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Saihaj - No-one can say for sure, the big boys are in full control. The price sits flat filling their orders until someone tries to buy a miniscule amount and then they spike price up because they want the shares :P Make of it what you will but close to 20m buy volume at the end of the day shows the level of interest here, along with all the Tr-1s lately.. more due in my opinion.
https://t.co/INwyvunsc3?amp=1
And the letter did say further to our phone conversation.
From memory I think it’s section 5.0/5.1 of fca handbook that covers settlements in consumer matters ( we did cover this months ago prob close to a year in fact now)
What in the name of guarantor lending went on here then! Anyone think it’s going to dip further or will we see a bounce tmrw?
Hedged, the letter said further to our phone conversation. I feel that discussions were already going on and that the creditors needed to be made aware of the fca’s stance before the meeting.
I also feel that without the fca stating they were going to oppose the current soa we wouldn’t have been told the results of the customer vote before the creditors meeting .
They had to inform the market of the fca letter and the customer vote results were given to reduce the chaos that would have ensued without them
Exactly, so I doubt Gary has been on the phone to the FCA.
What actually surprises me is how shocked we are that this wasnt raised earlier. I expected better communication between the FCA and Amigo and for Gary to nip these sort of issues in the bud before they get too damaging.
Bloody autocorrect - todays stink
Are we expecting a bounce tomorrow if relevant parties agree? Get some of today's drink away? A couple of 5% days or even a 10% from a positive news day not surrounded by the fca news could bring us back in game to same sort of levels before court next week
This. An out of court settlement. But there will be 'a number' associated with that... How far will it put us back? Not sure. But it's going through and Amigo 2.0 will be a thing. My gut feel says 23p at the moment probably isn't far off without positive news. It ain't going to zero. However, perhaps I wasn't clear, I don't know why but I did very much get the impression the judge was going to make some comments re. fairness at the next (19th) hearing. If you ask me straight; I don't think he felt it was 100% fair. Don't know why but having listened to the whole thing, live, it's the impression I was left with. Did I get the impression it wouldn't go through with some compromise? Nope. It's going through. 40p is a thing. I'm just not sure it is jam tomorrow, which is perhaps what many thought (including recent buyers), yesterday.
From the FCA letter it sounds like there is zero communication between the FCA and Amigo other than through their legal departments.
I won’t be surprised if the next big rns comes before the court hearing saying the fca won’t object after all.
Gary has prob been on the phone today to the FCA and I wouldn’t bet a bit of horse trading has already gone on.
I think what Gary has offered already is fair, but if i was him i would have paid the debts off, dissolved the amigoloans section of the company and focused on getting a credit facility for a brand spanking new brand away from the FCA maybe in Europe or America. Gary didnt have to take the route he did but he was trying to be very fair to genuine customers.
The government wants to encourage share ownership and investing but their darlings at FCA had their chance prior to the first court case to raise solid concerns, they didn't and advised that the voters have control and now the FCA change their minds and I thought that Amigo were charged with Misleading...
Some really good posts tonight and through the day..
Anybody able to find a similar case where the regulator has opposed the scheme at the final hearing when the ‘actual creditors’ have voted unanimously for the scheme?
Seems a very woolly stance being put forward by an out of touch regulatory body...
Under the SOA process of the final hearing the court will decide to sanction the scheme, and will look at whether the approved scheme is fair. Obviously the FCA don’t think it is fair but let’s leave that to the judge to decide on the matter of what fairness stands for in terms of the law.
MR55 I know what reporting is going on but fsa never supported the amigo offer but did not stop it so its all flim flam for me now but thanks
I agree mate. You know me; I am bullish, whilst giving others the opportunity to be bearish. It's up to everyone to make up their own minds :D
i am invested ISA but total novice im in for few grand at 10.50 average i did look up what was gooing on but thought it was worth the risk looking good so far , I was expecting todays volotility to be yesterday to be true GLA im holding anyway
Hi ISA all good stuff. My view is that the FCA are quite limited in what they do and ultimately its about balance. They can t shackle Amigo too heavily as one of their key principals is to help economic growth. They need a healthy regulated partner so we will be allowed to grow. They will.just need consukling before dividends ever get paid. They must also balance that against protecting customers so they are bound to want more. That customer getting less comp is the whole tenet of an SOA so don t get the premise their over that concern. And if you read the write up.from the last meeting, amigo has actuallly sat down with creditors to test the water, so the level of consultation seems on a level. Key is the 95% support which is a large chip to bargain with. Its clear creditors don t want us going down.
thanks for the info much appreciated
Meganx RNS stands for Regulatory News Service. You can up on further details here. Hope this helps and don't worry about asking, we were all novices at some point and none of us know everything. There is always something to new to learn. No kidding ;-)
https://www.ig.com/uk/glossary-trading-terms/rns-definition#:~:text=The%20Regulatory%20News%20Service%2C%20or%20RNS%2C%20is%20responsible,help%20them%20to%20comply%20with%20their%20disclosure%20obligations.
RNS?? You are kidding yes?
Just look at the RNS box at the top of this page!
It close 0.44p lower than it opened. Apologies if my point wasnt clear. It only rose from a lower low - it didn't rise from opening.
Scroll to the top and look at the RNS tab. It's basically corporate news. I don't want to buy that guy but if you're invested here or looking to be... understand all this stuff first and manage your personal risk appetite!
It went into auction. Lots wanted to sell because of the RNS, lots wanted to buy (at a low price) and they need to balance the buy/sell price to give the market liquidity. When sellers and buyers 'agreed' on a price, the opening price was found. The fact it drifted lower at close is interesting as more 'considered' buyers and sellers 'agreed' on an even lower price when the news was digested and we watched the day unfold. I wont make a prediction on tomorrow as nothing surprises me anymore but I won't be risking a limit buy order... I'll be watching it all unfold and see if we get further news. I don't expect surprises after the creditors meeting but I can see a world where AMGO say if they're willing to compromise or not. A hard stance may be a mistake in the eyes of the market. Take an additional slap on the wrist and move on.