Really?? We’re doing this AGAIN?, today also?12 May 2020 07:06
The inference is the SPEED of growth has led to careless lending. Just where is the proof there? The failure of Norton is an example of the SECURITY Metro has in place which puts it front of queue, resulting in 100% or close to it recovery. So why is NPL an issue?
Next, where does he get £300m from? Not explained. Just plucked out the air. Even picking his nose requires more effort . The figure puts Metro something like 8x worse off than VMUK. Why is the excessively disproportionate light being cast ?
Next, he does not give a figure for the CIR. Is 105% “well over” compared to 101%? On any event, again, where is he getting his data from? Is this a summary of not the last results but the ones before that? I.e there was a ‘statutory loss’? Even so, because he fails to detail anything there is no reason why a RI is necessary. Plus, why a rights issue? Not another instrument or event? Moreover, “may well” - he isn’t even sure himself.
Next, he questions the desire of shareholders. Just how many RI have there been? One. It is disengenious to suggest otherwise. Plus, he questions the willingness of the banking billionaire and funds which have upped their stakes. Why wouldn’t, for example, Bascal subscribe? It would lower his 240p or so average. On any event, Where has Bacal said he wouldn’t?
Finally, the truth : “ I don’t know." He admits he does not know, about any of it. Strange then (1) it got reported, (2) it is causing the skits in some quarters, and (3) both (1) and (2) when he has recently extended his gross short exposure on the very stock. And when has this incentivise ignorance materialised? But less than 24 hours after the positive press about the recent moves of Harvard educated banking tycoon Bacal.