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Without being sarcastic, you realise they are 2 completely different things ? MTRO as a business will have major compliance aspects that would need sign off on from BoE, PRA, Uncle Tom Cobbley and all. if you need a Xmas tree you buy a tree not the forest.
Question for more knowledge holders, if our current Market Capitalisation £69.07m and Barclayes are prepared to pay 3B for mortgage, why don't they just buy metro outright?
I agree. Staff told me a few times that Sunday and Saturday are the busiest days only 8.30-10.30 is quiet 7 days a week.
Losing the USP is going to be a demerit for sure.
Having said that it's failing to attract switchers in home countries and midlands (where they are prevalent) and staff told me they don't get much switch business....most new openings are SDB related and w/e and after school convenience related.
Opening up up north or buying Co-Op retail banking (with tiny branches btw and no SDB), I don't think would move the dial massively - although they are profitable.
Btw is a misconception that it's the tech-phobic elderly who are main clients...their % of over 60 account holders are the same as the big 5. From some albeit unscientific visits in last month to 8 branches where I spent about 4 hrs in each... the main users where tradesmen and a large broad ethnic %.
As I said before I think the whole branch thing is doomed and in 2 yrs it may look very different, if Reg agree.
Gilinski' has done a bit of a Bernard Tapie, and manoeuvred into a back of the sofa money majority shareholding in an incumbent and usually costly to aquire Banking Licence wrapper.
I think he'll now strip it a bit, ruthlessly cut costs, and start again afresh in a new non-traditional retail banking environ. This drop in days and cut in FTE is just testing the waters.....
Niche I meant being a specialist lender
But it seems like its Niche offering is being reduced with it request to open on 6 days a week and shorter hours. These were some of the main things that made the branch model viable I feel as meant jo public could get to the bank after work or on the weekend.
A "normal" bank but a niche player that has growth potential, that sounds like the pitch.
I assume the uptick today is due to the potential cost savings from opening 6 days a week and cutting 20% of staff. i would have thought the former is well overdue, staff cuts could be done by natural wastage, ie resignations, rather than redundancy. move with the times whatever Nationwide are saying. 2024 could be a decent year for MTRO once the new shares issue and background stuff is put to bed. a bit of organic growth rather than consolidation might be a better way forward. AIMHO
Does anyone else get the impression that the wheels are starting to fall off the metro bank Unique Selling Points and is going to slowly morph in to just another bank.
It will make profits short term on the back of savings and interest rates rather than organic growth. But how sustainable is that?
I very much Rd believed in this business before all this, but not sure what to think of this business now with their words and actions no longer seeming to align. They seem like a person on fire saying they are getting great savings on their heating bills.
Apparently the RNS meant Gilinski sent his money and tomorrow 30th Nov is the settlement day, morning 8am.
Gilinksi and his money will breathe new life into Metro Bank.
Short reduced .
Putting aside the vehicular comparisons, close to 3% slide today, so the markets not too enamoured/or the shorts have had a bit more paper lent out to them.
Cyberspace
Why would I want to spend £50k on an Audi when you've just given me a free one!
In the same vain why would the hedge funds want to buy shares at 30p when Spalding Investments is giving them free shares for helping drive the share price down amd supporting the debt refinancing.
The sp could easily recover doesn't mean to say the hedge funds have any cash to buy at these levels and gamble on a rise..and certainly they wouldn't want to commit for a long time.
Clueless!
That's why, if you're even genuine you're massively underwater with this share, you've been ramping it since £1.20, DOH
Deary me, if someone offered you a free audi and then said oh by the way I have another audi here which costs £50k but it actually worth £100k, you just need to hold onto it for a year then sell it and you're £50k up, would you buy it or knock it back. Unreal lack of commercial awareness
Cyberspace
Why would those two hedge firms need to buy shares when Spalding will gift them 'free' Shares.. the clue is in the word 'free'..
Well, someone is very optimistic about how this share goes -- they've just bought 139,000 for £54.7k.
Lol, twogood so are you really saying they would ignore the opportunity to buy even more shares at 30p than they receive from spaldy, even if that's the case, depends how much money they want to make from a rise, can't believe I need to actually point this out
The shortest would need to borrow more shares to drive the price down
Cyberpunk
Both Kite and Casious will be given free shares worth 30p by Spalding Investments Ltd there is no need for them to buy shares.
The current share price simply reflects Gilinksi current average holding price close to 40p following the expected 340m shares to be issued to him in return for the £102m capital Investment.
Because its not in the shorts interest to drive the price down to 30p yet
If it was going to circa 30p why doesn't the price go down now, also the value of the share will get diluted but not necessary
the share price...
Yes I feared that over the weekend 32-33p my prediction sadly for January/Feb.
Out yesterday morning, the minute the mortgage book announced and gave a tiny short-lived spike...as space-pup says shorters will dismount around that point imho too.
As I said, here comes the drop and the shorts will close out as it hits circa 30p
Capital package approved. but now still waiting for Gilinski’s money.
The hedge funds might have brought the price down, but the bank situation offer from Gilinksi was very public, and if any banks/ Private equity companies valued it at more than his offer, they would have made a bid. We need to look at what happened before the bid was made though. Why did Frumkin give the impression all was rosy right up to the bitter end? Were he and Gilinski's daughter in cahoots? I think that one is for the FCA.