De La Rue, the London-listed banknote printer, is dealing with calls for for a board seat from one in every of its largest buyers amid discontent at its poor efficiency.
Sky News has learnt that Crystal Amber, the fund supervisor which owns 10% of De La Rue, wrote to chairman Kevin Loosemore through the summer season to tell him that it was looking for boardroom illustration.
It was unclear on Thursday whether or not Mr Loosemore had formally responded to the request from Crystal Amber.
The fund supervisor and De La Rue have had a fractious relationship for a lot of the final 4 years, when it started buying a stake within the firm.
Since then, Crystal Amber has repeatedly criticised govt pay practices at De La Rue and referred to as for it to provoke a strategic assessment that would result in a sale or break-up.
The firm has seen persistent discontent from shareholders after seeing its worth slide during the last decade.
In May, it issued a revenue warning – its second this 12 months alone – citing rising prices..
Richard Bernstein, Crystal Amber chief govt, stated earlier this 12 months that “management alignment is absent at De La Rue”.
He accused the De La Rue board of failing to benchmark chief govt Clive Vacher’s pay in opposition to returns to shareholders.
On Thursday, shares within the banknote printer closed at 81.9p, down greater than 55% during the last 12 months.
De La Rue declined to remark.
Source: information.sky.com”