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Started: playtowin, 4 Jun 2024 11:48
Last post: playtowin, 20 Jun 2024 10:33
At some point news of the interested parties will get leaked. It happens routinely.
Started: PJT12, 30 May 2024 08:16
Last post: playtowin, 30 May 2024 11:55
PJT12 that says potential sale.
They'll have had an approach from Private Equity no doubt as there are many PE takeovers doing the rounds at the moment from Darktrace to Keyword Studios and many others. They all seem to be picking up companies ahead of interest rate cuts and economies and businesses getting back into overdrive.
A sale of one division should hopefully highlight the obvious undervalue.
Such a great investment - trimmed a bit
Clive Whiley. Chairman at De La Rue commented, "Since my appointment a year ago, the Board has considered a broad range of possible strategic alternatives including transactions with multiple parties which may involve a combination with, or the sale of, the Group's divisions. The Board confirms that the discussions with the relevant parties are advancing, and we expect to update further at the time of the full year results in July."
Started: roadie2606, 20 Dec 2023 11:57
Last post: roadie2606, 23 May 2024 12:17
Did you ever come back in Mary?
It reached £1.07--my original holding is still stuck at £1.37, wondering if I put in another £1k, would it help average it down?
RNS looks good to me - hope the market agrees,
My interest here is the 17% CRS holding which they increased even though the fund is in run down but at this rate we’ll never get it closed!
Just seen roadie I exited this in Jan and may go back in but 60p /65p seems an entry point for now
Trimmed meaning you have sold some?
Started: ge0rge123, 5 May 2024 18:32
Last post: broomtree, 14 May 2024 22:16
Looking forward to the 31 May update and following results. CRS made a good call with their purchase last year and are convinced there’s a lot more upside (with a takeover possible)…. I’m not so convinced but happy to be proved wrong!
Designed and printed by De La Rue....so we must have our contract back ..and congratulations to the team
Also read in a recent visit to the Bank of England that contrary to belief and electronic transactions
More notes being printed now than ever ...Am sure I've got this right but by all means stand to be corrected
Started: MaryBr190, 19 Dec 2023 07:07
Last post: MaryBr190, 19 Dec 2023 09:27
The 30p was a just "push the buy" button epiphany moment for those that took it.
Agree ref takeover, nobody knows what to do with a banknote printer laden with debt trying to sell a commodity in an over-supplied market with uncertain future volumes. Authentication business should have some value but they seem to have stalled on new growth, with no new contract wins announced they are just milking existing contracts
Even at 80p its 27% down on the 110p equity raise in 2020 which should have been the low point. Shareholder value has been destroyed.
The one positive is it’s risen from 30p and held on to most of it still
What would a takeover really offer for a competitor? Contracts with slim margins? Debt? Not much really. If it was going to happen, it would have taken place a year ago.
Last post: MaryBr190, 19 Dec 2023 08:30
De La Rue reported its interim results for the six months ended September 30. The security printed products maker said revenue slipped 1.7% year-on-year to GBP161.5 million from GBP164.3 million. Currency revenue fell 2.6% to GBP113.4 million, offsetting a 5.7% rise in Authentication revenue, which reached GBP48.1 million. It had also seen GBP2.4 million in Identity Solutions revenue in the prior year, with none recognised in the recent period. Its loss before tax widened to GBP16.8 million from GBP15.9 million. It reiterated guidance for GBP100 million in Authentication revenue for the whole financial year, as well as adjusted operating profit in the early GBP20 million range. "De La Rue's robust performance in the first half reflects the important actions that we have taken since 2020 to make the company resilient to changing market conditions. These actions have allowed us to navigate a downturn over the past 18 months, particularly in Currency, and I am pleased that the market is now showing signs of continuing recovery," said CEO Clive Vacher.
----------
Started: MaryBr190, 15 Dec 2023 11:14
Last post: MaryBr190, 18 Dec 2023 21:46
Not quite adding up but tomorrow will it do a TRN.
Ok.
Had to Google it. lol
What do you mean?
Buyout is my inkling
Started: FedUpWithIdiots, 7 Sep 2023 20:02
Last post: MaryBr190, 10 Dec 2023 13:44
Heading through £1 soon is my bet
Last few weeks, it has been moving up.
Still at a loss- 47% loss but I didn't top up otherwise my average of 135 could have come down.
On bid alert here now things have stabilised but motoring nicely. A whiff of a new contract and it will shoot up.
Richard Griffiths increasing his bet
Hang on, 3 bagger from your 20p hope springs.
Last post: FedUpWithIdiots, 27 Sep 2023 15:17
Only a small proportion of cash is used in transactions (less than 40%) and plastic notes last a lot longer than the old paper ones so the printers don't need to produce as many (great idea to convert all your customers to plastic notes huh?) so a few more people using a few more pounds to buy their groceries is not going to revive this dead duck company. Time for a change at the top, bring in someone who takes their duty to uphold shareholder value seriously and will realise value from the bits of the business that are still worth something.
Started: Argylerich, 7 Sep 2023 09:46
Last post: Argylerich, 7 Sep 2023 09:46
No clear market direction, just current 'players' running their game...
Started: Argylerich, 30 Aug 2023 09:21
Last post: Argylerich, 30 Aug 2023 09:21
2.5m traded after the bell last night is the right amount to close their short position....?
Started: roadie2606, 10 Aug 2023 12:36
Last post: FedUpWithIdiots, 13 Aug 2023 20:15
I understand that the chair comes from a retail and funeral background but appointing Brian, yet another retailer, to the board doesn't make any sense. This is a manufacturing and technology company with a global government customer base which has nothing at all to do with UK high street retail. I'm waiting for Clive W to replace Clive V with a new CEO with Mothercare experience, surely only a matter of time, and let's face it, probably couldn't be any worse.
As to those looking for a bounce in the shareprice, we are approaching end of the first half of this company's financial year so look out for the inevitable "trading update" when they all come back from holiday and realise its all gone south.
Definitely would have helped.
Well done.
I was over more than 100% on this and should have sold- think my shares got to 201 late 2020 or 2021. Still not recovered!
Highest 1st tranche was 75/76p so the low 30s helped.
I am curently at £1.35947 lol.
However, I may some just to trim down.
Let's see.
You did well to get back into profit!
Certainly recovered from 30p low. I added at 32 & 33 & 35 to right my position and partially trimmed to leave my average on the right side again. Still holding far too many but back in profit at this point and expecting the rise to continue.
A whiff of recovery or a rumour of a bid or a contract and this will soar.
Here is an article from 2010 - I hope to see a similar one breaking soon...... although I guess the price tag of £750million offered from Oberthur is unlikely but one could easily see a £200 million bid which is pocket change to many.
https://www.finextra.com/newsarticle/22071/de-la-rue-confirms-bid-approach
DYOR - with all the board changes etc a turnaround may be underway.
The Fiji contract was a nice extra.
https://www.asiaone.com/business/fiji-releases-worlds-first-100-cent-year-dragon-commemorative-banknote
Supply change shortages have eased. Lender and pension fund changes have been resolved so should recover some more.
Started: MaryBr190, 18 Jul 2023 13:28
Last post: MaryBr190, 11 Aug 2023 10:05
Patience has no time limit
This article is more than a month old
A lot of people would be horrified at 102p only. HAve a nice low average here so I would be delighted with 70/80p. 102p would be the cherry on the top.
The 102p has to be code for that is our asking price
And a few more ticking up to the close.
So 102p would they cheekily try to bag DLAR at 70/80p?
Started: MaryBr190, 10 Aug 2023 09:30
Last post: CHELMOCHASER, 10 Aug 2023 10:41
Someone is stakebuilding which bodes well. Maybe a low ball bid is being cobbled together shy of £1
Yep if us not in play it will be v soon imo…way oversold
I did a test sale and at 52.1 to 54.7 I was being offered 54.00 to sell so perhaps some of the trades are actally sells !
Now 54.3 for a sell ie above mid ?
Someone is stakebuilding which bodes well. Maybe a low ball bid is being cobbled together shy of £1
Lots of buys, and no sells though of course for every buyer there is a seller.
10-Aug-23 09:13:05 51.10 7,723 Buy* 50.10 51.10 3,946 A
10-Aug-23 09:13:05 51.00 10,000 Buy* 50.10 51.00 5,100 A
10-Aug-23 09:13:05 51.00 100 Buy* 50.10 51.00 51.00 A
10-Aug-23 09:12:11 50.739 5,828 Buy* 50.10 51.00 2,957 O
10-Aug-23 09:10:45 50.768 1,000 Buy* 50.20 51.00 507.68 O
10-Aug-23 09:09:52 50.50 1,428 Buy* 49.05 51.00 721.14 A
10-Aug-23 09:09:52 50.50 1,429 Buy* 49.05 51.00 721.65 A
10-Aug-23 09:09:48 50.50 8,572 Buy* 49.05 50.50 4,329 O
10-Aug-23 09:09:42 50.568 10,000 Buy* 49.05 50.50 5,057 O
10-Aug-23 09:07:51 50.20 430 Buy* 49.05 50.70 215.86 A
10-Aug-23 09:07:51 50.20 1,712 Buy* 49.05 50.70 859.42 A
10-Aug-23 09:07:51 50.20 587 Buy* 49.05 50.20 294.67 A
10-Aug-23 09:07:47 50.3214 10,000 Buy* 49.05 50.20 5,032 O
10-Aug-23 09:01:52 50.00 30,000 Buy* 48.65 50.20 15.00k O
10-Aug-23 08:56:10 50.00 150 Buy* 48.05 50.20 75.00 A
10-Aug-23 08:43:08 50.00 2,857 Buy* 48.05 50.00 1,429 A
10-Aug-23 08:41:23 50.20 2,000 Buy* 48.05 50.20 1,004 A
10-Aug-23 08:37:04 50.00 10,000 Buy* 47.10 50.00 5,000 A
10-Aug-23 08:36:07 49.80 760 Buy* 47.10 49.80 378.48 A
10-Aug-23 08:35:43 49.80 9,240 Buy* 47.10 49.80 4,602 A
10-Aug-23 08:35:43 49.55 815 Buy* 47.10 49.55 403.83 A
10-Aug-23 08:35:43 49.45 795 Buy* 47.10 49.45 393.13 A
10-Aug-23 08:35:23 49.95 7,090 Buy* 47.10 49.95 3,541 A
10-Aug-23 08:28:54 49.9208 15,935 Buy* 47.10 49.95 7,955 O
10-Aug-23 08:05:13 49.95 2 Buy* 47.35 49.95 1.00 O
10-Aug-23 08:03:28 49.90 46 Buy* 47.10 49.90 22.95 O
09-Aug-23 17:39:05 48.6614 120,862 Unknown* 0.00 0.00 58.81k
Started: MaryBr190, 10 Aug 2023 09:25
Last post: MaryBr190, 10 Aug 2023 09:25
Nice to see some traction
Started: FedUpWithIdiots, 19 Jun 2023 08:49
Last post: FedUpWithIdiots, 4 Aug 2023 11:23
This is an odd move, Charles Andrews looked like a good fit so something significant and sudden must have happened for him to leave so soon. Could be the Chair consolidating power as he has worked with Dean Moore in other roles, in fact Moore left the board to became Interim CFO at Dignity for a rather astonishing 2 years and 5 months before rejoining the board. When will the chair act and get rid of Vacher? never known a CEO to be able to destroy sharehoder value so comprehensively and get away with it while continuing to pocket >£400k salary.
More boardroom reshuffling, Charles Andrews out the door after only four months without reason given. Not even a euphemism about perusing other opportunities! Still no permanent CFO even though previous resigned back in January. Anyone would think the role risks being seen as a poisoned chalice.
The boardroom has become more like a game of musical chairs with four departures now this year. CEO surely now just going through the motions, he must realise countdown on his own tenure has started. I would be amazed if he was still in post in a year's time.
Well, investors are not waiting for the exec team to act, they are taking action themselves and bailing out for, presumably, substantial losses. In a high interest environment, market is increasingly pricing DLAR as a zombie company.
Its not a great look when every week brings news of another NED's departure with Catherine Ashton last week and Margaret Rice-Jones this week. Is this Clive Whiley recognising he needs new blood on the board or the NEDs trying to distance themselves from the inevitable collapse that is surely on the cards? How long will Clive Whiley hang onto the exec team, it is surely time to act as this current lot clearly can't run a company.
Started: Thunder2040, 30 Jun 2023 10:23
Last post: MaryBr190, 18 Jul 2023 12:53
Surely the 33p lows are in already... onward and upwards ... adding
Buys £86k, not a bad figure
Started: schwee, 4 Jul 2023 17:26
Last post: 404x, 5 Jul 2023 14:39
Last time they bought at the placing lows in 2020 they flipped a good chunk after a recovery, they're hoping for a repeat? Will be using portion of their funds from Hurricane Energy sale. The fund is in windown mode so can't imagine this will be that much of a long term investment.
Now own 15% having bought Brandes' shareholding. What is their game plan?
Started: Thunder2040, 29 Jun 2023 07:52
Last post: Thunder2040, 29 Jun 2023 21:40
I listened to the presentation webcast this evening, congratulatory back slaps all around which all seemed very cosy I must say. They clearly need to target and win a big contract to have any hope of turning this around properly but I don't see the vision there. The CEO failed to even answer a basic question if what the addressable market size was for GRS...should have known this instantly, unstead got a load of waffle.
The assets are worth way more than mcap in the right hands imo so as you say needs a buy out I think, which may well come given they have basically bought themselves 2 years more time in my view from what I calculate.
If you want to know how broken it is check the para on Enabling Function Costs in the report. Its up 7.6% year on year at a shocking 9.4% of revenue vs 8.1% last year. This exec team (and please note they are all still in place despite destroying shareholder value) can't even get HR and Finance department costs under control. On the plus side, if the chair has any guts, bringing these bloated functions back to the right size for this shrinking business will deliver some upside.
tragically with no sign that the business can generate cash any time soon its another zombie company which must surely be bought or die. Hope its bought as I didn't sell when I should have done :-(
I think the main positive I saw was the fy24 currency contracts are in place so limited downside..it's finely balanced but a tempter
Credit where it's due, there is some recovery here. No material uncertainty a win of sorts, although looks like only because they've kicked the pension can down the road.
Currency still in decline and hard to see that picture changing but authentication revenue growing a bit in the period unexpected. The snag is that £29.6m loss and the business still not projected to be generating cash in 2024. With hefty liabilities that can't continue forever.
They have taken huge hits on tax (despite the losses) and pensions (despite parcelling out a lot of risk to an insurance company). Totally unclear to me if this is kitchen sinking or just unintelligible accounting.
Started: unhooked, 27 Jun 2023 14:43
Last post: Taverham, 29 Jun 2023 07:28
Proable today as results and outlook relatively good , following years of bad news!
..... and what they say about future, if its another "turnaround plan" led by they same exec team + the retailers/funeral directors on the board I would be surprised if that gave enough confidence for a material upwards movement in the share price.
The instrument purchased by Richard Griffiths (whoever he may be) is pretty close to Odey's equivalent number, looks like he must have bought straight from that firesale. If market sees Odey overhang gone would explain the sudden change in sentiment.
All eyes on tomorrow now though. Particularly interested to see how they're doing cash wise, those banking covenants (were they granted and at what cost?), where they are with the pension deferral, and auditors' wording around going concern. Should be lively.
Thanks, I read that, and also this:
https://www.investopedia.com/terms/f/financialinstrument.asp
Confirms that these financial instruments are indeed derivatives of some sort, but not sure they explain why the share price rises if actual shares are not being purchased...
Started: FedUpWithIdiots, 28 Jun 2023 18:09
Last post: FedUpWithIdiots, 28 Jun 2023 18:09
So (see today's two RNS) just before results announcement two CFD brokers have >10% of the shares tied up in financial instruments -- someone is making a significant bet on the price moving tomorrow and presumably these positions will be unwound pretty quickly
Started: FedUpWithIdiots, 26 Jun 2023 08:16
Last post: FedUpWithIdiots, 26 Jun 2023 20:28
Surely not :-o must have been something else driving that late rally, anyway only three days until we see results....
Turns out joke may be on me, looks like market decided this afternoon it approves of the undertaker
More like they will have lacked a wide array of suitable talent because the best potential appointees will have been aware this is a poisoned chalice, and there is only so much they can pay these days with a battered kitty.
Plus you never know, with Cineworld facing wipeout perhaps that experience will come in handy here. And undertaking experience may be even more handy the way this is going. Who says HR don't have a sense of humour?
Why does the board think people with experience in UK based retail and the funeral business are suitable to run De La Rue. Its a manufacturing and tech business with a government client base outside the UK, couldn't be much further from a UK retail environment. Dean Moore, appointed as NED today to plug one of the holes on the board, has worked as CFO at such success stories as Dignity (eventually rescued by a takeover after halving profits despite increasing number of funerals), Cineworld (shares down 99% in the last year), N Brown Group PLC (shares down 85% in the past five years), T&S Stores (sold to Tesco). On the plus side, he currently holds four other NED positions so he probably won't even have time to learn how a manufacturing, export, B2G business actually works.
Results this week, should be interesting, hoping to see an exec clear-out and a willingness to seek a buyer for the business.
Started: MTCMAN2, 22 Jun 2023 14:40
Last post: unhooked, 23 Jun 2023 14:41
Well, the share price action tells us the results will be bad... but you never know, they may surprise on the upside given the very low sentiment currently baked into the share price. For that reason I'm not planning to crystalise a big loss by selling now, but will wait and see.
Any idea what the results will bring?
Started: Ilovesushi, 23 Jun 2023 12:53
Last post: Ilovesushi, 23 Jun 2023 12:53
The company is in deep trouble. Printing money is not as profitable as it used to be. Less and less money needs to be printed surely as less and less people use it in the digital age. With ink prices going up and paper prices too can it be profitable any more? Will they make enough money to pay of debt and pension hole? Is it possible this could go under and need to be rescued? Things look dire. Certainly they will want more money. So another funding? Who it going to put more money in?
Started: unhooked, 13 Jun 2023 09:17
Last post: unhooked, 13 Jun 2023 14:50
Yes, true. If these positions need to be unwound quickly it could be problematic (see Oxford Biodynamics, as has been noted on the other board).
Odey also had/has an additional 5% via CFD. Bit of a shocker that the company's own major shareholder page hasn't been updated for 4 years, I suppose we should expect nothing less.
I smell a prepack in the air.
Ok, an RNS of 24/03/23 says Odey increased their holding from 1.46% to 1.89%, so that's one question answered.
An RNS of 11/03/22 confirms that Schroders does own 15%, but I'm still trying to find where they hold these shares amongst their huge range of funds...
Would anyone happen to know how much Odey Asset Management owns of DLAR? A list of top 10 holders which I've seen has Royal London Asset Management in 10th place at 2.64%. Odey is not on that list, so presume their holding is below 2.64%..?
Secondly, I see Schroders are the largest shareholder, owning (a considerable) 15% of the company. However, try as I might, I can't find which Schroders Trust(s) or Fund(s) holds the shares. Would anyone happen to know? My plan was to read Schroder's view on their investment in the various Reports and Accounts, but I can't find the fund. I remember veteran investor Andy Brough (who manages the UK mid-cap fund) was a fan of DLAR's turnaround plan, but the company is not held in his fund, per the Sept 2022 accounts.