Shares in the struggling Freedom Insurance Groups fell out of bed yesterday after the company warned it could be facing a probe from regulators, liquidity strain in 2019 and a multi-million dollar customer remediation bill.
The life insurance distributor saw its shares plunge more than 47% yesterday to take the loss so far in 2018 to more than 90%. They ended a day of violent trading at 2.9 cents.
That values the company at just over $8 million, meaning that with the prospect of an expected $8 million loss and the customer remediation bill of $3 to $4 million it could see its value wiped if there is not a rebound in the value of the shares soon, or a major new shareholder or source of finance found.
The future of Freedoms cold callin…
Read the full article at: https://www.sharecafe.com.au/2018/12/07/free-falling-freedom-insurance-in-battle-to-survive/