Gulf Marine Services – after previously 'announcements escalate dispute with Seafox International'...
The Italian Job Supply@ME Capital: 8 billion euro funding by buying a bank: this is just plain fantasy
I give Metro Bank (MTRO) this: at least it has learnt it is smarter to issue your regulatory news updates at 7am like everybody else, rather than sneaking them out at 5pm. So positive to see today’s half-year results coming out at a sensible time. Now let’s get onto the less good stuff – and there is plenty...
Apparently Metro Bank (MTRO) turns ten on Wednesday. It has been listed for just under that period, although investors lucky enough to have got involved on day one are down 95% on their initial investment. You know my general thoughts on this one after being bearish for a good three years.
Shares in Metro Bank (MTRO) are up a tad this morning but I really do not know why. You know my long-held negative view of the company, which I last wrote here in May. For years now it has been rolling from one mistake to another and today it remains a desperately marginal business, with a thin balance sheet, dodgy loan book and multiple flaws. My personal view remains that the finally refreshed management team should conclude it is time to sell the book of assets to somebody with a bigger balance sheet. Sadly, I doubt whether there is any material equity value...
Whilst there may be no regulatory news items to ponder today, I want to go back a couple of days and look at the latest disclosure from that perma dog Metro Bank (MTRO), an announcement which has led cumulatively to a 7% fall in the company's share price. Yes, more losses!
Early this year we showed the top shorted London-listed shares at the start of 2020. How's the performance as at the end of February? (those in bold remain from 2019)...
I see this morning that the interim CEO of Metro Bank (MTRO), Dan Frumkin, has been given the job on a full-time basis. Well good luck to him! As I have detailed for much of the last two years (and most recently here), the company is a complete dog with risk control issues, write-downs, business reversals and a surprise money raising...all ultimately resulting in a bunch of senior management (including the Founder) exits. And, as I said at the link above, 'all it needs to do now is find someone desperate enough to work there, ideally with a winning strategy...actually that may still be Mission Impossible'…
Fresh back from the Sunday morning bike ride I dip into the (online) Sunday press and see a couple of relevant stories for two old 'friends' I have written about on these pages just a few times.
I can tell you two sets of PR advisers who are having a nightmare Sunday morning: anyone involved in running the Metro Bank (MTRO) and the St James's Place (STJ) accounts. Still - via reading this website over the last few months - neither of the PR nightmares will have come as a shock to all you readers.
Finally is bad boy Metro Bank (MTRO) finally seeing sense? You will recall that I have been bearish on this one for a while, noting earlier in the month that 'you should still be avoiding this one like the plague' as i explained the madness of the company continuing to prevaricate on their money raising.
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