Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. £30m of Direct Line customer redress payable
There’s a notification out from Direct Line LON:DLG regarding a historical business review. The company state that an error in implementing pricing policies means that some renewing customers paid more than they should have. Redress is payable to these policyholders and is estimated to be in the region of £30m. Half of this will be accounted from FY22 results. Total group operating profit for the period was just £20.6m, well down on FY21 with the company left offside by rising motor claims costs.
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#2. Frasers increase stake in Boohoo
Boohoo LON:BOO has notified the market that Frasers has increased its stake in the company from a previous level of 9.1% to 10.4%, something which was instrumental in driving the underlying stock around 8% higher yesterday.
#3. Ironveld revised funding approach on JV
Ironveld LON:IRON have this morning announced a series of funding and operational amendments to a JV in South Africa. The revised approach is seen as reducing mining costs and delivering positive cashflow without having to divert capital from other core projects.
