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Amigo are cash rich not like other companies that are in billions of debt
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.
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.
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.
The only reason for a delay in the yearly results statement is for some creative accounting. Otherwise it’d already be out.