Metro Bank has struck a deal with investors after a weekend of negotiations to give the UK challenger bank some breathing space and help fill a capital hole that had prompted discussions with regulators.
The package includes a £325mn capital raise and £600mn of debt refinancing, and will involve Metro Bank’s largest shareholder — Columbian billionaire Jaime Gilinski Bacal — contributing an additional £102mn.
Metro’s board has been locked in talks with existing investors over the past few days and had also been gauging interest from some of the UK’s largest banks in relation to possible asset sales or a potential takeover.
The Financial Times reported on Sunday that rival lenders NatWest, Santander and Lloyds Banking Group were all considering bids for some of Metro’s assets.
So Metro directors had a proposal / offer for the business weeks ago and didn’t disclose this to the markets? Why ? Now shareholders will get diluted when the bond holders take charge. They should all be sacked . It stinks. Watch this sink next week .
I feel for all those investors that have shares in this business which are now worth zero. The writing has been on the wall for weeks if not months but i just can’t understand why people would trade this stock. Lesson learnt for some hopefully.
So how come all this news always comes out at weekend! Let’s hope it has a positive effect on the share price on Monday. This needs to be concluded with a satisfactory outcome for the shareholders NOT the directors !
Think it's time we started seizing assets. Might take a while to get all the arbitration award back but would be worth it - plenty of news flow then.... time the indians paid up or the cowboys will be sent in to round them up.
Tax refund is paid between 20-45 days. If this passes past the end of February . Cairn need to go public as Indian will be breaking their own laws . Suppose that’s irrelevant as our government have done the same time and time again !