Blanketstacker
30 May 2018
Revenue slight miss Consensus estimate = 497.75Actual = 493.9
IOMINVESTCOM
01 May 2018
Activist Crystal Amber says De La Rue vulnerable to takeover Activist Crystal Amber says De La Rue vulnerable to takeoverTue, 1st May 2018 18:27* Crystal Amber's Richard Bernstein says met with De La Rue CEO* Bernstein says "hugely attractive" business* Crystal Amber to continue to increase stakeMaiya KeidanLONDON, May 1 (Reuters) - Activist investor Crystal Amber on Tuesday said De La Rue was "highly vulnerable" to a takeover after disclosing a stake in the company that makes banknotes and passports, the group's fund manager Richard Bernstein told Reuters.Crystal Amber on Monday revealed a 3.11 percent stake in De La Rue, which recently issued two profit warnings and lost the contract for Britains' new post-Brexit blue passports to Franco-Dutch digital security group Gemalto.Bernstein said he told De La Rue Chief Executive Martin Sutherland at a meeting on Tuesday that the company had made itself "highly vulnerable" to a takeover from one of its competitors unless it makes changes."It is a hugely attractive business," Bernstein said. "We want to see the market rating this company higher because otherwise it's going to get taken over soon.""If you set this business up from scratch with the contracts it has, and its customer base, you'd be looking at 900 million pounds ($1.23 billion) to a billion (pound) value and the market values it at 530 million (pounds)."A spokesman for De La Rue said: "The Board and management maintain regular dialogue with our shareholders and remain focused on executing on our strategy which will deliver long-term shareholder value."France's Oberthur Technologies made an attempt to buy the company in 2010 at 935 pence per share -- an offer that De La Rue management rejected.De La Rue, which prints 7 billion banknotes and 15 million passports a year, issued a profit warning on March 20, sending its shares plummeting 14 percent, and a second profit warning on April 18, prompting the stock to fall another 6.3 percent.De La Rue's shares ended down around 1.1 percent on Tuesday.Bernstein said Crystal Amber, which has 250 million pounds in assets under management, would continue to increase its stake, with the aim of being a top two or three shareholder.($1 = 0.7345 pounds) (Reporting by Maiya Keidan, additional reporting by Paul Sandle. Editing by Jane Merriman)
gamesinvestor
19 Apr 2018
Re: Lost "What the french government do is up to them."It is indeed, that is why they play the EU ambassadorial role yet in the background stick two fingers up under the table cloth to the rules and regulations and heavily look out for their industry.The UK couldn't possibly have the governmental gumption to think similarly, rather they will act subserviently to the monster that's been created.Games
Richard Woollaston
18 Apr 2018
Complacency What a dreadful display from De La Rue management. I assume they knew who they were bidding against and their comparative strengths and weaknesses, but failed to exploit their strengths. The contract was theirs to lose and they lost it. Such is the often almost casual display of ineptitude that haunts much of British business - there is no real hunger for the fight.I'm glad I'm not a shareholder.
pyueck
18 Apr 2018
Re: Lost What the french government do is up to them. Can't see the national security concerns should mean that only a UK company can do this work, sure appropriate safeguards can be put in place.In any case DLAR makes other countries passports, should their concerns prevent DLAR from continuing this work?Maybe the government after Brexit should see the impact on jobs as a key factor in procurement, I wouldn't be totally against this. But it's not where we are at present, government bids are open to all, and many British companies also win bids abroad. For DLAR to argue that this should be a special case made no sense to me at all. From what I have heard DLAR's bid was significantly more than the winner. Now obviously not all low bids are the right ones, and maybe there were genuine reasons why DLAR should still have been selected. Using the argument that they are French and we are British is not the right argument in my opinion, and by using it I think management looked desperate and have ended up looking silly.
gamesinvestor
18 Apr 2018
Re: Lost "Is your argument that the government should always award all contracts to British companies?"No, but in this case it should have thought more seriously about it and the question of national security, and the message it sends to the general public"It's not an EU legal issue either, as the French won't allow theirs to be printed outside of France.Games
pyueck
18 Apr 2018
Re: Lost Games - strongly disagree. Think management have made themselves look very silly.Why should the British passport only be awarded to a British company? Is your argument that the government should always award all contracts to British companies?I think DLAR got it's strategy wrong. I believe they thought they could bid high knowing that politically it may not be an easy ride if the Government awarded the contract to a foreign company after hailing the blue passport as a sign on Britishness.DLAR probably thought they could make a tidy sum therefore and didn't anticipate the government in my opinion bravely choosing the non-politically easy option.For DLAR to then start arguing the toss, largely on political grounds, going to the media etc was ridiculous and embarassing. Let's not forget that the company makes passports and banknotes for lots of other countries, should DLAR not be able to bid for those, or does the protectionism they are seeking only apply to the UK?I wish DLAR well, and in this industry contracts come and go.
gamesinvestor
18 Apr 2018
Lost They've given up![link] going to the French - what a massive embarrassment and a testament to the state of British Government - well it's not really British is it, they no longer represent this country do they?Games -- The vast majority in the commons and the Lords seem hxll bent on destroying all powers in this country.
Tea42
26 Mar 2018
Re: Blue Passports Are you hinting that this is the reason for the resignation of the Chief Financial Director?In my experience CFDs are experts in all matters including "How to lose business in one easy lesson"Tea42
Triggers broom
26 Mar 2018
Re: Blue Passports "Does nobody think there is a possibility that De La Rue thought:1) This blue passport will be very high profile2) For the government not to award it to a British company after trumpeting the thing as a sign of 'Britishness' would be unthinkable3) They thought let's therefore bid a high bid as there is pretty no competition in the UK against us, whatever price we bid we must win"-----My thoughts exactly pyueck.The board of DLAR took the government for mugs and probably saw an opportunity to make a bit more profit. To then come out and whinge that the British passport must be made by a British company ranks of hypocrisy when they make about 40 other nations passports. I'm disillusioned with this management following the snide profit warning and arrogance shown over this contract so as soon as the SP recovers sufficiently I'm out. Reading the twitter commentary during the blue passport made me ashamed to be a DLAR shareholder.
Son of a tiger
25 Mar 2018
Re: Blue Passports I have heard that although a French company has won the tender, the passports themselves will be printed in Fareham, Hampshire where the French company has a printing works. Any posters to this board able to confirm.
pyueck
25 Mar 2018
Re: Blue Passports Does nobody think there is a possibility that De La Rue thought:1) This blue passport will be very high profile2) For the government not to award it to a British company after trumpeting the thing as a sign of 'Britishness' would be unthinkable3) They thought let's therefore bid a high bid as there is pretty no competition in the UK against us, whatever price we bid we must winergo4) The unthinkable happened.To be the moaning over this is purely political. Yes I agree the UK is one of the only countries that actually applies the EU rules, try starting a company in Italy and you will see what I mean!However the idea that after Brexit, the government will only procure things from British companies is just not correct. So apart from the fact that the passport tendering is high profile, why would it make any difference.And lets face it Whitehall is full is left leaning remainers. They would like nothing more than to disrupt the patriotic fervour of leavers. That may have a lot to do with it.I am a leave voter if you were wondering
gamesinvestor
23 Mar 2018
Re: Blue Passports Coop - correct.Sadly there's no one to vote for they all seem so thick.Farage is hugely controversial, but at least he is actually quite intelligent and can see the EU for the scam that's turned out to be.Games
Cooperator
23 Mar 2018
Blue Passports The excuse that we are required to open the tender to all EU countriesis nonsense. As the CEO of De la Rue pointed out they were not allowed totender for French or German Passport as those countries envoked security issues as the reason to retain the contract in their countries.One of these days the message will get through about the incompetenceof the Tory Government in every respect.
gamesinvestor
23 Mar 2018
Re: Blue Passports "It is all down to the rigid EU."Are the dim witted British the only one's that follow the EU rules then?Seemingly British companies can't bid for French passport manufacture.Games -- You couldn't make it up -- what's the point of voting?
