De La Rue Share Discussion Threads

[knowing] 03/7/2019 15:28

Thats a nice buy

[knowing] 03/7/2019 14:20

Managed to tuck IAG away at 4.50 so quite pleased. Will reinvest the divi here as the illiquidity may lead to a nice rise when paid.

[gotnorolex] 03/7/2019 14:12

Yep Knowing, could not look a gift-horse in the mouth! ;~)

[knowing] 03/7/2019 14:00

GNR I see you are in IAG for their divi too. Some hefty yields around at present.

[knowing] 03/7/2019 13:21

Was thinking the same. It's only going to take one buyer to get this moving.

[gotnorolex] 03/7/2019 11:53

Illiquid if there ever was an old blue chip!

[knowing] 03/7/2019 10:11

Ex Divi tomorrow

[knowing] 02/7/2019 11:49

Interesting solution. Stock going Xd this week as well.

[gotnorolex] 27/6/2019 20:18

DLAR working hard on a smart border solution for Ireland, will it be ready and work?
Traceology® - an online track and trace system that enables label tracking and electronic verification of authenticity. De La Rue creates and delivers secure product identifiers and ‘track and trace’ software for governments and commercial customers alike to help to tackle the challenge of illicit or counterfeit goods and the collection of revenue and excise duties.

[meijiman] 25/6/2019 11:01

Bertie Wooster used to work at De La Rue...left in 1932 as senior management clueless. Plus ca change.

[kooba] 25/6/2019 10:36

Agree..shareholders deserve better.A shame such an historic British company seems to be so directionless.

[quepassa] 25/6/2019 10:20

all good points..added to which DLAR is a historically pretty secretive company -

let's hope something improves

[kooba] 25/6/2019 09:26

Seems there has been a long period of engagement here with the management then not following threw on pledges.Hence the media..We are both probably be presumptive of what has gone on behind closed doors I guess.I think it is good that shareholders take management to task.With the decline in active let alone activist fund management and the rise of passive management it does not bode that well for accountability imho.

[quepassa] 25/6/2019 08:31

agree.

and I think you hit the nail on the head about management engagement.

in my opinion, it seems that CR are weak at achieving to do that compared to other more powerful activist investors like Elliott Advisers.

in my opinion, it's not that management won't engage but CR can't get them to engage.

media shaming is a blunt, neanderthal tool. And perhaps slightly more finesse in getting management to engage would be a more subtle and productive way to achieve more.

all imo. dyor.
qp

[kooba] 25/6/2019 08:06

Probably difficult to arrest decline in a company's fortunes if management won't engage... ultimately you can try to call a GM to change management who are doing a bad job or you can effect change through media shaming.Whats unclear in these situations is when an activist draws attention to failings whether other major institutional shareholders get on the phone and ceos and chairs get the message that they are not supported.Having followed CR positions I would say they have had quite some success ..see Allied Minds recently.Management step down when they can't defend the performance or model imo.The decline here has been over a decade mostly under this Chair, who oversaw the appointment of the CEO ..CR relatively new on the register.If they can draw out buyer for the business or bank note printing side I think will restore value short term, with rudderless management difficult to see where future is as an independent with current structure.

[kooba] 25/6/2019 07:33

Meanwhile, De La Rue, the banknote printer, announced that Philip Rogerson, 74, its chairman since 2012, would retire following the "appointment and integration" of a new chief executive.De La Rue also said that Andy Stevens, 62, its senior independent director, planned to step down by the end of the year. The boardroom changes come after shares in De La Rue fell by a third when it issued another profit warning alongside mixed annual results and said that Martin Sutherland, 50, its chief executive, would leave the business.De La Rue is trying to restructure after it was beaten to a £260 million 11-year contract to print British passports by Gemalto, a French-Dutch rival last year. It has come under pressure from Crystal Amber, a UK-listed activist, which has built a 6.3 per cent stake. Richard Bernstein, an investment adviser at Crystal Amber, called the board "clueless" and its problems "entirely self-inflicted" last month.Mr Bernstein, 56, claimed victory yesterday, saying on social media that his fund had written to Mr Rogerson saying "we have concluded that all stakeholders would be better served if you now stand down from the board".The email from Mr Bernstein, seen by The Times, claims that Mr Rogerson had "reneged on his commitment", made at a meeting earlier this month with Crystal Amber, to speak to a potential acquirer of De La Rue."Revolutions come from disappointed expectations," the email, dated last Thursday, reads. It adds: "You have consistently disappointed the expectations of stakeholders . . . We have no doubt that your involvement is a recipe for continued destruction of shareholder value."A De La Rue spokesman said the board were "aware of their fiduciary responsibilities and will always act in the best interest of shareholders".

[quepassa] 25/6/2019 07:11

paywall article..

[kooba] 25/6/2019 06:26

Piece in the Times intriguing ...to speak to a potential acquirer of De La Rue.'https://www.thetimes.co.uk/article/de-la-rue-chairman-leaves-after-pressure-from-activist-029llpf30

[slicethepie] 24/6/2019 10:08

Surely this is now the time for a bidder to strike...ceo and chairman going

[meijiman] 24/6/2019 09:48

This company has needed a root and branch clear out for some time. Arrogance and complacency spring to mind...seemed to believe it was a protected species. Share price says it all really.

[speedsgh] 24/6/2019 07:57

On Thursday we wrote to Philip Rogerson, De La Rue's Chairman:"we have concluded that all stakeholders would be better served if you now stand down from the board." Reneging on releasing shareholder value, the final straw. This morning, DLAR announces Rogerson is standing down.

DIRECTORATE CHANGES -

[knowing] 13/6/2019 13:13

JP Morgan Cazenove 13/06
Reiterates
Neutral
Neutral
360.00p

[quepassa] 12/6/2019 10:54

Good to get some cash but funny timing just as CEO departs.

A headless chicken.

Let's just hope they find someone who can really grasp the business.

ALL IMO. DYOR.
QP