Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Lol :)
Ex, Day bed booked for you buddy and a bottle of champers on ice
Mri I drove really slowly back from the airport to try and put off the grockles. Sorry it's not as exciting but you'll be retiring by next spring so you can do what the hell you want :)
Hey Seamus good to have you back. What did you bring me back? :). As your back I’ve decided it will be a big amigo week next week. :).
Seamus - evening Chum. Did you reserve my sun bed at Beach Club Fanabe????? : )
Another month is just around the corner and it's got to be better than this one!!!!
Good evening all, it's great to back in sunny Lancashire :(
I've enjoyed reading the research done this week but think some may be a little assumptive to the positive, especially the lending again on the website. A few little wins and moves forward between now and xmas and we'll be ok especially those recently bought in.
I have to admit a little sunshine helped with the drops across all my shares lol
I also see my little puppy puddle is still spouting his factless based facts. God loves a trier and if I remember my RE classes the unfortunately challenged. Is he still gloating about buying NSF at 4.8 and selling at a profit of 5,4 or does he still want us all to sell here and buy there because "it's about to rocket" ? lol
Lets hope GJ will drop us something positive next week
GCN - Who knows what it was or f it happened.
JB is mad keen on international loan development - I'm convinced he will sort this one way or another and I'm watching : )
Evening ex. Did they plan a meeting or were they just going for a beer? Think JB is long gone.
Sorry Frankie but I disagree. I've just watched the new CEOs interview for the benefit of shareholders and I think he is all about communication. We've had the quiet after the storm of JB and GC all the way through October. We've got 2 non execs to leave and GJ wants to woo more iis to invest. Lets have some good news updates and start getting some positivity around this company and share price. Half yearly report at the end of November as well so keep hold and keep looking for signs.
Did anyone find out if GJ and JB had their meeting after the vote and what was said???? : )
Vorag? Start the engines??
back the tops'ils and beat to quarters more like!
Hunniford - agree there. As I mentioned earlier Gary is pointing the ship in the right direction and starting up the engines, but will take us time to build up any speed. We won’t get boarded by pirates so long as we don’t take on any dodgy cargo and the weather report is looking like decent seas
To be fair Trade, I misread your first comment, but then saw the second and read in conjunction
Fos
Who cares about a trust pilot review probably another desperate t w a t after free money.
I couldn’t afford it give me some money, eve the FPS a starting to see people are taking the p I s s
The market didn't seem to like the VREQ. SP took a dive after 19th
From my perspective I thought it was a nice negotiation for both sides but then what do I know.
The FCA got to wield the stick a bit and get the company to agree to it. Looks good for them.
The company conceded to it in a period of time where they would be bonkers to even consider a dividend or bonuses or shifting funds anywhere. So ultimately has the company made any sacrifice or lost anything that they wouldn't be doing if they are operating under a good governance model? Don't think so.
As my old grannie would day, maybe they earned a few brownie points. One of Gary's points build the relationship with the Regulator.
Yes Yuri It is voluntary, but you are right with regulators the ‘voluntary‘ is not really voluntary as the alternative is bigger and stickier!
I work with a regulator and they imposed some things that we didn’t like (genuinely think they were unfair) so we took them to the CMA and got a partial redress somewhere in the middle.
I do believe that the Vreq for dividends is an insurance policy for Regulator and means they expect us to have some sort of surplus in the near future which could have been removed from the business. Whether that is from reduced complaints or new business is irrelevant, it’s good either way.
Yuri.F
In the context of the FOS themselves placing claims on hold (please refer to previous posts) :
“The particular intricacies of this product area have needed to be reviewed in a lot of detail, for us to be confident that the decisions our ombudsmen reach are correct, fair and reasonable to both our consumers and businesses. This in turn has meant our ombudsman aren’t able to issue decisions on cases such as yours until these considerations are fully looked into and resolved. These are currently under review at a higher level and as soon as these things are sorted the ombudsman will be able to start issuing their decisions.”
(Could be a 25% to 50% reduction in 126.8 Million provisions made in the 2020 annual report)
This could indicate that the VREQ involves Amigo agreeing to implement the restriction such that the surplus cash from those allocated to "Genuine Claims" would not be allocated to dividends or bonuses.
The impact of the FOS placing a hold on claims is such that in the near to mid term, Amigo Holdings could potentially have an unrestricted cash flow as estimated in the region of 240 Million.
Perhaps the "Or else" option was that due to the FOS placing claims on hold in the interests of being "fair and reasonable to both our consumers and businesses", it is prudent for all parties to have an insurance policy pending the situation where the FOS are "currently under review at a higher level".
Exactly, people sometimes get misled what "voluntary" means with FCA and other regulators, there's so many strings attached to that, it's very different from classic semantic definition, normally in such situation there's no much of a choice because "or else" option..
Yuri.F
The headline I feel is somewhat misleading and confuses Vreq with an OIreq:
‘Own Initiative Requirements’ (OIREQ) and ‘Voluntary Requirements’ (VREQ) are part of the FCA’s ‘early intervention’ programme. These are designed to eliminate or reduce an ongoing risk to consumers or markets.
An OIREQ imposes a restriction on the firms’ business activities, whereas a VREQ involves the firm agreeing to implement the restriction.
https://citywire.co.uk/new-model-adviser/news/your-guide-to-the-fcas-db-transfer-permission-restrictions/a1103497
Therefore the agreement was entirely voluntary.
Possibly brought about as an insurance policy for the FOS and FCA, that excess funds (allocated in the annual budget circa 126.8 Million) as a direct result of the FOS placing holds on claims would not be used for dividends and bonuses.
The V in VREQ stands for Voluntary. Not sure how more blatantly obvious that could be.
Gabriel, I'm not sure you've got it right, latest FCA order is quite different from "voluntary" decision by Amgo..
FCA orders Amigo Loans not to pay dividends or directors without its permission:
http://www.standard.co.uk/business/amigo-fca-loans-benamor-a4572074.html
I think this is very optimistic to believe that the provision is wrong by 50%+. Based on current rules, I personally think there is a tsunami of claims at the door but we are effectively saying. "Hey Mr FCA you have put us in a position where we can't even challenge spurious claims and the balance of probabilities is falling in favour of borrowers based on how they felt and the alleged duress that we put them under? This isn't fair on us that you take their word 90% of the time and the balance is wrong as we think many claims are defrauding the business!" FCA have clearly listened or there wouldn't be a pause in upholding complaints! Doesn't yet mean they've changed their mind though!! We can't get a lending facility sorted, until there is clarity on the business model and we can't lend with any pace as the cash needs to pay the existing facility down. We are in a very bad pocket with Covid also causing us serious issues. FCA is key here so pull your finger out you bunch of paper pushing muppets. We need some grace and favour from these guys but they are soooo slow that it could be spring before they conclude their investigations!
Hi Gabriel..good stuff! This feels like a few months to clear up the mess. But each RNS that lands will be more positive than what we have endured and sentiment as each issue is cleared up, will start to change and then you'll see the SP get proper momentum. We are in a hole for now though and we have to accept that but...things can happen fast!
Vorag
Exactly, my thoughts..
The recent Vreq (19th October) that the markets reacted to negatively, with a voluntary mandate from Amigo to not pay dividends etc, is exactly in line with Rishi Sunak's statement that "Britain's biggest firms have been told they cannot pay dividends, dish out bonuses or sack staff" on the 24th September.
Although this was aimed at companies that claim the furlough scheme or government bailouts (Which to my knowledge does not include Amigo and testament to their solvency), it appears that this agreement was made voluntarily by Amigo Holdings.
Which does pose the question:
If 50% to 75% of these claims budgeted for in the annual report were not genuine, was the voluntary agreement (Vreq) an insurance policy to assure the FOC that once lending resumes, that if funds allocated in the 2020 annual report (£126.8 Million) would not be prematurely used for the introduction of dividends and bonuses?
A 50% reduction in genuine claims would result in a further 63.4 Million available for re lending
Whereas a 75 % reduction in "Genuine Claims" would result in a further 95.1 Million in unrestricted cash.
In addition to the existing estimate of 145 Million in unrestricted Cash, this scenario would facilitate Amigo holdings with an unrestricted cash flow of aproximately 240 Million.
Any thoughts on how this scenario would affect the book value, SP & Market CAP?
LOL
Funny Twinkle! Ha ha
Come on amigo lets have some good news. Get us out of this Groundhog day!