Drax boosted by positive outlook
British power station operator Drax Group said yesterday it expected full-year earnings to be modestly ahead of market expectations, boosted by a strong forward contracted position. Drax, whose coal-fired power station in Selby, North Yorkshire supplies about seven per cent of the UK’s electricity, also said yesterday it was benefiting from increased activity in the real-time electricity trading market. It has been able to buy back power in the market to meet forward contracted positions when prices fall below its marginal cost of production.
Cattles investors vote for wind up
Shareholders of the troubled consumer lender Cattles voted yesterday for the company to seek a winding up, the company said, despite the opposition of directors. “We do not believe that the pursuit of any such petition to wind up the company would be in the interests of any of our stakeholders,” the company said. The resolution – proposed by a shareholder, and passed on a show of hands, asks the financial creditors to grant up to £500,000 to fund the petition to wind up the company, Cattles said. It said last month that it had agreed a standstill agreement with its creditors which could stabilise its position and allow for a restructuring.