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Share is suspended or they cannot get a reliable quote for the share due to extreme volatility.

Yet they want a competitive landscape. The regulatory capital burden is worse in the UK vs EU and the US.

The BoE/PRA could easily reduce their MREL on a temporary basis which would allay market concerns. They are part of the problem as the regulatory capital burden on smaller banks is disproportionate and they know this because there were discussions to reduce it for smaller banks but the BoE and PRA move at a snails pace.

Publicly nope

Privately they don't care

He might be the actual perpetrator behind it all. He's very connected and has his hands all over the place.

That's one way to get a face to face appointment with the BoE/PRA.

The thing that sucks about this is, they were always going to have to refinance the £350m before October 2024. Other than that nothing has changed, so they are being aggressively targeted for doing the obvious.

The board really is clueless

Like I said earlier, it’s for Metro Bank and Investor Relations. The uncertainty is the biggest issue. This should never have been allowed to leak, it should have been a RNS stating their intentions.

Depends when they raise, you have to start early when you’re raising funds. So this could be for next year, after they report their first year of profit and the funds might be for growth.

The best outcome would be, Metro Bank release a RNS tomorrow reassuring the markets, produce solid numbers for next Trading Update, then carry on exploring their options. All of this is speculative and they will have explored options before, it’s the uncertainty that spooks markets. Investor Relations and the board need to step up.

Yes. They seemed to have forgot or the situation has changed. Metro Bank need to produce a RNS and explain and control the narrative. We’re here because they have failed to that since the last RNS.

Depends on how you view it.

The existing £350m always needed refinancing before October 2024.

If Metro Bank can get AIRB before then that changes a lot of things in Metro Bank’s favour.

The bit that wasn’t known and the bit that Metro Bank aggressively pushed back against on Investor Calls was the need to raise funds “urgently”. If there’s no urgency then it’s all speculation. If it’s urgent then shareholders are doomed unless Bank of England/PRA through them a lifeline.

They could do one of the following

- Get a loan, won’t be cheap

- Issue more shares to raise cash, existing shareholders will be diluted, badly

- Sell assets (e.g. Mortgage Loan Book) to reduce amount of Regulatory Capital they need and possibly release funds

- Sell the bank in its entirety

FT’s headline is even more aggressive.

This crashes further tomorrow morning if the Bank doesn’t issue a solid RNS

Regulatory capital, a lot of it’s from the changes post Global Financial Crisis crash.

Chances of them raising the funds are slim so that leaves taking on debt at ridiculous rates, selling more of their mortgage book, or doing an outright sale. If they were going to issue equity then we’re all going to be stupendously diluted.

So they knew or heard rumours hence the bold shorting of this share

Also London markets are run down. The chancellor has thrown about a potential policy that encourages investment in UK markets but that’s just noise until it’s announced and until he can convince people UK is worth investing in.

Metro’s on an accelerated track in terms of decline.

The reason is they’re being dragged down by the uncertainty regarding funding. Doesn’t help that they are operating in the capital buffers and the AIRB salvation is delayed until next year. If the board can act and provide more certainty then this skyrockets up at least ten’s of percent on the announcement.

At this rate this goes to zero in like 10 days