Ashurst advises on Metro Banks proposed shares listing on London Stock Exchange
30 March 2023
Metro Bank published a Scheme Document relating to Metro Bank’s proposed introduction of Metro Bank Holdings PLC as a new non-operating holding company above the Metro Bank Group by means of a scheme of arrangement under Part 26 of the Companies Act 2006. The Scheme is between Metro Bank and the Metro Bank shareholders and involves the cancellation of shares in Metro Bank currently held by Metro Bank Shareholders in exchange for the same number of shares in Metro Bank Holdings PLC.
The Scheme is conditional upon a number of matters which are set out in full in the explanatory statement contained in the Scheme Document, including approval by Metro Bank shareholders of the Metro Bank Resolutions at the Metro Bank General Meeting and of the Scheme at the Metro Bank Court Meeting as well as the necessary regulatory approvals from the PRA and FCA being sanctioned by the Court.
The Ashurst team was led by partner Nicholas Holmes, assisted by US securities partner Jeffrey Johnson, senior associate Louise Chan, associate Kseniia Samokhina and solicitor apprentice Coinneach Pellow. Partner Nicholas Gardner and associate Umut Bektas advised on Tax aspects.