De La Rue meets £100m fundraising target

De La Rue has raised £100m (around $125m) through the issuing of almost 91m shares, meetings its target for the fundraising first announced last month.

The shares were sold at £1.10 apiece and, after the fundraising closed, De La Rue’s stock closed down by around 1 per cent to £1.36, having tracked up half a point over the course of the day.

Chief executive Clive Vacher said the fundraising “removes the material uncertainty reported in the company's full-year results” and would provide it with the “financial and operational flexibility to ensure the success of the turnaround plan which we announced earlier this year.”

De La Rue is in the midst of a pivot away from areas like paper banknote and passport printing and towards new areas such as product authentication and polymer banknotes, after a series of profit warnings over the last couple of years.