De La Rue, the historic British banknote printer, is engaged in significant discussions with investment vehicles led by prominent City financier Edi Truell regarding a substantial shareholding acquisition. The talks centre on a potential partial offer for up to 40 per cent of the London-listed company at 125p per share through Truell’s Disruptive Capital GP and Pension SuperFund Capital entities.
The proposed deal, valuing De La Rue at approximately £245 million, would require both Takeover Panel consent and shareholder approval. The announcement coincides with the company’s interim results, which revealed a 16.3 per cent decline in currency business revenues to £94.9 million for the six months ending September 28.
Despite revenue challenges, the company’s order book demonstrated remarkable strength, reaching £338 million last month—its highest level in five years. The group’s operating profit experienced a 7.6 per cent reduction to £7.3 million, while statutory losses improved to £6.5 million from £16.8 million.
Chief Executive Clive Vacher highlighted the improving market conditions, noting that many central banks worldwide are facing critically low stock levels, driving increased demand. The company maintains a competitive edge with a more than two-thirds win rate on new business opportunities, recently evidenced by a substantial contract with the Central Bank of Libya worth £4.8 billion.
The company’s strategic direction includes the planned £300 million sale of its authentication business to Crane NXT, expected to complete in early 2025. This transaction will enable debt repayment and a £30 million injection into the company’s legacy final-salary pension scheme.
Trading closed with De La Rue shares up 2.3 per cent at 112p, reflecting market optimism about the company’s strategic developments and potential transformation under new ownership structure.
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