Member Info for bigsmoke

The Times / City AM might just have been on to something .... Odey out first thing knocking... might be bricking it and wanting to close

The hedge fund tycoon who made millions betting against Metro Bank ­after its accounting blunder last year has warned more pain is to come as the lender counts the cost of ­coronavirus.

Crispin Odey, who started betting against banks just before the 2008 ­financial crash, has recently increased his short position in Metro and ­believes it could be forced again to turn to ­investors for extra cash.

“They have been growing the loan book so quickly over the last five years that a NPL [non-performing loan] provisioning of £300m might be in order,” he said. “Given a cost income ratio of well over 100pc they may well need a rights issue to keep the bank

https://www.telegraph.co.uk/business/2020/05/11/hedge-fund-tycoon-predicts-metro-bank-trouble/

An EGM during lockdown (or alert-down) would be interesting ; all the hot air brigade would have their gas on a peep.

.. same goes for Spruce on 8/16%

?? Rubbish. He only needs the BOD to approve. And, well, they are a new bunch loaded at 93p.

If he has 9% declared and is GS x-Client then he is on 17%. He can call an EGM with 10%. At 20% he can go hostile.

https://www.euroweeklynews.com/2020/05/10/british-lenders-decide-its-too-risky-to-help-small-uk-businesses-and-return-100-million-to-government/

Looking for the phrase “...receipt of interest in the Company and its assets from other industry participants...”

Is a notice of interest in submitting an offer......

Haha, another nutter

What a douche. Give him time, Einstein.

TImes and City AM have set the scene. If JCB ups again then I can sense the sort of story they will run next!

"So if you were Gilinski and you had already lost a load of dosh, things not looking so good ahead. What would you be hoping for?"
- i would be thinking, hey, i can now buy the company outright for about as much as my 9% stake.

City AM "Gilinski’s increased interest will add to speculation that the tycoon, who also owns Miami-headquartered JGB Bank, is mulling a takeover bid."

like a dug chasing its tail today. one min your in cash for the second wave. next min you are adding across multi-portfolios. seems to be you are holding both a "Nothing to see here , move along please..." position and a "Why dig up some old news now.. ? Who would it benefit...?" curiosity.

leave him to deramp, there is a tinge of FOMO coming through..

He went over 8% on 03 March 2020:
https://www.lse.co.uk/rns/MTRO/holdings-in-company-4jw9t599yvt968v.html

Very interesting. The position is old news, but the new positive press is a pivot. I note the new stress JCB is “Harvard educated” ..

"Beware, scams are on the up as fraudsters look to capitalise on the current insecurities caused by the coronavirus pandemic. To help you stay safe, we highlight some of the common tactics criminals are using to try and dupe people into parting with their money, so you know what to watch out for."

turns out the article was not about shorts, Metro and the 5 D's.

""It's a situation that inevitably leads to further consolidation among banks, as well as companies. One must choose a navigation companion." "

we have JTMacs.