Just as the central banks are ramping up the printing presses, and De La Rue (DLAR, 948p) declare a ‘strong order book’ and ‘operating cashflow remains strong’  in their pre close statement on September 16th, the CEO Leo Quinn and CFO Stephen King reduce their holdings substantially.

The statement reads fairly positively, but the one thing missing is any comment on costs. Maybe those haven’t been added up yet. 

Stephen King, CFO, on September 18th sold 36907 shares at 920p, raising GBP 340k. These are the balance of the shares he exercised in July, having sold about 25,000 to pay the tax due. He is left with 46620 shares.

Leo Quinn, CEO, on September 19th sold 78500 shares at 948p, raising GBP 740k. This leaves him with 126,000 shares.

De la Rue looks to be ‘up with events’, having outperformed the FTSE 250 by 50% in the last year. I think King and Quinn might have a point here.

Value of directors dealings as a signal for investors: STRONG.