Troubled bank note producer eyes separate London listing

 
Michael Bow
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SWISS based banknote printer Landqart could be hived off by its Canadian parent company Fortress Paper and listed in London to help boost the flagging firm’s fortunes.

It is thought Fortress, made up of three separate paper pulping, wallpaper production and bank note printing businesses, is considering plans to split up firms and list the note printing business in London. The subsidiary, which produces banknotes for more than 25 countries at its Landqart Mill in Switzerland, is currently part of the holding company listed on the Toronto Stock exchange.

Fortress, led by chief executive Chad Wasilenkoff, is headquartered in Vancouver, Canada. Last week Fortress posted a dire set of results after its banknote printing business reported a C$8.9m operating loss for the third quarter, contributing to an overall net loss of C$18.9m.

Wasilenkoff hinted at radical plans following the results.

“A lot people are questioning whether they want to continue being shareholders of Fortress as we have continued to experience operational issues,” he said.

“I can assure everyone that we as a team are very aware that we have not met expectations. We are focused on getting these issues resolved as soon as possible. We have numerous plans. The results will not occur overnight. We are very confident that the worst is behind us.” Fortress Paper was unavailable for comment.