Spare a thought for shareholders

It is an interesting analysis. I don't know if it is accurate, but it could very well be.

There could, of course, be further SH01 filings to come. The company has filed SH01's later than the "within 1 month" deadline previously, and there is still plenty time to report allocations that took place in August anyway.

The line from the bank's own statement says it is "pleased to announce that it raised £42 million during August"

The funding round was led by Mangrove Capital Partners which was a holder before the raise and is headed up by Tluszcz, who is also Board member of the bank's holding company.

Could it, therefore, be that Mangrove bought the shares (there no change to the pre-emption being needed) and investors have bought units in a Mangrove fund that holds the shares as part of its portfolio?

The HMRC winding up petition was indeed withdrawn, though one has to wonder how a fully authorised and regulated bank ending up on the receiving end of that in the first place.

Based on the FT's reporting that the PRA met with the bank on Sunday 8th Sep and that the capital raise was announced on that same Sunday, I think it is fair to say that whatever the situation at the bank actually was, a number of alarm bells were set ringing around that time.

Perhaps another thing to take away from this is to compare the response here from the PRA, with the responses mentioned elsewhere on this board by the FCA.

For now, I think the fully authorised banks are pretty effectively and robustly regulated.

The fully funded business model The Bank of London says it runs is an interesting one and it would be great to see it work out here in the UK.

I would be surprised if the FT and others don't write more about it in the near future.

Please tell me this is Not blme bank of London and middle east.

Once journalists start digging around, they can find all sorts of things to publish.

Here is The Bank of London facing a £1.5m claim from a supplier

www.thetimes.com/business-money/companies/article/bank-of-london-sued-for-15m-over-unpaid-debts-txgjgmcds