TIDMMTRO
RNS Number : 0531P
Metro Bank Holdings PLC
09 October 2023
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART IN, OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION
IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE
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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN METRO BANK HOLDINGS PLC OR ANY
OTHER ENTITY IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO. 596/2014 ON
MARKET ABUSE, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018.
Metro Bank Holdings PLC (LSE: MTRO LN)
8 October 2023
Metro Bank Holdings PLC ("Metro Bank") (the "Company")
Legal Entity Identifier: 984500CDDEAD6C2EDQ64
Metro Bank Announces Successful Capital Package: GBP325m Capital
Raise and GBP600m Debt Refinancing
Highlights
-- Secured GBP325m capital raise , comprising GBP150m of new
equity and GBP175m of new MREL issuance, alongside GBP600m of debt
refinancing, enhancing balance sheet strength and accelerating
earnings potential.
-- Capital Package significantly strengthens CET1 ratio, takes
Metro Bank out of the CRD IV Combined Buffer and is expected to
support Metro Bank's delivery of RoTE in excess of 9% in 2025 and
low double-digit to mid-teens thereafter over the medium term.
-- Delivers a pro forma 30 June 2023 CET1 ratio in excess of 13%
and MREL ratio in excess of 21.5%.
-- Provides opportunity to grow assets significantly over the
coming years , via a gradual shift in asset side growth towards
specialist mortgages and commercial lending to optimise risk
adjusted returns; supported by continued success in raising
deposits and driving current account growth.
-- Equity raise led by Spaldy Investments Limited , Metro Bank's
largest shareholder, which is contributing GBP102m. Spaldy
Investments Limited will become the controlling shareholder of
Metro Bank upon completion of the Transaction with a c.53%
shareholding.
-- Refinancing extends the call date of the existing MREL Senior Instrument to 2028 .
-- In discussions regarding an asset sale of up to GBP3bn of
residential mortgages which are expected to reduce RWAs by c.GBP1bn
(assuming a c.GBP3bn Asset Sale), increase Metro Bank's CET1 ratio
and be earnings accretive in 2024, subject to pricing.
-- Continued positive trading in Q3 2023 , made a statutory
profit after tax and continued momentum in Personal and Business
Current Account growth and customer acquisition.
-- The Capital Package also allows Metro Bank to continue to
evolve its products and services to meet the banking needs of its
customers both digitally and in-store.
-- The Capital Package is subject to certain customary conditions and regulatory approvals.
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
"Today's announcement marks a new chapter for Metro Bank,
facilitating the delivery of continued profitable growth over the
coming years. Metro Bank made a statutory profit after tax in Q3
2023, and continues to demonstrate ongoing momentum as we strive
towards our ambition to be the UK's number one community bank.
Our strong franchise is underpinned by our loyal customer base
and engaged colleagues and we will continue to develop the Metro
Bank offer to provide the digital and physical banking services our
customers expect. We thank our shareholders and noteholders for
their continuing support of Metro Bank and our customers."
Jaime Gilinski Bacal, founder of Spaldy Investments Limited,
said:
"I have been an active investor in Metro Bank since 2019. The
opportunity to become the Bank's major shareholder is driven by my
belief in the need for physical and digital banking underpinned by
a focus on exceptional customer service. I believe that the package
announced today enables the Bank to pursue growth and build on the
foundational work undertaken over the past three years."
Update on Recent Trading
Metro Bank made a statutory profit after tax in Q3 2023 with
continued momentum in Personal and Business Current Account growth
and customer acquisition, in line with expectations. The Company's
Q3 2023 trading update will be published in early November
2023.
Agreed Capital Package
Metro Bank announces that it has secured a GBP325m capital raise
and GBP600m debt refinancing package (the "Transaction" or the
"Capital Package"), provided primarily by existing shareholders and
noteholders, and new investors, which underpins the financial
stability of the Company with growth capital to support Metro
Bank's continued progress. The Transaction (before the benefit of
the Asset Sale (see below)) will increase the Bank's CET1 capital
by approximately GBP200m, resulting in a pro forma CET1 ratio as of
30 June 2023 in excess of 13%, and extends the maturity profile of
the Company's debt securities to April 2029 (for the new MREL
Senior Instrument referred to below) and April 2034 (for the new
Tier 2 instrument referred to below). The pro forma MREL ratio
would have been at least 21.5% as at 30 June 2023 and remains above
Metro Bank's minimum regulatory capital requirements (including the
CRD IV Combined Buffer).
As part of the Transaction, a number of existing shareholders
have given commitments to provide GBP150m of new equity (the
"Equity Raise"), and a number of existing noteholders have
committed to subscribe for GBP175m at par value in a new MREL
senior instrument maturing April 2029 (call date April 2028) to be
issued by Metro Bank Holdings PLC (the "new MREL Senior
Instrument") (the "new MREL Raise").
The liability management exercise via consent solicitation has
secured 100% support from noteholders identified and is expected to
reach 75% voting thresholds required for 100% noteholder
participation involving the GBP250m fixed rate reset callable
subordinated notes due June 2028 issued by Metro Bank plc (the
"Tier 2 Instrument") and the GBP350m fixed rate senior notes due
October 2025 issued by the Company (the "MREL Senior Instrument")
(the "Debt Refinancing").
The Debt Refinancing involves:
-- a 40% haircut on the notional amount of the Tier 2
Instrument, rising to 45% if 75% (by value) of noteholders of the
Tier 2 Instrument do not enter into lock-up agreements supporting
the Debt Refinancing by 13 October 2023, resulting in an increase
to Metro Bank's CET1 capital of up to GBP100m (assuming the 40%
haircut);
-- the exchange of the balance of the notional amount of the
Tier 2 Instrument on a par for par basis for a new subordinated
10NC5 Tier 2 instrument to be issued by Metro Bank Holdings PLC
with a coupon of 14%, a call date of April 2029 and a maturity date
of April 2034; and
-- the 100% (falling to 95% % if 75% (by value) of noteholders
of the MREL Senior Instrument do not enter into lock-up agreements
supporting the Debt Refinancing by 13 October 2023) exchange of the
existing MREL Senior Instrument on a par for par basis into the New
MREL Senior Instrument.
Metro Bank expects the Transaction to complete in Q4 2023.
Separate to the Transaction, the Company is in discussions
regarding an asset sale of up to GBP3bn of residential mortgages
(the "Asset Sale") consistent with the successful similar
transaction executed in December 2020. The Asset Sale is expected
to be CET1 ratio and MREL ratio accretive, reducing RWAs by
c.GBP1bn (assuming a c.GBP3bn Asset Sale) and allowing Metro Bank
to reinvest proceeds into cash at a higher yield, subject to
pricing.
The Transaction and Asset Sale will put Metro Bank in a strong
position to accelerate earnings growth. Metro Bank is expected to
deliver a RoTE in excess of 9% in 2025 and low double-digit to
mid-teens thereafter over the medium term.
Details of the Capital Package
The Capital Package comprises three key elements: the Equity
Raise, the new MREL Raise and the Debt Refinancing.
1) Equity Raise
-- GBP150m firm placing at 30p per share, underpinned by equity
commitments from a number of existing shareholders and new
investors.
-- To complete in Q4 2023, subject to shareholder approval.
-- The Equity Raise has been led by Spaldy Investments Limited,
Metro Bank's largest shareholder, which is contributing GBP102m.
Spaldy Investments Limited will become the controlling shareholder
of Metro Bank upon completion of the Transaction with a c.53%
shareholding. Spaldy Investments Limited, a shareholder in Metro
Bank since 2019, is run by Jaime Gilinski Bacal. As part of its
investment, Spaldy Investments Limited will enter into a
relationship agreement with Metro Bank governing its ongoing
relationship in accordance with the Listing Rules.
-- The Equity Raise includes a subscription by Daniel Frumkin,
Chief Executive Officer at Metro Bank, of up to GBP2m. Under
Listing Rule 11.1.10R, the participation in the Equity Raise by
Daniel Frumkin constitutes a smaller related party transaction and
as such does not require the approval of independent ordinary
shareholders of the Company.
-- The Equity Raise includes a subscription by James Hopkinson,
Chief Financial Officer at Metro Bank, of up to GBP60,000.
-- The shares will be issued at a price of 30 pence per share,
which represents a discount to the current market price of the
shares. This will result in the issued ordinary share capital of
the Company increasing. Consequently, a holder of the shares will
experience material dilution with respect to its relative ownership
interest in the Company.
2) Debt Refinancing and Maturity Extension
-- Liability management exercise via consent solicitation
securing 100% support from bondholders identified and expected to
reach 75% voting thresholds required for 100% noteholder
participation in:
o A 40% haircut, rising to 45% if 75% (by value) of noteholders
of the Tier 2 Instrument do not enter into lock-up agreements
supporting the Debt Refinancing by 13 October 2023, on the existing
GBP250m Metro Bank Tier 2 Instrument, combined with a 60% notional
exchange into a new Holdings 10NC5 Tier 2 Instrument at a 14%
coupon; and
o A 100% (falling to 95% % if 75% (by value) of noteholders of
the MREL Senior Instrument do not enter into lock-up agreements
supporting the Debt Refinancing by 13 October 2023) notional
exchange on the existing GBP350m MREL Senior Instrument for a new
MREL Senior Instrument at a 12% coupon.
-- To complete in Q4 2023 subject to noteholder approval.
3) New MREL Raise
-- GBP175m of new fixed-rate senior non-preferred notes in 6NC5
format with a coupon of 12% upsizing the senior MREL Instrument
exchange and raised with the support of existing investors.
-- To complete in Q4 2023, subject to noteholder approval.
The Equity Raise, new MREL Raise and Debt Refinancing are
inter-conditional and are subject to shareholder, noteholder
approval as well as a number of additional conditions. Shareholder
approvals will include special and ordinary resolutions, together
with an ordinary resolution of the independent shareholders (being
those not participating in the Equity Raise) to approve a waiver of
Rule 9 of the City Code on Takeovers and Mergers.
Asset Sale
In addition, Metro Bank is in discussions to execute the Asset
Sale, which will further enhance its capital ratios.
-- Metro Bank is in discussions regarding the sale of up to
GBP3bn of residential mortgages in Q4 2023.
-- The sale is expected to be CET1 ratio and MREL ratio
accretive, reducing RWAs by c.GBP1bn (assuming a c.GBP3bn Asset
Sale) and allowing Metro Bank to reinvest proceeds into cash at a
higher yield, subject to pricing.
Morgan Stanley is acting as Lead Financial Adviser, Debt
Financial Adviser and Asset Sale Adviser. RBC Capital Markets is
acting as Financial Adviser, Sponsor and Sole Bookrunner on the
Equity Raise. Moelis is acting as Debt Financial Adviser.
Linklaters LLP is acting as Legal Adviser.
Background to and rationale for the Capital Package
Metro Bank was founded in 2010 as the first full-service,
independent, new high street bank to open in the UK in more than
150 years. The Company seeks to become the number one community
bank in the UK and uses a disruptive, service-led, deposit-driven
funding model and a customer service proposition that emphasises
simple, straightforward banking in order to turn its customers into
"FANS" (customers who recommend someone to bank with the
Company).
Metro Bank has built a platform with scalable and robust
infrastructure, while staying true to the Company's community
banking model. However, current capital levels constrain the
Company's ability to grow lending balances significantly in the
near term.
Metro Bank's existing GBP350m MREL Senior Instrument has a first
call date of October 2024. After this date this instrument is no
longer MREL eligible, at which point absent the Transaction, or
another form of capital solution, Metro Bank would expect to fall
below MREL minima. The new MREL Senior Instrument to be issued to
the holders of the existing GBP350m MREL Senior Instrument and the
investors participating in the GBP175m MREL Raise as part of the
Transaction will have a later call date of April 2028. The existing
GBP250m Tier 2 Instrument, which is issued by Metro Bank plc, will
be replaced by a new Tier 2 instrument issued by Metro Bank
Holdings PLC with a later call date of April 2029.
The Board of Metro Bank believes that subject to easing of
capital constraints, there is opportunity for the Company to grow
assets significantly over the coming years. The envisioned growth
strategy includes a gradual shift in asset side growth towards
specialist mortgages and commercial lending to maximise risk
adjusted returns and would be supported by continued success in
raising deposits and driving current account growth, with planned
store openings in the North of England further supporting expansion
of Metro Bank's customer base.
The Company expects to deliver [1] :
-- Asset rotation towards specialist mortgages (with average
LTVs assumed to be in-line or below current profile) and commercial
lending
o Loan book contraction in 2023E owing to the portfolio sale;
double digit CAGR from 2024E to 2028E driven by shift towards
specialist mortgages and commercial lending
-- Overall deposit balances are expected to experience low to
mid-single digit growth in 2025E and 2026E
o An increase in share of Instant Access and cash ISA products
is expected over time. Current account balances are still expected
to grow notwithstanding the recent increase in deposit outflow
rates in advance of the announcement of the Capital Package
-- NIM step up approaching 3% in 2026E
o Steady growth in 2024E NIM supported by the loan portfolio
sale whereby additional cash is redeployed into treasury portfolio
at higher yields
-- Cost reduction plan launched in Q4 2023, cost savings of
GBP30M assumed per year (75% phasing in 2024E and 100% phasing from
2025E onwards) with a 40% restructuring cost expensed in 2023E. Low
single digit operating cost growth y-o-y after the cost reduction
plan as the bank benefits from significant economies of scale
o Cost:income ratio will continue to reduce y-o-y but expected
to remain above 60% until 2027E
-- RoTE in excess of 9% in 2025 and low double-digit to
mid-teens thereafter over the medium term
-- 40% blended risk weight
-- Transaction results in an illustrative pro forma 30 June 2023
CET1 ratio in excess of 13% and MREL Ratio in excess of 21.5%
Spaldy Investments Limited
Spaldy Investments Limited, which currently has a 9.2%
shareholding in Metro Bank, is owned and controlled by Mr Jaime
Gilinski Bacal, who has had long-term investments in the banking
sector including in Latin America, Spain and the UK.
Timetable
-- Publication of a prospectus and shareholder circular in the coming weeks.
-- Launch of consent solicitation process in respect of the Debt
Refinancing and documentation of the new MREL Raise in the coming
weeks.
-- Expected completion of the Capital Package in Q4 2023.
-- Further announcements will be made in due course.
Conditions of the Capital Package
The Capital Package is subject to a number of conditions, which
include:
-- Interconditionality between the Equity Raise, new MREL Raise
and the Debt Refinancing. Metro Bank has received commitments from
shareholders for the Equity Raise and commitments from investors
for the GBP175m MREL issuance; and expects to receive over 75%
approval from debtholders for the debt refinancing (enabling 100%
take-up of the debt refinancing);
-- Shareholder approval of the Equity Raise (special and
ordinary resolutions), including independent shareholder approval
(ordinary resolution of independent shareholders) of a Rule 9
waiver for the purposes of the City Code on Takeovers and
Mergers;
-- Approval of the consent solicitations for the Debt
Refinancing by the requisite majorities of the holders of the
existing MREL Senior Instrument and Tier 2 Instrument. Note Metro
Bank has received 100% support from noteholders identified and
expects to achieve the 75% voting thresholds required for 100%
noteholder participation (enabling 100% take-up of the debt
refinancing);
-- Formal PRA Change of Control approval for Spaldy Investments
Limited having been received; and
-- Formal PRA notifications and permissions having been made and granted, as applicable.
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 (which forms part of
UK law pursuant to the European Union (Withdrawal) Act 2018) and
was authorised for release by Clare Gilligan, Company
Secretary.
For more information, please contact:
Metro Bank Investor Relations
Jo Roberts
+44 (0) 20 3402 8900
IR@metrobank.plc.uk
Metro Bank Media Relations
Tina Coates / Mona Patel
+44 (0)7811 246016 / +44 (0) 7815 506845
pressoffice@metrobank.plc.uk
Teneo
Charles Armitstead / Haya Herbert Burns
+44 (0)7703 330269 / +44 (0) 7342 031051
Metrobank@teneo.com
Morgan Stanley
Lead Financial Adviser
Paul Miller / Colm Donlon / Nishil Bhagani / Matthew Jarman
Debt Financial Adviser
Alex Menounos / Matteo Benedetto / Charles-Antoine Dozin
Asset Sale Adviser
Noreen Whyte / Tristan Collier
+44 (0)20 7425 8000
RBC Capital Markets
Financial Adviser, Sponsor, Bookrunner and Corporate Broker
Oliver Hearsey / Elliot Thomas / Kathryn Deegan
+44 (0)20 7653 4000
Moelis & Company
Debt Financial Adviser
Matthew Prest
+44 (0)207 634 3567
IMPORTANT NOTICES
This announcement has been issued by and is the sole
responsibility of the Company. The information contained in this
announcement is for background purposes only and does not purport
to be full or complete. No reliance may or should be placed by any
person for any purpose whatsoever on the information contained in
this announcement or on its accuracy or completeness. The
information in this announcement is subject to change.
A copy of the Prospectus and Circular, once published, will be
available on the Company's website at
https://www.metrobankonline.co.uk. Neither the content of the
Company's website nor any website accessible by hyperlinks on the
Company's website is incorporated in, or forms part of, this
announcement. The Prospectus and Circular will provide further
details of the Transaction, including securities being issued
pursuant to the Equity Raise and the Debt Refinancing.
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement does not contain or constitute an offer for sale
or the solicitation of an offer to purchase securities in the
United States. No securities referred to herein have been or will
be registered under the US Securities Act of 1933 (the "Securities
Act") or under any securities laws of any state or other
jurisdiction of the United States and such securities may not be
offered, sold, taken up, exercised, resold, renounced, transferred
or delivered, directly or indirectly, within the United States
except pursuant to an applicable exemption from or in a transaction
not subject to the registration requirements of the Securities Act
and in compliance with any applicable securities laws of any state
or other jurisdiction of the United States. No public offering of
securities is being made in the United States. No securities
referred to herein, nor this announcement nor any other document
connected with the proposed transactions referred to herein has
been or will be approved or disapproved by the United States
Securities and Exchange Commission or by the securities commissions
of any state or other jurisdiction of the United States or any
other regulatory authority, and none of the foregoing authorities
or any securities commission has passed upon or endorsed the merits
of the proposed transactions or the securities referred to herein
or the adequacy of this announcement or any other document
connected with the proposed transactions referred to herein. Any
representation to the contrary is a criminal offence in the United
States.
This announcement is for information purposes only and is not
intended to and does not constitute or form part of any offer or
invitation to purchase or subscribe for, or any solicitation to
purchase or
subscribe for any securities in any jurisdiction. No offer or
invitation to purchase or subscribe for, or any solicitation to
purchase or subscribe for, any securities will be made in any
jurisdiction in which such an offer or solicitation is unlawful.
The information contained in this announcement is not for release,
publication or distribution to persons in the United States or
Australia, Canada, Japan, the People's Republic of China or South
Africa, and should not be distributed, forwarded to or transmitted
in or into any jurisdiction, where to do so might constitute a
violation of local securities laws or regulations.
No representations or warranties, express or implied, are made
as to, and no reliance should be placed
on, the accuracy, fairness or completeness of the information
presented or contained in this release.
This release contains certain forward-looking statements, which
are based on current assumptions and estimates by the management of
the Company. Past performance cannot be relied upon as a guide to
future performance and should not be taken as a representation that
trends or activities underlying past performance will continue in
the future. Such statements are subject to numerous risks and
uncertainties that could cause actual results to differ materially
from any expected future results in forward-looking statements.
These risks may include, for example, changes in the global
economic situation, and changes affecting individual markets and
exchange rates.
The Company provides no guarantee that future development and
future results achieved will correspond to the forward-looking
statements included here and accepts no liability if they should
fail to do so. Neither the Company nor any of its advisers
undertakes any obligation to update these forward-looking
statements or to publicly release any revisions that may be made to
these forward-looking statements, which may result from events or
circumstances arising after the date of this release.
This release is for informational purposes only and does not
constitute or form part of any invitation or inducement to engage
in investment activity, nor does it constitute an offer or
invitation to buy any
securities, in any jurisdiction including the United States, or
a recommendation in respect of buying,
holding or selling any securities.
This announcement is an advertisement for the purposes of the
Prospectus Regulation Rules of the
Financial Conduct Authority ("FCA") and not a prospectus and not
an offer to sell, or a solicitation of an offer to subscribe for or
to acquire securities. Neither this announcement nor anything
contained herein shall form the basis of, or be relied upon in
connection with, any offer or commitment whatsoever in any
jurisdiction. Investors should not purchase or subscribe for any
transferable securities referred to in this announcement except on
the basis of information contained in the Prospectus to be
published by the Company in due course.
RBC Europe Limited (trading as "RBC Capital Markets"), which is
authorised by the Prudential Regulatory Authority (the "PRA") and
regulated by the FCA and the PRA in the United Kingdom, is acting
exclusively for Metro Bank Holdings PLC and for no one else in
connection with the subject matter of this announcement and will
not be responsible to anyone other than Metro Bank Holdings PLC for
providing the protections afforded to its clients or for providing
advice in connection with the subject matter of this announcement.
Neither RBC Capital Markets nor any of its subsidiaries, branches
or affiliates owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract, in
tort, under statute or otherwise) to any person who is not a client
in connection with the subject matter of this announcement, any
statement contained herein or otherwise.
Morgan Stanley & Co. International plc ("Morgan Stanley"),
which is authorised by the PRA and regulated by the FCA and the PRA
in the United Kingdom, is acting exclusively for Metro Bank
Holdings PLC and for no one else in connection with the subject
matter of this announcement. Morgan Stanley, its affiliates and
their respective directors, officers, employees and agents will not
regard any other person as their client, nor will they be
responsible to anyone other than Metro Bank Holdings PLC for
providing the protections afforded to clients of Morgan Stanley nor
for providing advice in connection with the contents of this
announcement or any matter referred to herein or otherwise.
Moelis & Company UK LLP ("Moelis & Company"), which is
authorised and regulated by the FCA in the UK, is acting as
exclusive financial adviser to Metro Bank Holdings PLC and no one
else in connection with the matters described in this announcement
and will not be responsible to anyone other than Metro Bank
Holdings PLC for providing the protections afforded to clients of
Moelis & Company nor for providing advice in connection with
the matters referred to herein. Neither Moelis & Company nor
any of its affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person who is
not a client of Moelis & Company in connection with this
announcement, any statement contained herein or otherwise.
Cautionary statement regarding forward-looking statements
This announcement contains forward-looking statements, including
with respect to financial information, that are based on current
expectations or beliefs, as well as assumptions about future
events. These forward-looking statements can be identified by the
fact that they do not relate only to historical or current facts.
Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal",
"believe", "will", "may", "should", "would", "could", "is
confident", or other words of similar meaning. Undue reliance
should not be placed on any such statements because they speak only
as at the date of this announcement and, by their very nature, they
are subject to known and unknown risks and uncertainties and can be
affected by other factors that could cause actual results, and the
Company's plans and objectives, to differ materially from those
expressed or implied in the forward-looking statements. No
representation or warranty is made that any forward-looking
statement will come to pass.
You are advised to read the Prospectus and Circular in their
entirety, and, in particular, the section of the Prospectus headed
"Risk Factors", for a further discussion of the factors that could
affect the Company's future performance and the industry in which
it operates. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking
statements, including statements regarding prospective financial
information, in this announcement may not occur. These statements
are not fact and should not be relied upon as being necessarily
indicative of future results, and readers of this announcement are
cautioned not to place undue reliance on the forward-looking
statements, including those regarding prospective financial
information.
No statement in this announcement is intended as a profit
forecast, and no statement in this announcement should be
interpreted to mean that underlying operating profit for the
current or future financial years would necessarily be above a
minimum level, or match or exceed the historical published
operating profit or set a minimum level of operating profit.
Neither the Company nor any of its advisers is under any
obligation to update or revise publicly any
forward-looking statement contained within this announcement,
whether as a result of new information, future events or otherwise,
other than in accordance with their legal or regulatory obligations
(including, for the avoidance of doubt, the Prospectus Regulation
Rules, the Listing Rules and Disclosure Guidance and Transparency
Rules).
[1] Note: Including the benefit of the Asset Sale.
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END
DOCDGBDGSSGDGXI
(END) Dow Jones Newswires
October 09, 2023 02:00 ET (06:00 GMT)
Metro Bank (LSE:MTRO)
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Metro Bank (LSE:MTRO)
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