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change the previous comment to the enterprise value will have largely stayed the same (apart from the cost of the raise). All that happened when there was a dilution is that the debt equity ratio would have changed.

I am sorry Rox but you are wrong and you have made two contradictory comments which show I am right.
i.e I would have been better off selling at 33p than price now of £2.89 but 33p is equivalent to £2.65.
Ceterus paribus if an offer was made predilution of £370m then after the dilution it would have been £370 +£140m as the enterprise value had changed (debt plus equity!!!!)
Anyway I have just seen the updated add from Saga which directly plugs the insurance.

And before someone jumps in and says we are both wrong ... i know the calculation is dependant on whether existing share holders take the rights issue etc etc. My point is saying that the 33p offer predilution is equivalent to £2.65 now is just bonkers. If I had sold my holding then at 33p I would definitely be better off than the current SP whether or not I took up my rights issue. Which I did.

I know that is why you need to divide £370m plus £140m by enlarged share capital. then compare to the 33p offer as the 33p offer was based on a company that did not issue shares to get the £140m. so your stage 2 should have plus £140m as the offer of 33p was before £140m was raised

Rox you are wrong. 33p x 15 > 265p or at least add £140 to £370m before dividing by new number of shares. Otherwise what you have said is just garbage. Just don't want people to read what you have written and beieve that is anyway reasonable.
Sorry

Awesome work BanburyBoy appreciate rhe time and effort you put into this for us

Well that is great news. Basically means come 2022 the cruises will near enough be fully packed

Then theres the tracking of spirit of the rhine :-)
Not sure if saga own the other river cruise boats ;-)

I assume the 80% capacity rule is still in force so when a cruise sells out it is still only 80% of actual capacity.

great thanks morbox

https://www.standard.co.uk/business/coop-bank-tsb-paul-flowers-b964541.html

ok FJ,

so the question is what is the spirit of discovery doing between Jan 22 and March 12th????

Banbury i do miss your cruise analysis. i still monitor it myself but an official version would be good ;)

well done pokerchips.

Slow down Saga. I want to sell my Metro and buy more of Saga but cant sell Metro until bid comes through

yep really nice to see Saga recover. Long way to go for a decent price though

Pokerchips,

Fair point all i am saying is this:
Dan Frumkin is CEO of Metro bank
Dan Frumkin previously worked for the carlyle group
Dan Frumkin and owner of carlyle group are mates.
Dan Frumkin has access to the books as CEO
Does Dan Frumkin still kinda work for Carlyle group or loyal to them ??
Coincidence that Carlyle group buying Metro
Just adding 2 and 2 and getting 4 mate ;-)

Pokerchips,
I suspect Carlyle has had access to the books for a while as the CEO is ex-Carlyle.
Yes they have until 2nd December. But I suspect they would want to get an initial offer out quickly before a final offer.
Anyway time will tell. I suspect Metro is currently profitable with a large bad debts provision to be rolled back, which it took during the pandemic.
Saga looks like it has turned the corner which is more good news

Anyway my advice is to buy some Metro until an offer emerges (probably this weekend) then sell them then use the money to buy lots of Saga. The price for Metro Bank is still really low especially as its net asset value is £600m and the market cap is £240m. Therefore a good offer from Carlyle looks likely. Also Ceo of Metro bank is ex-Carlyle .... hint hint

For any new or novice investors in Metro. Ignore Oxygen as he is probably working on Carlyles interest. Carlyle are as we speak hovering up any sells on the market (see today's RNS's). Also to point out Carlyle placed one of its men at the top of Metro so that he could scope the company for them. Carlyle have made a serious approach and the billionaire owner is not in the habit of wasting his time. So I think there will be a significant offer £1.80+ maybe much higher than that but not less.