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Amigo are cash rich not like other companies that are in billions of debt
If FCA is 'happy' to see amigo go tits up in a sea of claims, how does that benefit the claimants?
It doesn't, so do we think the FCA just wants rid of amigo?
If there agenda is to wipe out these high interest lenders, then what...loan sharks?
None of the hypothesis on here appears to work on the assumption that the FCA are looking after consumer interests?
Calamari, in my view they need to find a way to stop the claims snowballing anymore and JB wanted to bring FCA to task for continuing to move the goal posts. BOD response was no problem FCA come and take all our money your welcome to it. That is where it is at. JB reckons there could be upto £1billion in claims and because he could not get any level of control to fight FCA he likely things his baby is going belly up in a sea of claims. If he is in cahoots with some other minor parties who are buying his shares up then to me that is the only hope for Amigo in the longterm however JB does not need Amigo and if he wanted too he could just start up an all new loan business from scratch.
Invest, most of your questions don't make sense.
IMHO, the only question that matters is, will Amigo and FCA continue to support over 90% of complaints.
Because if they do it's game over for Amigo. If they don't there's a chance for survival.
I agree with Benamore that they should take the FCA to court.
Holders and buyers, and those waiting to get in - Answer these questions honestly, for major gains next week and beyond.
And do you think management and shareholders will sell to JB/Richmond after what he has done and what he was about to the business.?
Do you not think there will be bidding war if this happens?
Do you think the baord / shareholders voted him out to their detriment or their benifit? why, whats the catch here?
Do you think, JB cares about other people apart from himself, why did he not work with the baord/ Shareholders?, and why did he not agree to the sale? What would have he done had he got this chimps on baord - would he have dealt with fca new rules or taken it off market by refusing to do so as a responsible business?
Do you think fundementals of business (£150M liquidity, PE of 0.23 1/10th of what it should be), needs to be ignored?
Do you think that board working with FCA volunterily is a bad thing or good business and in the interest of the shareholders customers (they have alot of cash)?
Do you think that all 9k complaints are legit, and not based on affordability and signed agreements?
Do you not realise AMGO only approves 20/30% of the loans and most are rejected due to affordability at the outset or due to non acceptance by garuantors?
Do you think FCA allows bogus claims, and people can lie on their applications etc? Have you done that on say, Car Insurance what happens when you make a claim and it is found that you mislead the company to get a cheap qoute?
Do you think, AMGO alllowed people to take loans more than they can afford (that is main reason FCA supports), when 70% applications are rejected, and on the trust pliot people are complaining they can't borrow more from AMGO? Is that good or bad? Is AMGO being responsible?
Do you think JB is selling to me you and joe blogs?
Do you think de-rampers/shorts are looking at actual value of the business and number of exsiting happy client base? and how are the measuring this, when you read their posts?
Do you think, people wilL stop comming to AMGO after coming to them for 15 years, and more so in the last 3 years? If so, who else will they go to? Is there anyone else who can help them in their situations, based on the low credit score or no score in case of young people?
Do you think AMGO will not change its lending plans to suit FCA new rules, now that JB/Richmond are out of the way? And do you not think JB/Richmond as the founder was helping the AMGO board implementing new fca rules?
And do you not think Baord/Shareholders will be working with buyer, to sell business as soon as JB gets under 50%.....he won't be able to make it fast enough to make any bid as he sells his small blocks elsewhere. So buy and get rewarded big time here, JB can sell to his buyer at much higher price in any case, and so can the PI
Now based on the de-rampers shorts, all answers are yes to the above. How come? do they have cystal ball
Everyone knows the whole interest rate comparison thing is a load of crap. PDLs just come up more expensive due to the smaller amounts/timeframes involved. You can only ever repay twice what you borrowed under PDL rules now. Amigo will let you borrow £4K and repay £9.5k if you repay over 5 years, nearly 2.5 times the money borrowed. They are lending to exactly the same people, just on a ramped up scale.
It’s just putting lipstick on a pig. They are wolves in sheep’s clothing.
Now....who are the cowboys again? At least Dick Turpin wore a mask when he robbed people :-)
I would suspect tomorrow we will get an RNS saying there is an FCA extension for the current complaints, the deadline was Friday just gone I believe. This will help the share price, however assume this is a fire on a wooden ship being captained by fools. This RNS will be like a small rain fall, subduing some of the fire, until, the eventual 1% hits again each day and we drop back to crrent or lower SP
Hellyeah, based on latest RNS I believe results have been pushed back.
Amigo expects to publish its full year results for the year ended 31 March 2020 on or before 23 July 2020. The additional cost of complaints received subsequent to 31 March 2020 is expected to be material, as a result of the substantial increase in the rate of complaints received.
MB - You have no clue about Amigo's business model if you compare sunny loans to Amigo. Amigo is not a cowboy payday lender and certainly don't charge 1200% interest.
Anyways, results are due tomorrow or Tuesday. IMO, Amigo will be fine. They should have more than enough cash to weather any storm.
Sunny loans is just about to go into administration too. Exactly the same issues that have forced all of the others under. Amigo had a bit of a stronger starting point, but now the camels back has been well and truly broken, it’s just a matter of time.
Invest Share, what is the business going to be if Guarantor loans have no protection from FCA?? You talk all this tripe about the past. The past is upwards of potentially £1 billion of claims incoming. So what's the business going to be like in the future that you think is worth 75p a share despite the grim reaper in the back ground? The only way this business can survive is to have FCA on side with the existing business model. That was JB intention to get that clarity and assurance. This BOD has rolled over instead and has likely made this business no longer viable just like Wonga. You really need to give your head a serious shake if you think this would ever realise 75p again.
Ped - 2 brokers have buy rating of 75p. Interesting, why did they have these if not based on fundementals, although i am siure they were not aware of the politics - but that does change the value to be had here No wonder byer treid to snap them up cheapily at 21p, during the internal politics. Now major holder hindering progress is out of the way - we can move as proper fca requlated business with tigher controls. Finally (and what v.good price too, forget ipo price 250p, take the current price! 1/10th of broker targets unchanged)
Pauldola, lol has your account been hacked. 75p would be dreamland for anyone holding these shares. I think there is more chance of picking all the lottery numbers.
#AMGO 75P CONSENSUS BUY IMPROVING tinyurl.com/yap6sjtb
they might not want the asset but you cant always plan for the workings of a someone with a grudge.
they could get around the threshold notifications by having multiple separate individual companies buying up the stock and hold them individually, having foreign companies or brokers hold them etc etc, we know the games they can play to hide assets, they wouldn't use subsidiaries of Richmond group.
I personally dont think he is buying the stock, but like to ponder alternative views, even if hes sells the rest for little and walks away it has still been a reasonable average price and return that he has made from Amigo, probably hedged it against something somehow somewhere to make money from the large drop anyway.
Itsagame, if that theory was correct the subsidiary company would have already declared its holding by now if he was contemplating using it as a tax payback through Richmond Group. He has stated Richmond group are selling up so how could he contemplate buying back into the same group anyway. You can clearly see from Richmond's accounts that they do not need Amigo in their portfolio
Why on earth would JB buy a regulatory nightmare as is Amigo?
Why not just set up a new loan company and start again rather than a car crash!
Saying that, now with the regulatory (as opposed to when Amigo was formed) headache for pay day and guarantor loan companies, l am sure JB probably has better investments to pursue.
Invest I’ve been pondering your ideas of him rebuying.
I had a look at Richmonds accounts on companies house, the last set showed they paid >£20m in tax on profits I’m guessing this was mainly from the share sales at ipo prices.
Wouldn’t Him selling at these prices create a large tax loss for Richmond to reclaim against future earnings or utilise past tax paid?
And If he is rebuying into another new company At low prices isn’t The net end Just him moving the assets while making The most of taxes Paid or avoiding taxes due? Maybe these new companies are registered in a more tax advantageous country, just in case if they did go back to high high prices and were resold and The profits Can be kept.
Posting only to offset the de-ramping and keep it real.
The only reason for the delay is to ensure JB sells low in blocks until he is under 50% and Board/shareholders can take control of majority vote and proceed the way they wanted to proceed.
The baord/ shareholders voted JB/richmond out becuase he refused the sale of the business at 21p, and instead wanted his people on the baord. That move failed and now he is stuck selling blocks at auction at 60% discount. He is not selling to PI shareholders in nay case - PI getting stoped and swindled out of shares by short/bashers. And the smart ones are loading up on this heavily over sold position.
So expect some big moves based on fundmentals, and JB to sell alot higher as he bloody well knows Board has a buyer at 21p as well as other entities who are buying his stake at 4.75M blocks (the sale he refused in order to try to put his unqaulified people on board as a better option for him)
Understand why shareholders voted him out by huge margin of 10:1 even after he threaten to sell - if it was not for their interest and understanding thay they have buyer at 21p, and sound good fundementals of the business? Well, whats the thinking there?
If you have shares add, and hold tight. JB is not selling ot you - only bashers/shorts de-ramping to cover/ get in lower etc.
Hence why they working over time and focusing on negative only and scare mongering. Fear/ VIX is maximuim now and they will crushed by value seekers and shareholders. JB can see at what price he likes, does not impact me.
In terms of complaints, the company has vulentarily said they deal with cases fairly - which is good business and makes AMGO very responsible business. JB said say no! and argue with FCA! which is not in the interest of the shareholders. Look at JB history, he is scammer by nature, and good he is removed. Only removed becuase the busines is publically traded run by professional who do want agree with his view of stamp on people whenever possible!
This is major turning event for AMGO which will help it clean its books, follow new rules and set it up for major major re-rerate. Many large buyers are interested. Just be paitence. The de-ramping is fassard, and won't last long - as already oversold and bargain hunters are out knowing that JB is not selling to them.
The only reason for a delay in the yearly results statement is for some creative accounting. Otherwise it’d already be out.