London Daily

Focus on the big picture.
Thursday, Apr 24, 2025

Troubled banknote printer De La Rue faces new campaign to oust chairman

Troubled banknote printer De La Rue faces new campaign to oust chairman

Crystal Amber Funds has requisitioned an EGM to seek the removal of Kevin Loosemore as the underperforming company’s chairman.
The chairman of De La Rue, the struggling London-listed banknote printer, is facing a third vote on his tenure in less than a year after a major investor renewed its efforts to unseat him.

Sky News has learnt that Crystal Amber Funds, which owns nearly 10% of De La Rue's shares, has requisitioned an extraordinary general meeting seeking the removal of Kevin Loosemore.

Crystal Amber has told the company that it wants Pepijn Dinandt, an experienced industrials sector executive, to be appointed in his place.

Shareholders will be asked to vote on both resolutions at a forthcoming meeting.

City sources said a stock exchange announcement confirming the EGM requisition notice was likely to be made on Friday.

It follows a protracted period of unrest from shareholders led by Crystal Amber about De La Rue's performance.

The company, whose customers include the Bank of England, has seen its shares continue to fare appallingly, with a further slump of over 50% in the last 12 months.

De La Rue now has a market value of just £109m, despite having raised £100m from a share sale in July 2020.

It has been hit by a string of profit warnings triggered by management mishaps.

In a statement issued on Thursday evening, Richard Bernstein, Crystal Amber founder and investment adviser, said: "It is time for the chairman to take responsibility for the destruction of shareholder value on his watch.

"There have been strategic blunders and we urgently require new strategic leadership."

Mr Loosemore, who became chairman of De La Rue in 2019, sailed through a vote on his re-election at last year's annual meeting.

At a further vote instigated by the company in December, he was backed by 83% of shareholders.

Earlier this month, Sky News revealed that De La Rue had requested breathing space from its pension trustees by delaying nearly £20m of retirement funding payments.

Last November, it issued the latest in a series of profit alerts and criticised its auditor, EY, for including a going concern warning in its accounts.

Since then it has disclosed further challenges involving its operations in India and Kenya, further hitting its depressed share price.

A spokesman for De La Rue declined to comment.
Newsletter

Related Articles

0:00
0:00
Close
Trump administration moves to BAN essentially ALL artificial food dyes in the USA food supply at RFK Jr.'s direction
Woman slaps man at sports game and gets herself and husband beat up
Pope Francis: head of the Catholic church who pushed for social and economic justice
China do not pay these tariffs - you pay it. This is new 145% tax you pay to the US government.
Nightlife in the streets of Manchester
In God We Profit
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
US Federal Reserve Chair Issues Warning on Tariff Impact
UK Prison Officers Demand Electric Stun Guns Amid Safety Concerns
China, China, China!
Australian National Charged as Mercenary for Fighting in Ukraine
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Prince Andrew Joins Royal Family Attends Easter Sunday Service at Windsor Castle
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
Trump is assembling a coalition of Western leaders aligned with the MAGA vision, strengthening a unified front for global change
IMF Predicts No Global Recession Amid Trade Tensions
Here’s a police officer with a brilliant gift for swift education
"Some complain that we put thousands in prison. In reality, we set millions free."
This is Vienna, Austria in 2025.
Boeing Jet Returns to US from China Amid Tariff War
Canadian Federal Election: Candidates' Positions on US-Canada Relations and Donald Trump
Resentencing Hearing for Menendez Brothers Who Killed Their Parents Delayed Amid Legal Disputes
Australian Woman Gives Birth To Stranger's Baby In IVF Mix-up
US Sets Deadline for Russia-Ukraine Peace Deal Brokerage
Italy Introduces 'Sex Rooms' in Prisons for Inmates
California Launches Legal Challenge Against Trump Administration's Tariffs
"Groundless": China Dismisses Zelensky's Claims It's Supplying Arms To Russia
UK Psytrance Festival Cancelled Amid Local Protests Over Noise Concerns
French Far-Right Writer Renaud Camus Denied Entry to UK
UK Police Force Updates Search Policy for Trans Individuals in Custody
Italian Prime Minister Giorgia Meloni Meets with Donald Trump to Discuss EU-US Trade Tensions
Canada's Federal Party Leaders Engage in Final Debate Ahead of General Election
Ukraine and US Sign Outline of Minerals Deal
Fast Food Chain Refuses to Apologize for Online Comment About Katy Perry's Space Voyage
New York Attorney General Letitia James Faces Criminal Referral for Alleged Mortgage Fraud
Mark Cuban admits support for Trump executive order: ‘Gotta be honest’
US Senator Meets with Deported Immigrant in El Salvador Amid Custody Dispute
U.S. State Department Raises El Salvador’s Safety Ranking, Making It Safer Than France and Other European Nations
UK Government Assumes Control of British Steel's Scunthorpe Plant Amid Shutdown Threat
UK MP Wera Hobhouse Denied Entry to Hong Kong During Family Visit
Bangladesh Issues Arrest Warrant for UK MP Tulip Siddiq
China Urges United States to Cancel Tariffs Amid Escalating Trade Tensions
The Empire’s USD Pyramid Scheme Is Working Brilliantly—So Why ‘Fix’ It?
China Raises Tariffs on U.S. Goods to 125% Amid Escalating Trade Dispute
Elon Musk Reports $150 Billion in Projected Government Savings Amid Fraud Investigations
U.S. and Panama Finalize Defense Agreements Amid Canal Access and Chinese Influence Concerns
China Stands Firm Amidst Trade Disputes with the US: A Factual Analysis
×