Last checked at 13 May 2019 07:00
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Metro Bank's c. £350 million growth equity raise is well advanced
Legal Entity Identifier: 213800X5WU57YL9GPK89
Further to recent press speculation, Metro Bank (the "Company") confirms that its plan to raise c. £350 million of equity capital to support its growth is well advanced. Metro Bank has commenced final discussions with existing shareholders and new investors, and the feedback continues to be positive.
The equity raise, which is subject to the committed standby underwriting agreement announced on 26 February 2019, is expected to be by way of a placing subject to shareholder approval. The Company intends to respect the principles of pre-emption as far as practicable via the allocation process.
As stated at the time of Metro Bank's Q1 results in May, the equity raise will be completed (subject to approvals) by the end of Q2 2019.
The Company will update the market in due course.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 and was authorised for release by David Arden, Chief Financial Officer.
For more information, please contact:
Metro Bank PLC Investor Relations
Jo Roberts
+44 (0) 20 3402 8900
IR@metrobank.plc.uk
Metro Bank PLC Media Relations
Latika Shah/ Abigail Whittaker
+44 (0)7950 671 948/ +44 (0)7989 876136
pressoffice@metrobank.plc.uk
Teneo
Charlie Armitstead/ Anthony Silverman/ Haya Herbert-Burns
+44 (0) 7703 330 269/ +44 7342 031051
Metrobank@teneo.com