Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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ps -sbdy said that 85% of SP is good governance. The greatest potential SP catalyst IMOV is getting rid of the doggie loving Vernon and putting in place a serious veteran with experience & imagination & a strong focus on good governance. That is key to confidence & trust, which is central to a SP rerating.
agreed ggg21 there are many positives. But for sake of balance, on neg's i can see low profits (balanced by high growth), possibly pressure on NIM and concerns that bond interest will prevent return to decent profitability until 2021. That aside, i can also see a line being drawn under the annus horribilus & a focus on cost-cutting & growth which may...slowly excite the mkt.
As someone else said and as I was in Asos, the results weren’t great the bottom line wasn’t great it has gone through a process of cutting cost increase in spend and but it’s now positioned itself for growth and numbers increasing and as I said leading upto and on results yesterday has done over 40% in around a week.
Cronin has always followed metro closely. I’d love to know how investec have come to their analysis of awful figures when a lot of the numbers are known as per prospectus, board update and mrel getting away nearly 2x over subscribed
Thanks for posting BB. I'm very interested to read all. Back in here and fingers crossed
people posting the link...but if one reads full article, they are saying MTRO could make between a small profit and a small loss.
No mention of increasing deposits,reduced LTD, successful MREL 2, Watchdog rpt etc.
since telegraph recently claimed no rtn to profitability until 2021....they are accentuating the negatives in the headlines and ignoring the positives altogether. To suit the hedge fund briefers willing to give interviews?
PART 2
Mr Hill is understood to have told several figures in his bulging contacts book earlier this month that he would consider taking his business off the stock market.
A return to private hands would mark an ignominious end to Metro's tumultuous three-and-a-half years of public ownership.
Mr Hill was backed by a host of wealthy figures including hedge fund billionaire Steve Cohen when he launched Metro in 2010 as the first new British high street bank for more than a century.
But this club of longstanding US supporters is understood to have lost patience with him following the accounting disaster in January and are now saddled with paper losses running into the billions of pounds.
Watchdogs are investigating what happened and Metro has warned the probe could even lead to criminal charges, while Mr Hill has come under fire over his leadership - and for a now-axed agreement which saw Metro pay £24m to his wife Shirley's architecture firm. However John Cronin, a banks analyst at Goodbody, said he believes Metro will be profitable for the quarter despite forecasts that the recent debt raise pushing the bank into the red for the full year.
Metro Bank is under pressure from the Bank of England to hire an industry veteran as its next chairman, as the troubled lender braces for another set of gloomy financial results. The lender is understood to be facing demands to hire an experienced insider in place of Metro founder Vernon Hill, who is stepping down as chairman following a disastrous year in which a major accounting gaffe left investors nursing huge losses. In a sign of their concerns about how Metro has been run up to now, Bank of England regulators are taking a keen interest in who gets the job. It is understood the successful candidate will be expected to have both the experience to oversee a large retail bank and the gravitas to stand up to Mr Hill, who owns a 3.5pc stake in Metro. The troubled bank is combing the City for a new chairman, but there have been questions around who might be interested in the job at a time when regulators are still investigating the loans error and changes to the structure of the bank are potentially afoot. Potential candidates with the required experience include the chairman of Allied Irish Bank (AIB) Richard Pym, who also used to chair the Co-operative Bank, as well as Co-op Bank's former chief executive Liam Coleman. Banking sources think Benny Higgins, the former boss of Tesco Bank, could also be on an initial list although his time in charge of Tesco Bank courted controversy for his use of expenses. The search for experienced candidates comes as City analysts warn that next week's third quarter results will involve another "painful" set of numbers for investors. Ian Gordon, of Investec, said: "It will be another tough quarter for Metro." Mr Gordon believes that profits will suffer a further squeeze when Metro unveils results on Wednesday, as profits are squeezed and it is forced to set aside more cash to deal with investigations by regulators.He is expecting a £7.6m quarterly loss. Investors will also be looking for reassurance that the bond issue Metro got away late last month has steadied the ship, Mr Gordon added. The generous 9.5pc interest rate on the debt will cost the bank about £33m a year, meaning it is not expected to return to profit until 2021. Hill's club of longstanding US supporters is understood to have lost patience with him following the accounting disaster in January. Mr Hill is understood to have told several figures in his bulging contacts book earlier this month that he would consider taking his business off the stock market. A return to private hands would mark an ignominious end to Metro's tumultuous three-and-a-half years of public ownership. Mr Hill was backed by a host of wealthy figures including hedge fund billionaire Steve Cohen when he launched Metro in 2010 as the first new British high street bank for more than a century.But this club of longstanding US supporters is understood to have lost patience with him following the accounting disaster in Mr Hill is understood to have told several figures in his..