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There's a story in today's Times (Page 51), saying that Starling is in the middle of a fundraising for £200 million. But there's a twist; JP Morgan and Lloyd's Bank are expressing some interest in buying Starling Bank outright.
The article quite strongly hints that Starling's two biggest investors, one Harry McPike (who he? Ed.) and Merian Global Investors could well be interested in selling maybe all/maybe part of their holdings to the would-be buyers.
If all this is correct, and Merian are talking to JPM & Lloyd's, that might explain why they are no hurry to come out with an NAV. Starling is MERI's largest single investment. It accounts for 14% of the portfolio, or £82 million. A sale or all, or part, of that holding could have a significant affect on the NAV.
gewillia thank you for posting. This is I suppose great news. I have been following Anna's bank for a while and was going to buy her book and follow the story as it unfolds. On a personal level I will be sad to see Starling move on.
Thanks Gewillia.
Working on the RNS news stream, THG should add at least 9p in NAV, taking into account 2.8p at the IPO and then the share price 30th September and that’s without the 4p from the Klarna investment.
I firmly believe the 147p will look great looking today back over time, once the nav is updated.
Agree Mr Flibbles, I hope Starling isn’t lost at this point as it has great prospects of turning business banking on its head!
Good luck all.
Since it has gone lunchtime today the 2nd of December, we now have a delayed *Earnings Report* for the period ending September 2020. The chart clearly expects this report and is hovering over a resistance point ready to breakout or retrace. My charts now go out the window. I am hoping we do not retrace as the overwhelming evidence is that MERI's portfolio of companies are doing really well. No really really well! It clearly does look like radio silence on the numbers until perhaps MERI are forced to in The Annual Results late January.
.... DireEmblem, I am interested in your NAV guestimate but wait! according to Bloomberg, AI chip designer Graphcore is reported to be close to raising a further $200m to take its valuation above $2bn. Given the incredible growth of AI including AI ETF's then this is the top one IMHO. This means pretty much everything MERI is in undervalues the company greatly on a qualitative basis. The delay in the Earnings report has added uncertainty, unnecessarily, becuase both because of the sector and our qualitative look at the underlining holdings.
Agree with today’s comments.
DireEmblem it would be good to have a stab at the NAV value. Mr Flibbles do you have a link to postponed update? Thanks both.
Plymouth1, apologies I was not precise in my language. The Earnings Report should have been released today (hence the SP movement). This report may have included NAV. This RNS has not yet been released... hence the drop in SP again. It could in theory arrive at any moment but we suspect because of Starling Bank the financially sensitive RNS are being held up.
JP Morgan backed Nutmeg is linking with Staring to add some interest over JP Morgan and Lloyds...
https://www.uktech.news/news/uk-digital-bank-starling-adds-nutmeg-to-its-marketplace-to-make-investing-accessible-20201204
Officially in the digital news : The Times.co.uk - JP Morgan and Lloyds set sights on Starling
https://www.thetimes.co.uk/article/jp-morgan-and-lloyds-set-sights-on-starling-vz9gb0lfl
"The number of British banks that are considering changing ownership rose by two yesterday after JP Morgan Chase and Lloyds expressed interest in buying Starling Bank.
If the digital challenger bank was purchased, it could lead to the first big merger of an established lender with a start-up in Britain.
At the same time, TSB, the high street bank, was put on the block by Sabadell, its Spanish owner.
JP Morgan, America’s biggest bank, is understood to have talked about taking on Starling as it prepares to launch its consumer bank in the UK in the new year. Starling would give JP Morgan 1.9 million customers from day one. Lloyds, Britain’s largest retail bank, is understood to be interested in Starling’s technology.
The interest has..."