Probably paid £1, as they are a liability not an asset (leasehold liabilities). The property owners would have been creditors, so this resolves a significant liability for the administrators, and may well save a few thousand jobs.
"Illbet what happened to the positive spin from last week nothing has changed."
Positive spin, I'm not sure it was that positive.......I just felt that it was cheap enough for a 'punt', and said so at the time.
"You are one for “ running the ruler over things” other than the tr1 that caused a bit of a rebound that you got out on what has changed?"
The TR1, and it's recent drop by circa 40% caused a relief rally, it looked to me like a load of patient buyers piled in on the slightest bit of good news.
So, I decided that the spike was a temporary one and sold. It has now returned close to my initial buy in point.
"This is old news metrobanks pr dept are crap same as last week I don’t see the big difference between when you decided to buy in and now what gives ???"
Well, there has been some more news, some positive, some negative, most negative in fact.
1. The reduction of a short, clearly happened on the day of the big drop (check the dates of the purchase), which they now seem to have started to increase again. The seem to increase on every spike in the price?
2. Debt downgrade from BB+ to BB (a junk grade AFAIK), which will only exacerbate the MREL bond issuance problem.
3. Barclays downgrade from 350p to 200p, OK who cares about broker analysts down grades?
4. Chairman leaving and no replacement, the real issue is no replacement, and best of luck getting a decent one given the issues about to come to fruition.
So, generally I'm negative, but always open to buy when the price is 'interesting'.
"Vernon is the inspiration behind Metro Bank, the first high street bank to open in the UK in over 100 years. It is thanks to his vision and leadership that we have grown to 70 stores around the country"
The whole thing was sold on his success for investors in the US business, albeit leaving there under a similiar cloud he is leaving under now.
It is also somewhat ironic that thanks to his wifes invoices (again), and his lack of oversight (again), that put them where they are now.
This time he added the feather 'destruction of shareholder value' to his cap