De La Rue chairman emerges from investor meeting unscathed

Kevin Loosemore, the chairman of troubled currency and authentication specialist De La Rue, has survived an attempt to oust him by rebel investor Crystal Amber.

Loosemore received the backing of 83 per cent of shareholders at a special general meeting held on Friday, despite pressure from Crystal Amber – De La Rue’s biggest investor with a 10 per cent stake in the company. He was re-elected to the role with a 97.8 per cent vote by shareholders just a few months ago.

Crystal Amber had accused Loosemore of defamation, saying he had accused the group of attempting to manipulate De La Rue’s share price. Its founder Richard Bernstein said a recent profit warning by the company – its third in a year – should be the catalyst for a new chair to be appointed.

“The company is pleased to announce that the only resolution put to the general meeting, which was to approve Kevin Loosemore continuing as a Director of the company and as chairman of the board, was duly passed by the company's shareholders on a poll vote,” said De La Rue in a stock exchange update.

The company swung to a loss in the first half of £12.6m ($15m) on revenues down 8 per cent to £164m – and said it expects adjusted operating profit for the year to be in the £30m-£35m range, below analyst consensus estimates of around £36m.

It has warned that additional job losses may be necessary and reiterated its position that the future of the company is still very much up in the air.