The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Anyone got the full article from this evening?
https://www.telegraph.co.uk/business/2020/09/27/amigo-founder-plays-merger-talk/
Amigo Loans founder James Benamor has played down speculation he will merge the high interest lender with his overseas businesses if he wins a return to the board at a shareholder meeting on Tuesday.
Mr Benamor called the shareholder vote in a bid to win a third spell on Amigo’s board and install himself as chief executive.
The founder’s attempt to regain control of the Bournemouth-based firm sparked speculation from analysts and people close to the firm that he would seek to use some of Amigo’s £145m cash pile to purchase overseas lenders owned by Richmond Group, his investment vehicle.
Richmond’s portfolio includes companies in Spain, Poland and the US.
Mr Benamor, who has been critical of UK regulators, said in recent months that international markets present an opportunity for Amigo.
He has also said that its Irish business “has proven that there is demand for Amigo’s products in markets which, unlike the UK regulated market, enjoy fair and stable rule of law”.
Asked whether Amigo would purchase some or all of Richmond Group’s overseas lending businesses if he returns as chief executive, Mr Benamor said: “I do not see a sale of any [Richmond Group] assets to Amigo as being advantageous for Amigo right now.
“However, Richmond Group has developed extensive expertise in overseas markets over the last three years, and I will bring that expertise with me on my return to Amigo for free.”
The resignation last week of chief executive-in-waiting, Glen Crawford, was a blow to Amigo.
The board renewed its plea to investors to oppose Mr Benamor’s proposals on Tuesday, which also include the removal of finance boss Nayan Kisnadwala and acting chairman Roger Lovering.
Mr Benamor, who sold his majority stake after failing to oust Amigo’s board in June, has pledged to buy up to 29pc of the shares in Amigo for as much as 20p a share if he succeeds in Tuesday’s vote. Amigo floated with a £1.3bn valuation in 2018.
Shares closed at 11.6p on Friday, valuing the firm at just £55m and suggesting that markets do not expect Mr Benamor’s coup to succeed.
use adblock and disable java script then it wont refresh with the paywall
I wasn’t aware that there was a rumour about a merger that had gained enough ground to warrant a denial in the national press? Hmmmm!
any excuse for the weekly negative RNS to fill a few orders i guess.
I'm not sure why they say the markets don't expect him to succeed ?
Surely if the markets are behind the bod and expect JB to fail sp would be higher
That would be a twist.
HH
This has been Messi enough thank you :)
As long as Amigo buys them and Richmond becomes part of the group, sounds good to me
and Nayan has the cure..........
Tomorrow:
The AMGO board might say he jumps queue’s at lunchtimes when CEO.
What an incredible article lol. What price do we think this will hit tomorrow ? I reckon JB is a cert
Well this one is building up a head of steam on twitter! Other news outlets are running it as well.
https://www.sharebuyers.co.uk/shares/amigo-could-be-set-for-global-expansion-should-its-founder-return-with-free-expertise/
Go on Mark, I’ll let you set the sp for tomorrow/ week...
Amigo Global expansion - I’m dribbling thinking about this...
Might be a jock strap week for Nickel Investor, NI sell your Tullow and get your axx here Nickel!!
Figgy ..... I can’t flipping call it on this anymore just strap in and hold on if JB gets in!
Expectations however I personally expect 15p tomorrow by close if JB gets in Tuesday then gap up to 20p if he doesn’t .... I dunno how the market will react !
NO WAY?!! Get out of here HH..
He can’t be CEO. Will never pass FCA checks.
We’re all doomed mate.
NO WAY?!! Get out of here HH..
He can’t be CEO. Will never pass FCA checks.
We’re all doomed mate.
Newbies : Farting in a Board meeting was criminalised post Financial crash
The fart wasn’t the problem... it was what ‘followed’ afterwards....
lol
Lets hopes he still can and we'll be fine
I'm watching Gladiator in honor of JB tonight :)
Fletch,
Were you a fly on the wall that day?
I heard the FCA (fart control authority) got wind of it.
That’s when the **** really hit the fan (literally)
And they’ve had it in for JB Ever since
We shall all fart on Tuesday together so we can all play the same tune
Cando - synchronised farting. I like the idea of that.
HH - you started the most glorious of all jokes. The fart joke. Completely my level. I’m all in where there’s a fart joke!!! ;-)
I think you’re underestimating Nayan mate
I think he’s more an Angry birds bloke
I want to wake up one day and spill my tea good and proper when the sp hits a 100% single day rise.
Like seriously, I need that experience on AMGO.
We’ve seen 40% in April