Crystal Amber has been in wind down mode for some time and its portfolio is dominated by just two investments, one of which is De La Rue. On 10 April, Crystal Amber revealed that it owned 13,859,645 shares in De la Rue or 7.06% of its issued share capital. It also owned derivatives that gave it exposure to a further 17,400,000 shares or 8.86% of the company.

Today, there was the following announcement:

The boards of directors of ACR Bidco Limited (“Bidco”) and De La Rue plc (“De La Rue”) are pleased to announce that they have reached agreement on the terms and conditions of a recommended all cash acquisition by Bidco of the entire issued, and to be issued, ordinary share capital of De La Rue.

Under the terms of the Acquisition, which will be subject to the Conditions, certain further terms set out in Appendix I and to the full terms and conditions which will be set out in the Scheme Document, each De La Rue Shareholder will be entitled to receive:

130 pence in cash per De La Rue Share

The Acquisition values the entire issued and to be issued share capital of De La Rue at approximately £263 million.

The acquisition price represents a premium of approximately:

• 19 per cent. to the Closing Price of 110 pence per De La Rue Share on 11 December 2024 (being the last Business Day before the commencement of the Offer Period);
• 38 per cent. to the Closing Price of 94 pence per De La Rue Share on 14 October 2024 (being the last Business Day before the announcement of the sale of the Authentication Division); and
• 30 per cent. to the Volume Weighted Average Price during the ninety-day period ended 11 December 2024 (being the last Business Day before the commencement of the Offer Period).

CRS : Crystal Amber should prosper from De la Rue bid