Chair had resolved the banking covenants he would not have walked...other shareholders as well as CRS clearly felt he was not getting there hence removed support otherwise Loosemore would have stayed.Simples.

[kooba] 28/10/2023 10:06

There were no buyers 6 months ago due to the unresolved covenants that results in the accounts being qualified...not a great situation to get yourself in . Buyers came in after the material change through alteration in terms agreed with the banks and trustees. No one except you for some reason thought that was a given ...hence the share price reaction on the new chair getting it done. Really unsure why you do not see a material difference pre and post changes in covenants as the buyers certainly did.It might well be impossible to get such agreement now with the banks as the lending environment has changed somewhat without an equity raise..that was the danger back then but was avoided by new Chair getting a solution something the previous chair had been working on for months and months without success.

[wigwammer] 28/10/2023 09:21

The shares have gone up cos there are more buyers than sellers, kooba. Remarkable given that just 6 months ago this was an uninvestible basket case (according to you..)

[kooba] 27/10/2023 19:19

Only you knows what occurred apparently ..lmao.You don't even seem to know what moves share prices in markets..buying by individuals and institutions supporting the new Chair...CRS and Richard Griffiths cleared any loose stock buying 12% of the outstanding equity..only after there was a new chair who had pulled together financial arrangements that had dragged on previously leaving uncertainty. They saw a significant difference from months earlier when nobody was buying..but you don't.You are just full of nothing useful...the company was in an unresolved and perilous financial position if you can't see that you are in denial.

[wigwammer] 27/10/2023 16:37

Yes Whiley probably pointed out that the business is likely to have enduring value, and investible both from a debt and equity point of view. Bit like what me and a handful of others were saying here at 40p, to much unnecessary and aggressive derision. Roll on just 6 months and the detractors have now fallen into line.... I really don't think CA are going to give an objective opinion - they will present select facts that support their narrative. They knew the targets and naively bought into them themselves, now pointing the finger anywhere else... Latest update has net debt rising to £95m by year end. ATB

[agnes] 27/10/2023 16:02

This sets out facts not emotions: https://polaris.brighterir.com/public/crystal_amber/news/rns/story/x5zgp8xAnd the De La Rue latest update has debt £20m lower than forecast in March. No one is saying that Whiley is a hero but he showed leadership in dealing with the auditors, the banks and the pension trustees. Something that Vacher and Loosemore were incapable of.

[wigwammer] 25/10/2023 22:29

Kooba wet his pants at 40p. And 6 months later the shares are 60p.... Truth :)

[kooba] 25/10/2023 22:00

If you only knew the half..will leave you in your ignorance.Chin chin.Can't wait for the next episode of the truth according to wiggy.

[kooba] 25/10/2023 21:11

119 days ago I posted below..but you decide to have a pick a fight now...why? If you don't see this as a material change in the company's position you obviously know nothing about financial markets. Just seeking attention ?Much uncertainty removedSuccessfully renegotiated the Company's facilities with its lenders, leading to a significant relaxation of both interest cover and gearing covenant ratios, and the addition of a liquidity measure- Agreement reached with the Pension Trustee to defer GBP18.75m of deficit repair contributions originally due over the 15 months from April 2023, with the substantive majority (GBP16.25m-GBP17.5m) deferred to the FY26-FY29 timeframe. This significantly improves the cash position for the Company over the next few years - No 'material uncertainty' with respect to going concern in the accounts

[kooba] 25/10/2023 20:59

Yes that's what happened ..not so much a story. Do some homework and stop making stuff up sunshine. Sorting out the finances was vital to avoid further dilution and the new Chair was instrumental in getting this and the pension relaxation done...ask someone who actually knows . The value was enhanced by achieving this and yes it resulted in a positive in my view which i expressed at the time. Situations change and so does my view..i don't rely on holding a blinkered view that everything will be ok without any evidence like you.As to CRS singing their own praises ..they could take lessons from you..though I can't remember you predicting any turn of events that transpired!You seem to want to fight,..not sure why you are not in a strong position to do so.

[kooba] 25/10/2023 17:21

Its very naive to not blame the incompetent management over the past decade as it goes...other companies in De La Rues fields of expertise have flourished as De La Rue has shrunk.The new Chair has steadied a very unsteady ship which might have turned it around in the short term. The Loosemore crew turned it round then released 3 plus profit warnings..like they had a grip of the business.

[wigwammer] 25/10/2023 12:31

Crystal Amber lost a lot of money because they overpaid for shares in a company with deteriorating fundamentals, excessive leverage and a pension fund problem. It isn't clear any management team could have fared any better given those hurdles. I'm sure it suits the Crystal Amber narrative to point to previous management as the root cause of the underperformance, but not everyone who follows this name is that naive. ATB

[harry_david] 25/10/2023 11:41

Crystal Amber have lost a lot with this investment, they were right to try and take an active role. Furthermore the recent changes look most promising.

[wigwammer] 25/10/2023 10:57

Hmmm... crystal amber claiming crystal amber are fantastic! Worra surprise.... The lenders and trustees were always likely to fall into line - as predicted.

[meijiman] 25/10/2023 10:06

Difficult to disagree with any of that from Crystal Amber. Reminds me that some French outfit once bid for this at 700p plus (is that correct?) and it was rejected. Utterly clueless and incompetent decisions were made by previous management teams.

[kooba] 25/10/2023 09:51

Crystal Amber DLAR largest holder commentary with todays results.De La Rue plc ("De La Rue")We have previously explained how De La Rue stands out as a case study of how poor leadership is the ultimate destroyer of shareholder returns. The company has a long and proud history, having been established in 1821 and has been printing banknotes since 1860. In 1982, the share price was 617.5p. Forty-one years later, it traded at below 30p. Ten years ago, De La Rue paid an annual dividend of 42.3p a share. In 2019, the dividend was shelved.In July 2020, De La Rue completed a GBP100 million fundraise which was priced at 110p per share. The Fund was the largest investor in this raise and ended up owning around 18% of De La Rue's issued share capital. Following a significant rise in the share price, the Fund reduced its exposure and reverted to being a 10% shareholder.As early as January 2022, the Fund publicly highlighted operational and strategic mistakes at De La Rue. Rather than engage constructively, management was completely dismissive.Last September, the Fund commented that it believed that De La Rue was in a critical position, with essential strategic decisions required. In July 2022, the Fund wrote to the Chairman and Chief Executive of De La Rue to request that Crystal Amber, as a 10% shareholder, be invited to nominate a director in a non-executive capacity. After more than two months of procrastination and attendance at several meetings, the proposal was rejected. The board of De La Rue then called a meeting of shareholders to vote on the Chairman's future. In December 2022, the Chairman was re-elected. Following a profit warning in January 2023, the Fund requisitioned a meeting of shareholders in March 2023 to remove Chairman Kevin Loosemore. Following a further profit warning in April, his position became untenable and he resigned.In May 2023, Clive Whiley was appointed Chairman. By the end of the following month he was able to successfully negotiate a reduction in contributions to the pension plan, revise and relax banking covenants and secure the removal of the material uncertainty going concern audit qualification. Against this improved backdrop and with increasing evidence of a cyclical upturn in the currency market, the Fund substantially added to its holding. During the summer, the Fund increased its shareholding from less than 10% of De La Rue's issued capital to close to 17%. The average cost of these purchases was 41.2p a share. The Fund remains of the view that the strategic value of De La Rue continues to be substantially more than its operational value and that it is now an attractive takeover target in an industry requiring consolidation.

[mickyl] 18/10/2023 18:19

Someone’s just bought 1.5million shares this afternoon. Crystal amber increasing their holdings again?

[wigwammer] 11/10/2023 18:46

The main drivers have been getting the support of lenders, trustees and the removal of the going concern label. All pretty predictable. Am sure it's nice to have new faces at board level, but I really don't think one can claim they have materially turned the tanker round in the space of six months.

[wbodger] 11/10/2023 15:13

(wigwammer that would have to be quite a few months ago, before the Board changes. Most posters have been chasing this up from 30 pence around the Profits Warning. You can't learn much from a time when Loosemoore was Chairman and CA trying to oust him in order to make the Board receptive to a bid.

IMO Vacher's changes have stopped the trading losses but the share price isn't going back to even £2 without investment. Hence the talk of bid. Perfectly investable at 65 pence for the long term, but a bid would turbocharge it. That might pacify big holders sitting at quite a loss. They must be disgruntled.

It looks right for a £1 bid, which might start an auction, and one sixth of the shares are likely available (Crystal Amber) at something over that.

Some have argued they were too hasty downsizing because it makes it too hard to accelerate into better times. But it does make the company more attractive to a buyer.

[wigwammer] 10/10/2023 15:00

Nice recovery here from the low 40's, as I suggested was likely. Amazing how kooba has done a full 180 degree turn - he was very upset about anyone who spoke positively a few months back. Now - post event - he is all smiles and positivity :)