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21.4% - with Boohoo, it has to be close to the amount they can get without pushing up the share price.
They seem to have already reached this place with ASOS hence acquiring voting rights through financial instruments.
How much are we buying tomorrow ;)
Joking aside, I'm still shocked how Metro Bank shot themselves in the foot and in this country we have limited recourse. The CEO repeatedly said no need for any more funds and then speed-ran a fund raise at the expense of existing shareholders.
Metro used to give more information in the trading updates but then dippy Dan Frumkin came along and put an end to that. Now they give then bare minimum. Which was fine until they broke that rule and trashed the share price and nearly gave the whole business away.
I think they ditch AIRB. Metro Bank foolishly announced they need to do more work based on verbal feedback which led to a colossal collapse of the share price.
Then Daniel Frumkin said in the recent investor call after its recent wild weekend that Metro Bank is still waiting for the written feedback. In that investor call he said they don't need it for the new direction they are going in.
Chances are the people who emptied their safety deposit boxes returned once it was communicated that Metro Bank is not at risk of collapsing.
Metro Bank ought to have a note explaining raises and balance sheet changes post the reporting period. They cannot escape this as they will need to make a case for the emergency funding in their prospectus. So either way it will come out.
Then again it's Metro Bank who have mastered the art of self sabotage.
They might have started their position earlier and the bit that tipped them over 0.5% reporting threshold was around 30p.
There may be a lot more short positions which are under the reporting threshold but when taking together amount to a death by a thousand cuts.
Liquidity sucks for Boo.
Boo and Asos should do a stock consolidation for lols.
No one has the 30p shares yet. Metro Bank needs to circulate the prospectus first and then get it voted through (which should be nodded through) before the shares are issued. The shares may be restricted for a period of time.
The sale proceeds will be used for commercial lending which have higher yields, but also means higher risk.
Spaldy are smart, this isn't their first go at a bank, previous attempts were a success, so I think that lends some credibility to Metro. Really though... who knows.
Need a meaningful director buy - that's if they're not too busy trying to run it down in the hopes they can win a bidding war with big Mike. Having him as a investor might be a good thing. Really though... who knows.
In other news the press coverage is still largely negative leaning.
Very ambitious but not the best sales pitch I've heard - hopefully they turn this beast around.
Better still would be for Shawbrook to make an honest offer of at least a few hundred million which appeases the large shareholders as a way to cut their losses without totally looking like mugs, or at least let the offer stick around to boost up on the news so we can find an exit before this turns into an epic long term hold.