The activist investor who compelled out the earlier chairman of De La Rue, the crisis-hit banknote printer, has accused its board of “a wasted opportunity” after it named a turnaround veteran as his successor.
Speaking to Sky News, the Crystal Amber govt Richard Bernstein stated the choice to nominate Clive Whiley quite than the billionaire financier Nat Rothschild was a mistake.
It emerged this week that main City shareholders in De La Rue have been pushing its board to rent Mr Rothschild, who has reworked the fortunes of the listed industrials group Volex.
On Thursday morning, the corporate stated Mr Whiley, whose candidacy was additionally revealed by Sky News, would take over from Kevin Loosemore.
It stated Mr Whiley was “capable of operating in all operational, financial or regulatory circumstances”.
“Accordingly, the board believes that Clive’s breadth and depth of experience and skills are what is required to pilot the business.”
Mr Bernstein didn’t criticise Mr Whiley personally however stated: “Having somebody of Nat’s business acumen and entrepreneurship would have instantly injected confidence.
“Nat is sensible and a person of motion, not phrases.
“This is a wasted opportunity not to involve a leader who already had a clear plan to rejuvenate a business that has suffered greatly over many years from poor management.”
Crystal Amber has fought a long-running battle with De La Rue, during which it owns a stake of about 10%.
The firm has carried out disastrously, lavishing large pay packages on its executives regardless of being compelled to difficulty a string of revenue warnings.
It was solely persuaded to withdraw its demand for an EGM to switch Mr Loosemore with Pepijn Dinandt, an industrialist, when the incumbent agreed to fall on his sword.
Many shareholders now imagine De La Rue is weak to a low-ball takeover provide, with the likes of American rival Crane NXT steadily touted as a possible bidder.
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The London-listed firm has seen its shares hunch by two-thirds during the last 12 months, and now has a market worth of lower than £80m.
It raised £100m from a share sale in July 2020.
Last month, Sky News revealed that De La Rue had requested respiratory house from its pension trustees by delaying practically £20m of retirement funding funds.
Controversially, it additionally criticised its auditor, EY, for together with a going concern warning in its accounts.
Shares in De La Rue have been buying and selling about 2% increased on Thursday morning.
Content Source: information.sky.com