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NOVE, very valid points imo.
The undisputable fact is this, putting aside what opinions may or maynot be: A restructuring expert was put in in September 2019 to turn this around. A year later, it hasnt been possible and is infact going backwards. Not a single material action has proved possible.
Proof if ever one was needed.
big, I don’t have an axe to grind here. I’m disappointed that I’ve lost money as I’ve been suckered in a couple of times when my instincts told me to avoid. I’d like to finally make a profit but I just can’t see a reason to buy - the markets know something (bond and equity)
So the facts - at the risk of being patronising this is how I see things, so let’s look at it as if Metro was a company that makes widgets. They had an idea to make some different widgets and in some ways widgets that used to be very popular in days gone by. The idea gained some traction and the markets thought that they had possibly spotted a massive gap in the widget market. The share price rocketed and they were able to build lots of big shiny factories in the hope of selling lots of widgets for a very long time (which they don’t own) A combination of massively over stretching, bad luck and crucially telling everyone that their widgets were better than they actually were caused confidence to evaporate and questions to be asked as to whether the idea had wings after all.
A downward spiral which in the widget world meant that it became very difficult to keep credibility and borrow money at reasonable rates - which just continues to compound their problems to this day.
Their last capital raise of £500m was seen as a way of helping to put a floor under them probably spending a lot more than they were earning. It hasn’t worked. Recent results and some really bad luck has meant that the value of the whole company is around a fifth of the money raised and means that it would be very difficult to convince anyone in their right minds to give them or lend them some more.
A bit Janet and John for which I apologise, but what am I missing ? Please don’t say a good IT system or offering a great public service.
"lets debate facts not ... hearsay, "
sorry, where were the facts again??
Have you looked at their API offering to expose their core banking services to the finance community to generate new business and leverage existing infrastructure? They have their bricks and mortar but in the the back office they have one of the most progressive IT platforms of any UK bank. They are not hamstrung by legacy teams, mainframes, having one of the big six (/five) consulting teams, offshore services, embedded, etcetera. They make LBG look archaic. They are going to integrate RateSetter and despite the bricks-and-mortar BS these guys are running with a very superior IT advantage.
Nov - do you share proof of your allegation here.
If you have none, you know what to do.
most companies that pay their bills are breaking even or making a profit... unless they're expanding/acquiring etc..?!
If they spent c£200m on new shiny buildings and fitting out then you could attribute the loss to expansion etc.
they didn't, nothing like, they put expansion on hold before Covid - why ?
what are the bonds trading at ? are they investment grade, what is the risk that they won't be repaid, are they more junk than when they were effected ?
lets debate facts not matlotism's and hearsay, I'm still owed money on these too, I'd be delighted to be convinced to buy back before they next spike - I don't see it - I think it's structural so do the markets..
Nov - how do you know they are not paying bills?? That is a serious allegation.
me buckler ?
what have I missed ?
what pays the bills, what turns it around ?
This isn't going to go how you think.
glad you see the humour in it now aesop, too thick skinned to do the honourable thing obviously...
games, can't tell you too much, read between the lines, wouldn't want to be oooooot no oops sorry listen to a word I say because I'm a complete lying charlatan YES SIIIIRRREEEEEE
The writing has been on the wall for over a year, there was a chance that it could be turned around or that one of the other players would swallow them up. Covid was the obvious death knell IMO and the reason that odey didn't need to reduce his position. Most bulls are significantly under water and have lost the appetite to top up, most buyers are day traders/rampers who are just having a punt, the institutions and the deep pockets know the score so the rest is likely to be just noise. Metro aren't paying their bills and the bonds reflect the state of play. Unless something happens soon this could hit the press and spiral. The two spikes were purely rumour based - merlot man (mischief) and the rate setter deal a complete clutching at straws/cr@p idea at this stage of the game. I've been shot down time and time again but have been consistent for ages, I don't see a reason to even trade these now as I don't see a happy ending - good luck if you're holding and I'm wrong though..
Eh.. 1. Not a lot.
k
''what of a rights issue - on what basis should we part with more cash? ''
Yes, it's a good point to raise.
How many fund raising exercises have they done in recent times?
Where has it gone, down the plughole?
To keep the BOD's in highly paid jobs for a while longer.
@Yuri.F:
When you tell it like that, it presents an extraordinary tale.
4000p down to 60p.
I must admit when I scooped some up at 67p end of last week, I didn't expect to see 60p.
How low can it go I wonder?
I'm far from a pessimist, but one has to suspect that the city has wind of some bad news.
Could a bank with more than 2m customers go bust or be forced out of business by the FSA? And as someone has pointed out, what of a rights issue - on what basis should we part with more cash?
By the way, ignore the CEO purchase, they are sometimes bound in to buy at certain times regardless of price as part of their pay package. The AA is a good example of this practice.
KBYK
Theo - Lol, I think many mtro veterans have been hitting
similar wall of logic (that it should go up because..) on each drop,
first from £40 to £30 during mid-2018,
then from £30 to £20 at the end of 2018,
then from £20 to £13 in Jan-2019
then down to £8 in Mar-2019
then slipped to £5 in Jul-2019
loosing hopes of recovery after it fell sub £3 in Aug-2019
with some frustrations while it was barely holding above £2 in the end of 2019..
probably last ray of light faded when it first spiked from £0.7 to £1.1 this June then gravity took over again..
hurray - we're about to go sub-60p...
Question to those more informed (Theo, NOVE, others...)
With the disastrous biy at 114.1p, now down close to 50% in less than 2 month. Can management look investors in the eye and convince them it is a good idea to buy more Metro shares in a placing or rights issue?
Of the supposed new strategy plan being 'worked on' since September 2019, what has actually been implemented to move the dial?
What is the go forward message here from management? What exactly will make things get better in future to support any new investment request?