UPDATE 3-Metro Bank shores up finances, prepares for tough investor meeting [Reuters (UK)]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
UPDATE 3-Metro Bank shores up finances, prepares for tough investor meeting - Reuters 5 Min Read (Adds investor opposition, detail on short positions) * Bank raised 375 mln stg of capital on Thursday * Metro has adequate capital and liquidity - BoE * Cash call needed after major loan book error * Legal & General fund arm opposes chairman re-election * Hedge funds scramble to unwind short bets against firm By Iain Withers and Simon Jessop LONDON, May 17 (Reuters) - Metro Bank shares surged on Friday after it raised 375 million pounds ($478 million) to repair its balance sheet, giving the bank breathing space ahead of a potentially fractious annual meeting next Tuesday. The nine-year-old challenger bank’s market value fell more than 1.5 billion pounds after disclosing in January it had under-reported the risk of its loan book by nearly 1 billion pounds, hitting its capital levels. Shares in the bank jumped more than 23% in early trading on Friday following the successful fundraising, be
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