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(Alliance News) - Crystal Amber Fund Ltd on Thursday declared a payouts in the wake of its investee Hurricane Energy PLC being acquired, and the investment firm said more returns may be forthcoming once it receives "greater visibility" at De La Rue PLC.
The GBP249.0 million buyout of oil exploration company Hurricane by Prax Exploration & Production PLC became effective on Thursday. Crystal Amber expects to receive GBP34.7 million on or before June 22.
Crystal Amber has in turn declared a 25 pence interim dividend for the year ending June 30. The company still expects to retain some of the Hurricane proceeds to "fund growth at GI Dynamics and protect the value of its holding in De La Rue".
Crystal Amber previously accused De La Rue of "serious failings in stewardship and governance" and called for change at the top.
Kevin Loosemore last month left his role as chair of the bank note printer to "draw a line under recent speculation surrounding the leadership of the company". It named Clive Whiley as chair, taking over from Nick Bray, a non-executive director who was briefly interim chair.
Crystal Amber said on Thursday: "The fund continues to believe that at this time, it is prudent to also retain sufficient liquidity to protect the value of its holding in De La Rue, but also to have the ability to help effect the urgent change required at De La Rue.
"Following greater visibility at De La Rue, in the coming months, the board of Crystal Amber may seek to make an additional return of capital to shareholders."
Crystal Amber shares rose 6.8% to 87.00 pence each in London on Thursday.
By Eric Cunha, Alliance News news editor
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