London fintech CAB payments saw its share price tank more than 50% today, bring its market cap to just a third of its IPO value after it warned of a slump in sales. The Sutton-based business, which debuted on the stock exchange in July raising hopes to the end of an IPO drought today said its fourth quarter revenue was set to come in 17% below previous guidance. The board of the Hipgnosis Songs Fund says it has been unable to find a better offer for the collection of hits it agreed to sell to a sister fund for $440 million (£359 million), as a crucial vote on its future approaches.
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