Member Info for zccax77

Unbelievable for the share to go from £22 to £9. Total destruction of £1.3nm of shareholder wealth. Whilst the error has not resulted in any financial loss to Metro, who have actually performed quite well per the latest results. At these levels this SP is a bargain, I am surprised there has been no takeover approach, there may be in the next few day.
This SP might test 8** tomorrow but will be unlikely to fall much further given the circumstances. The FCA/PRA probe will not come to much, they are useless and will probably respond back in 6-12 months.

Your username does not correlate with your posts. Look at Metro's book value and ask yourself why you think that book value may be impaired?

What utter tripe. This is about capital, not fraud!!!

I can see a red day tomorrow as well. Funny they need 350mn but the market cap falls by over 600mn.

Wish I can share your confidence. These guys cannot even get a RI right, there is no hope.

Expect an 8** price soon.

With that moron in charge your hope will inevitably turn to despair.

Soon the market cap will be 350mn. Not putting down the placing price was a major error. The CEO has to go.

@Marineville, POST OF THE WEEK!!!!!

Any fine will be immaterial compared to the losses to investors today.

Management should have envisaged this.

You mean the FCA/PRA? I doubt it since no fraud has taken place, the FCA is there to protect the consumers who have not been wronged here. If anything the consumers probably got a better deal than they should have due to the incorrect pricing of the product. The shareholders are having to stump up £350m, I think they will consider this punishment enough. A mistake like this is not uncommon in the industry.

Atleast we can look at the bright side, the rights issue ended up being £350m instead of the £400m touted by Bloomberg. The shares might even be up tomorrow by the £50m.

Looks like the clown has waived his £800k bonus

https://www.theguardian.com/business/2019/feb/26/metro-bank-to-hold-surprise-350m-share-sale-after-loans-blunder

This is the crux of it, they should have specified price. The shorters are going to push this down tomorrow to single digits. I cannot believe the price of the placement was left at the very end of the call to discuss and then completely avoided. Donaldson has to go, he is a complete imbecile.

Will this get to £10 tomorrow?

Will this be volatile until they announce price? What action will we see tomorrow morning?

I know, 100 point drop, RI happening tomorrow.

Marineville, then it is free money to expand their SME offering as they said they would a few weeks ago. £9m is neither here nor there, atleast they are making a double digit profit in the context of their growth and expansion.

Why would they need a RI, they just recieved £120m from the BCR. Remember their risk weights c*ck up means they are £250m short, surely this additional £120m plugs some of that gap? just looking for different opinions. Remember most of these missclassified loans should be refinanced in the next 2-5 years and hopefully this gap should disappear.