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De La Rue PLC - Basingstoke, England-based maker of security and authentication features on currencies, financial documents and identity cards - Receives general meeting requisition from 9.8% shareholder Crystal Amber Fund Ltd. Demands the removal from the board of Chair Kevin Loosemore and his replacement by Pepyn Dinandt.
The investor raises concerns about recent cost cutting by De La Rue, citing the fall in the market value of the company. ‘Crystal Amber notes that De La Rue has a rich history and long-established reputation within banknote printing,’ it says. ‘With a broad range of central bank customers, it is naturally placed to lead industry growth, given the right strategy and operational execution. This requisition seeks to honour these characteristics and the strategic value they give to De La Rue and to protect them for De la Rue’s shareholders and stakeholders.’
De La Rue says it is ‘considering the contents and legality’ of the requisition notice and asks shareholders to take no action. Notes that shareholder votes in both December and July last year overwhelmingly supported Loosemore.
Current stock price: 51.73 pence, down 5.9% on Friday
12-month change: down 52%
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