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I hope people think carefully about they are considering voting for....
Similar thing happened in MTFB with a proposed RTO to save the company... terms were similar to this , big dilution, but would have left shareholders with a stake in a new , potentially profitable company!
Agitators whipped up enough of a frenzy amongst shareholders to vote it down , saying the BOD should go and negotiate a 'better' deal. Well, the prospective RTO candidate just walked away and left MTFB a busted flush and it's shareholders with zilch!!
So, just be careful what you wish for, .....
as the phrase " cutting off your nose to spite your face " springs to mind !!!
;-) GLA
Agree @itisagame, investors were certainly let to believe that relending would begin in early 2021. Here we are in 2022 and still nothing.
The one bit of positivity that I would cling to is that the Amigo SP often does the opposite of expectation. Not convinced that will apply in this current situation but as we approach court, potentially with a new CFO lined up to take the reigns then things may pick up. There have been some big buys coming through too. Lets see.
And RoyRoy.
Chin up buddy I’ve had three howlers along the way by far the worst for me was Debenhams I did what it sounds like yourself and many others here did and I slung the kitchen sink at it very painful and it was a hard lesson. Ever since I’ve alway taken my initial investment out at first opportunity and let profits run ( saved my ass in Mtfb and G3e since )
Only other thing I’d add is this isn’t completely done just yet it’s entirely possible we could see a tick up as court date approaches especially if they appoint a new CFO ahead of hearing plus you should be able to sell any rights you don’t take up.
26 November 2020
We are preparing to return to lending, on a prudent basis, as soon as possible in 2021. Until we do so, and until we have more clarity on the financial impact of Covid-19, the Board considers it too early to issue guidance for this financial year.
thats why many invested heavily again.
Not holding but if I was … For
(only if it is no more than 1 to 19/20)
Still think it’s disgusting what happened here tho
Against. Just a complete shambles from reading the transcript of the Court Hearing (Thanks ISA), AMGO were not prepared to argue their position and its gone from bad to worse, since.. I had my finger poised to sell at 20p, but thought the Judge would see sense that payday lending (with a guarantor) is a genuine need and without it people will turn to loan sharks. When Judgment is reserved..........it is usually bad news. Congrats to Debt Camel - you got what you wanted. I will not be putting in any more money into this share and will consequently collapse. The genuine Claimants will receive feck all. With the CFO bailing, the writing was on the wall for this share - it's way overpriced now with a 19:1 dilution on the cards. Royroy - sorry to hear of your predicament - chin up and with majic fairy dust, this may come good - but that's at least 3 to 5 years from now and so much can happen between then and now --- not wishing to kick a man when he's down........next time remember the No.1 Golden rule - only invest what you can afford to lose. Happy to help you, if I am able to.
Royroy, genuinely sorry to read your story and I hope things turn out better for all shareholders. 95% is not a market standard and is too high.
However, when you bought shares during last court outings, you did so hoping (expecting?) to gain from an arrangement that benefited shareholders by requiring a 90% haircut for GENUINE creditors. As I said at the time, that was never something I would’ve bought into.
As neither a customer nor (any longer) a shareholder, I disagree with both schemes. But this proposal is just a mirror image of the unacceptable proposal so many shareholders were happy to inflict on customers.
*Their
Who's mess is this really and why are they not gunning for there assets?
Against. Gary has to realise that he can't shaft the shareholders in this manner. There's more to this though. The only reason the SP is currently @2p and not 0p is a slight hope that 1:19 dilution won't be voted for! Otherwise they face insolvency after RI!
1) BoD can't make it expensive because nobody would take up the rights and you won't be able to sell your rights into the market simply because there would be no buyer.
2) If they make it cheap, the SP will drop instantly to the RI price, most probably causing the same issues as in 1). There would be no value for shareholders left. Amigo shares would be cheaper than the cheapest wallpapers... PIs would be saving what they can at 1/2 or 1/4, or possibly 1/100s... of the RI value to get at least something out.
Hi fives in the boardroom on Monday, it'll be pay day.
When the time comes Roy, atleast you can say you tried, it wont pay the bills or put the kids through school or food in their bellies but we all respect the attempt you made to better yourself and your family.
You Tried, just like many of the people who took loans from amigo to create businesses and better the lives of themselves and others around them while mainstream lenders wouldnt bat an eye and loan sharks were prowling.
You tried to improve your life, just like the people amigo rescued from high interest loans and put them on their path to conventional credit.
Genuine people are losing on all sides, customers, investors, staff, and many other parties lose too.
We all want the handful of genuine claims to be paid, but the non genuine claims that are simply taking advantage are screwing over genuine people
All that tells you is that the transaction price was in the upper end of the spread. IIs know how to sell to pis.
2 to 1 on buy v sells, never ceases to amaze this share. This situation is so bad you wonder whot the point is to even try and save the company now. It's better just to let it go bust.
I had no money once and guess what im back to having no money..i should qualify for legal aid now.
What exactly is she trying to accomplish RoyRoy? I cant work it out, she gives such bad financial advice to stop paying loans and HOPE their claims are legit (after advising them how to lie about gambling addictions and so forth)
Sure some redress creditors see shareholders as suit and tie business people with an infinite amount of cash and trying to prey on the weak.
In reality for myself who is a self employed carpenter struggling for money during the covid lockdowns and not qualifying for the gov grants went on my own expedition with every ounce of money I had to be able to provide for my family. Best of it when the share price went up last court I bought more. Sara has a very blinkered view towards this and doesn’t show compassion, thinking everyone is a greedy pig. Personally for me this has financially ruined me, however I can only hope that as much as the redress creditors get their compensation for valid claims,(rightly so), someone stands up for the working man who has tried to better his life through no fault of his own in what is a truly turbulent time… and if Sara DC cannot see that we’ll that’s just plain sad and should reflect on her beliefs in what she is trying to accomplish
Would it not be a better idea for the board to try and raise 30m from shareholders to put in the scheme. Do a better dilution so as the creditors get extra 15m and the shareholders get to keep more of there shares. Do 50 percent dilution, price goes up when soa is Approved issue 200m+ extra shares and everyone is a winner. If the 95 goes threw we need to have a vote of no confidence in the board and sack the lot. Pure joke how this has all turned out. Normal hard working people just trying to make a few quid for our futures. And they ********s shafting us all.
Against
Let it be seen.