Crystal Amber calls for chair change at De La Rue

Kevin Loosemore

Activist investment fund Crystal Amber has written to the board of banknote producer De La Rue asking for the current chair to be removed.

According to the fund, Kevin Loosemore should be replaced with private equity veteran Pepyn Dinandt. Crystal Amber has been a shareholder in De La Rue since 2018 and holds around 9.8% of total issued share capital of the company. In a stock exchange notice today (31 March), the company said one of the reasons to call for Loosemore to be replaced was due to a £100m fall in the like-for-like valuation of the business since July 2020. It noted De La Rue cited "material uncertainty" in its interim results released in November 2022, which Crystal Amber said related to "potential banking...