Metro Bank Share Discussion Threads

[sentimentrules] 05/3/2020 10:12

"This plan assumes no more equity capital. So, we’re not going to go back to our shareholders asking for more equity capital. This is a plan that really relies on us just living within our means, and the plan is pretty straightforward: we just need to be more Metro.”

....

It's like writing on the wall smartie.

[smartie6] 05/3/2020 10:10

Best laugh on now. ECB looking for interest rate cut.
Let’s get this straight negative, negative interest rates??????

[smartie6] 05/3/2020 10:09

Dow down 500. Lol.

[smartie6] 05/3/2020 10:09

Did you recognise yourself ork? Lol.

[orkneyarab] 05/3/2020 10:06

"Bully boys" from last night. Deflection at it's finest.

[smartie6] 05/3/2020 10:04

Worrying statement SR “we’re not going to go back to our shareholders asking for more equity”. Which may mean, see you guys in a month.

[cantrememberthis2] 05/3/2020 10:01

hxxps://www.fnlondon.com/articles/goldman-clarifies-metro-bank-holding-after-slip-up-20200305
Filings by the bank had led to reports it was building a position in the ailing challenger bank

An error by Goldman Sachs has forced the bank to deny reports it is building a position in the struggling lender Metro Bank.

A London Stock Exchange update on 28 February stated that Goldman had acquired an 8.48% shareholding in the Metro Bank, meaning it had to disclose the position, but a later filing clarified that the first update “arose due to an operational issue” and that Goldman holds just 0.34% of the lender’s shares.

A person close to Goldman told Financial News that the issue was the result of “client trading facilitation”, suggesting that the investment bank was dealing in Metro shares on behalf of a client.

A decade ago, Metro Bank became the first new bank in over a hundred years to hit British high streets, but the lender has struggled in recent times.

In February 2019, weeks after winning the top prize of £120m from a pool of government grants — a legacy of RBS’s crisis-era bailout — Metro Bank admitted to a £900m accounting error that sparked a steep decline in its share price. The bank announced that it would repay £50m of the grant money in February, after scaling back its growth plans.

Metro Bank’s shares are currently trading at roughly 16op, down from 966p this time last year. That decline has attracted the attention of investors including the Colombian billionaire Jaime Gilinksi Bacal, who bought into the company in November through a company named Spaldy Investments Limited. He further increased his holding to 8.077% on 2 March, according to London Stock Exchange filings.

A spokesperson for Metro Bank said: “We don’t comment on our shareholders.”

The firm announced Dan Frumkin, formerly chief operating officer of a Bermuda-based community bank, as its new chief executive officer on 19 February, following the departure of his predecessor Craig Donaldson in December. Frumkin’s first task was to preside over financial results, published 26 February, that were headlined by £130.8m in statutory losses before tax for the year to 31 December 2019.

During a media call on 26 February, Frumkin said: “I do think there’s a path forward as an independent company. This plan assumes no more equity capital. So, we’re not going to go back to our shareholders asking for more equity capital. This is a plan that really relies on us just living within our means, and the plan is pretty straightforward: we just need to be more Metro.”

To contact the author of this story with feedback or news, email Ryan Weeks

[smartie6] 05/3/2020 10:01

Ftse and a Dow too.
All last nights bully boys will be quiet today.
Ftsemib approaching 300 down.

[sentimentrules] 05/3/2020 09:59

Longgg day ahead for mtro

[paul planet earth] 05/3/2020 09:53

Well not much market reaction to CRO leaving share price back into green now.

[amaretto1] 05/3/2020 09:41

Don't touch it....It's a wealth destroyer ....Very difficult to readAlso a opportunist bid could arrive.Or it could collapse Heads or tails ?

[smartie6] 05/3/2020 09:33

I thought you’d already been eating them. Lol.

[paul planet earth] 05/3/2020 09:33

Smartie6..how many companies were not zombies in the EU to start with?

[paul planet earth] 05/3/2020 09:32

My years supply of baked beans will be arriving soon!

[paul planet earth] 05/3/2020 09:31

Make sure we include Iceland and the Fukall islands sorry Faroe Islands!

[smartie6] 05/3/2020 09:31

Anyone looked at itv share price this morning?
From 160p to 105p in 3months.

[smartie6] 05/3/2020 09:30

Supply chain finance will have to be managed through the banks. A lot of zombie businesses will not qualify. It’s a serious mess imo.

[paul planet earth] 05/3/2020 09:30

Smartie6..they always were..we were the second largest tax contributor and import nearly double what we sell there which is falling.. simple economics

[smartie6] 05/3/2020 09:29

Not thought about Greenland. Ta.

[paul planet earth] 05/3/2020 09:29

Next steps ECB QE and trillions of Euro funny money bailing out companies, supply chains, councils, Govn budgets...

[smartie6] 05/3/2020 09:28

Crikey they’re going to be begging for a deal with the good old UK.

[amaretto1] 05/3/2020 09:28

Greenland !

[amaretto1] 05/3/2020 09:27

Large component to Europe's economy is the Car industry .....And that's foooked ! Seriously fooooked !

[smartie6] 05/3/2020 09:27

Definitely odds on, we haven’t even mentioned Spain, Germany and France in that order.
How badly will tourism in these countries be hit?
I was even thinking about moving to Iceland this morning, buy a big plot of land, little to no tourism moving forward.