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Market was also expecting to hear that cost reductions would be £50m. These cost savings have now increased to £80m. This bank will be on a PE of 1 at this rate.
Well done metro bank.
Let this multi bag baby
The buy back now offers a floor for the share price with daily rising steps . £25m to be deployed buying back and they’ve pulled the trigger. Under the radar this stock.
Results day
Multi bagger written all over this share.
Great to see the RNS states the shares will be cancelled. I have seen buy backs where they put into treasury then wheel them back out again. These are being cancelled which is superb. £100,000 purchased today and £24.9m still to go.
This is gonna fly
Wooosh
Those look like buy backs
Another big delayed but just printed from 11.01am. Relentless buying
Could be a hell of a re rate here tomorrow. Hold tight for lift off
Volume now too - 50p close today hopefully. Bring on the buyback followed by the US disposal
This should be £1.50 and some
I think these closing auctions are beginning to tell the real story. Either our danish institutional holder is building his stake higher having just gone through 13% last week or FCH broker is buying back . If it’s both then even better
Flex pay growth - 500%. US disposal . £164m of cash. £25m buyback. £1.50 share price coming in short order
Whatever they secure for the US disposal will be hugely positive. Very exciting times ahead here. All the right ingredients for a multi bagger
They could sell the US business for a pound as it would be immediately earnings enhancing . The US business is loss making so whatever they get for it will be a bonus. Pretty exciting business model now and it’s all coming together nicely with the £25n buy back too
£214m cash at bank in hand. Unrestricted cash now over £160m which is more than market cap. 40m shares to be bought and cancelled so 360m shares at present will soon be 320m shares. US business about to be sold and update is pending. Flex pay growth off the charts. What a business model and you can buy at cash !!!
Terrific set up for a multi bagger. Flex pay growth incredible
U.K. banking sector starts the consolidation process with nationwide scooping up virgin. Metro is a sitting duck while market cap is below £500m . Results next week will be the start of a big re rate which metro a likely target now.