Further to recent press speculation, Metro Bank Plc (LON:MTRO) confirmed 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.