Crystal Amber Funds has requisitioned an EGM to seek the removal of Kevin Loosemore as the underperforming company’s chairman, Sky News learns.
The chairman of De La Rue, the struggling London-listed banknote printer, is facing a third vote on his tenure in less than a year after a major investor renewed its efforts to unseat him.
Sky News has learnt that Crystal Amber Funds, which owns nearly 10% of De La Rue's shares, has requisitioned an extraordinary general meeting seeking the removal of Kevin Loosemore. Crystal Amber has told the company that it wants Pepijn Dinandt, an experienced industrials sector executive, to be appointed in his place.City sources said a stock exchange announcement confirming the EGM requisition notice was likely to be made on Friday.
It follows a protracted period of unrest from shareholders led by Crystal Amber about De La Rue's performance. The company, whose customers include the Bank of England, has seen its shares continue to fare appallingly, with a further slump of over 50% in the last 12 months.
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