London Daily

Focus on the big picture.
Thursday, Sep 04, 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
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
×