Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Matlot, RateSetter investors are not protected by FCSC protection and the capital invested is at risk and the loan book belongs to the investors rather than RateSetter. Currently they are in the process of paying back investors who requested for their money back from mid March. I think Metro might be after their platform rather than the loan book.
From FT article:
"One person close to the deal said the companies had yet to agree what would happen to the company’s £800m of outstanding loans, which are owned by individual investors rather than held on RateSetter’s balance sheet. Metro could look to buy out the retail investors, or only buy RateSetter’s platform for originating new loans."
Does this explain the jump in the SP from 70s even though the new broke for PIs today?
Apparently the delay with them rolling out the BBL scheme was that they didn't have a process by which applications could be processed without interactions with branch managers. CBILs on the other hand were processed in branch like other loans they are used to so got rolled out quickly.
Having said that branch managers expected it to be rolled out last week so not sure what the delay is.
The BBL scheme has been a mess with all lenders (expect Lloyds apparently). Given whats going on I won't be surprised if there are investigations into the lenders about this scheme in the future. You can get an idea looking at the twitter account @Bounce_BackLoan.
I think Metro seem to be delaying accreditation until they have a proper processes in place. This might be good in the long run but after 2.5 weeks from when the scheme was announced they should get their act together soon.
Swanny, Jinny here you go. Nothing new is my opinion.
"A Colombian billionaire has ramped up his holding in troubled Metro Bank.
Jaime Gilinski, who was an investor in TSB’s Spanish owner, Banco Sabadell, and developed a property scheme in Panama with Ian and Richard Livingstone, has upped his stake from 6% at the end of last year to 9%.
London resident Gilinski, whose JGB Financial owns south Florida’s JGB Bank, could not be reached for comment. The Harvard-educated tycoon, who owns the stake through his British Virgin Islands fund, Spaldy Investments, became Metro’s biggest shareholder in December, replacing American hedge fund boss Steve Cohen, who has cut his stake to less than 3%.
Metro has lost 95% of its value since mis-stating its capital reserves in January last year. Shares in the lender, founded by former chairman Vernon Hill, have fallen to 80p. They were trading at more than £40 in 2018.
The error led to the ousting of Hill, 74, whose wife, Shirley, was paid to design the banks, and departure of boss Craig Donaldson. Dan Frumkin, a former RBS executive, was promoted from chief transformation officer in February to replace Donaldson.
Takeover rumours have since swirled around the City. Metro is unlikely to be profitable in the near future. It posted a loss of £131m for 2019 following the accounting error, down from a £40.6m profit the previous year.
Metro had to hand back £50m of a £120m grant it received last year from Banking Competition Remedies."
"The gains after the RNS were very short lived which did not fill anyone with confidence"
Well there is still a short position open on this stock and they increased their short, I believe, when the price was about 700p. So it could be them unloading their shares and lowering their price.
Someone else mentioned below a buy back as being helpful. The possibility of it was also noted in the RNS given by the company last week. Personally I believe if this happens it will help support the price from shorts in the coming weeks.
@MassiveRay. No, I'm not working with anyone on this board. As a matter of fact, I am an engineer and do not day trade nor hold a short position here. I have recently purchased some shares at £8.3 as a long term hold.
It was a genuine question. If you think it's too silly to answer please just ignore it instead of writing sarcastic replies.
Thanks
This is getting a bit pathetic:
https://www.muddywatersresearch.com/research/bur/behavioral-analysis-indicates-deception/
Yes I totally agree it's a trust issues now. Sorry if I wasn't clear.
The only way I think they can recover is to get their accounts audited from another big firm, get a rubber stamp of approval from FCA and possibly a share buyback.
Another point I would like to make is that more short positions have not opened on this yet, which is good. I'm sure other hedge funds have looked at it with their in-house accounts to see if they can spot any other discrepancies but I guess the fact that they haven't opened shorts means they found nothing alarming.
"Just a thought here. Why does the value of a £15m case impact the share price by £1bn...circa 60 times the impact."
Because MW went on to say that the company has no liquidity and that if the above was true then they may have done it for other cases.
The liquidity point has been clarified by BUR as there is £400m in cash. MW has not so far given an example of other cases where they had spotted any discrepancy.