news statements ...19 Jul 2020 17:28
"John Cronin, analyst at Goodbody, said he did not expect the hire to affect Metro’s strategy, but added that Mr Sharpe’s contacts book could help the bank as it considers potential deals to help with its turnround or an eventual takeover."
“He’s been around a long time, that could help open doors from a dealmaking perspective, which they may need to do over time,” Mr Cronin said."
"...Mr Frumkin bought £570,509 in shares at 114p as part of a requirement for executive directors to own shares worth twice their annual salary. Under this rule, he has another £1m to spend to hit 200 per cent of £740,000."
"Mr Sharpe is also a former leader of more traditional financial institutions and confirmed dealmaker"
"By that time, Metro could have already made a significant acquisition. The company entered into an exclusivity deal with peer-to-peer lender RateSetter last month. The size of the possible deal is unclear, given the possibility to Metro buying just the platform or taking over the £800m loan book, as reported by the Financial Times. The second option would involve buying out the company’s investors"
"Earlier this month, chief executive Mr Frumkin bought £570,509 in shares at 114p ... The purchase came with the shares at a sharp discount on the share price when he started the job, when it was 190p. The bank was trading at over 2,000p in January last year."
"Mr Sharpe, famous for his lucrative pay-off at Portman Building Society and a scandalous affair with a colleague half his age, was credited with transforming Britain's seventh-largest society West Bromwich after the 2008 crash."
"Before the crisis Mr Sharpe turned Bournemouth-based mutual Portman from the 13th largest society into the third biggest through multiple acquisitions, before it merged with Nationwide in 2007."
"Takeovers are likely be back on the agenda at Metro, which is in the middle of takeover talks with peer-to-peer lender Ratesetter as it battles to revive its fortunes. "
"Its share price remains depressed, however, at just 115p compared with more than 500p this time last year."
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