Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Angling Direct shareholders to reel in benefits of buyback
Slim pickings for news across the market as would be expected for a Monday morning in December but Angling Direct LON:ANG seem to be fishing for shareholder attention with a note out covering the company’s capital allocation policy. Management note that the business wants to hold a lower level of cash by the end of FY25 so intends to start a £4m share buy back. Whilst that’s modest compared to the numbers seen from the mega-caps, it does reflect around 15% of the company’s market cap.
#2. ISS recommends boohoo shareholders reject Frasers resolution
An interesting update in the Frasers/boohoo LON:BOO saga after the Institutional Shareholder Services recommended boohoo investors vote against the resolutions tabled by Frasers. ISS states that “Frasers has offered a superficial view of performance and no specific plans for change and the two Frasers candidates, Mike Ashley and Mike Lennon, have real conflicts of interest, concluding that Board change at boohoo Group is not warranted.”
#3. New client win for MicroSalt
MicroSalt [LON:SALT], the low sodium salt replacement, has this morning advised that it now has in place a supply agreement and an initial order with Hippie Snacks of Canada. The deal starts with a single product line in Q1 ’25 but is expected to grow to as many as 8 different items over the next 12-24 months.
