Business
Placing of New Ordinary Shares
Placing of New Ordinary Shares.
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6396V Metro Bank PLC 24 July 2018 \n\n\n\n\n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.\n\n\n\n\n \n24 July 2018\n \nMetro Bank PLC\nPlacing of New Ordinary Shares\nMetro Bank PLC (\"Metro Bank\" or the \"Company\") today announces its intention to conduct a non-pre-emptive cash placing (the \"Placing\") of up to approximately 8.85 million new ordinary shares of 0.0001 pence per share in the capital of the Company (the \"Placing Shares\"), representing approximately 10 per cent. of the Company's issued share capital, at the price of 3422 pence per Placing Share, being the closing market price on 24 July 2018 (the \"Placing Price\").\nThe Placing will be conducted through an accelerated book-build process which will be launched immediately following this announcement, in accordance with the terms and conditions set out in the Appendix to this announcement. RBC Capital Markets, Jefferies International Limited and Keefe, Bruyette & Woods (acting through Stifel Nicolaus Europe Limited) are acting as joint bookrunners in connection with the Placing (the \"Bookrunners\").\nIn addition, Metro Bank is today announcing its interim results covering the six months to 30 June 2018 (see separate announcement).\nBackground to the Placing and use of proceeds\nAs demonstrated in the interim results released today, Metro Bank continues to deliver strong organic lending growth which has been supplemented by its previously announced acquisition of a portfolio of UK mortgages from CERH RSMC Sub B.V. and Capital Home Loans Limited for £523 million completed on 1 March 2018 (the \"Acquisition\"). In order to support this momentum and the Company's future growth ambitions, it has brought forward its plans to raise equity capital.\nThe proceeds of the Placing will be used to support Metro Bank's growth and replace liquidity used in connection with the Acquisition. The proceeds will replenish and improve Metro Bank's regulatory tier 1 capital position, support its high-growth business model, allow it the flexibility to further access debt markets at the appropriate time and position...