Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. N Brown £50m legal payout finalised
Catalogue clothing retailer N Brown LON:BWNG has this morning advised it has reached a settlement with an insurer over a long-running legal dispute. This will see N Brown paying almost £50m, which is below the initially claimed £70m, but still consumes a fair proportion of the company’s free cash, which currently stands at £83m. A Q3 trading update will be issued at the end of the week.
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#2. Music Magpie tie up with world’s biggest retailer
Music Magpie LON:MMAG has announced a new offering between its US brand decluttr and Walmart. decluttr’s refurbished disc media is now available to buy over Walmart’s online marketplace, with hardware due to be added in the coming months, too. Walmart’s website attracts 120m monthly visitors so the tie up with such a well known brand has real potential. No further terms of the deal are offered.
#3. BATM Advanced Communications $26m government cybersecurity order landed
AIM listed BATM Advanced Communications LON:BVC has announced a new $26m cyber security order for a government client. The deal runs over five years but comes from a long standing customer and reflects the monetisation of the company’s existing IP portfolio. Management add that with cyber threats remaining omnipresent, they expect to see further orders in the year ahead and beyond. With the BATM share price some 80% below the 2020 highs, such news is likely to be welcomed by long term investors.
