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At the agm tomorrow there is not a lot to talk about other than the scheme. Its the live or die agreement that has to happen. Its going to be interesting if nothing else but would be gobsmacked if the soa2 proposal was announced tomorrow. More like a lot of filibustering to get the meeting concluded ASAP.
They are trying to put together a SOA that everyone is ok with - Claimants (via Committee input), Board and Shareholders and the FCA. At the moment they don't have that agreement and they would very much prefer it as then the SOA should go through relatively straightforwardly. Presumably if they can't get this agreement relatively quickly (as it is dragging on) then they will just announce it and try to get it through the courts without the approval of the FCA but the preference is for an agreement, or at least a commitment that they won't actively oppose it in court. Still, we had that last time until the 11th hour.
On a more serious note after pulling your plonker...
Its a very grey, dangerous and wolly area.
Officially if a company acknowledges that insolvency is a very real risk, directors are liable to ensure creditors sit above shareholders. Case law however has tended to sit with insolvency proceedings needing to actually be in process for this to be applied. IIRC this was because in some cases companies were going to the wall servicing creditors over shareholders when insolvency was a threat but not a reality. yet.
Based your somewhat schizophrenic postings and rampant bullying I had assumed you knew nothing about it to be honest. I had assumed you were some Stella swigging knuckle dragger who plays stocks like Ladbrokes.
Obviously I was absolutely wrong. Be really keen to hear your wisdom on the subject to educate myself. I just don't feel worthy right now. Xxx
AmgoorBUST, some of it was nonsense clear and simple, based on an amateurs understanding of a director's duties and responsibilities. It wasn't worth correcting but it was written to influence. If you think that what Yuri wrote was factually complete and correct you don't have a great understanding of Company Law either.
What a waste of your time writing that total crock of sh*te. So much nonsense in there it isn't even worth correcting or commentating on. Not sure why you are even appearing in my posts to be honest. Complete twat. All this nonsense about just following the company out of interest - total lie. You are trying to influence people with your negative diatribe, so don't pretend otherwise.
Amgo has been exhibiting clear signs of winding down the business for a while. Cutting overheads is part of standard protocol in these scenarios.
As outstanding loan balance (principle) deflates (collections) - there's significantly lower basis for interest margin (huh, probably better to express this in absolute £ terms? ).
So it's just collection business from now on (organic cash flow) to get back loans and pay secured bond holders in couple of years (Jan-2024).
"Going concern" and "insolvency" was mentioned several times by Board/RNS/Financial reports. They're not meeting capital sufficiency criteria (FCA requirement) to resume trading (issuing loans) and will be further suspended by FCA, They already do fail balance sheet test on solvency (but passing short-term liquidity test due to nature of business working only on collections) since Assets < Liabilities (negative equity) and it doesn't look good if you add future other Opex/costs. Therefore even though they're clearly not "insolvent" on a short-term basis per se but at the same time this is obvious "doubtful solvency" situation and in this situation shareholders interests are not considered anymore (only creditor interest are taken into account) For companies in these situations directors are personally liable (as per UK legislation) for not meeting creditors interests if they do anything to worsen creditor's position ("wrongful trading").
The actions (and priorities/goals) competent directors should undertake / conduct business for solvent companies are completely inappropriate to companies having issues with "long term view" mentioning "going concern" "insolvency" and many other terms in their communications ("parlous", "precarious", "marginal solvency", "at risk").
So do expect further sweetening talks to investors with fuzzy promises (they can't lie obviously) but reality is - game is very different now and interests of shareholders are surely off the table as directors won't take any risks (to trigger personal liability clause in case their actions worsen creditor's position, so no any economical/business risks anymore) but they're highly motivated to keep milking amgo due to high remuneration as long as possible.
Its paid off, cash in bank is rising and will soon be enough to cover the bonds, the bonds are the last major secured creditor, then any cash / cash flow (after running costs and FOS / FCA take their bulk) can go to "those in need" the claimants.
Its a positive RNS, whats not to like? Its another step towards securing payments to the claimants, which is better then no payment to the claimants
Come on Sara i thought you wanted claimants to receive cash back.
I dont think we will get any more information than we know now. They don't want the share price up why give information which may upset this... if anything they may say something to push us back down to 8p
There doesn’t seem to be anything “organic” about Amigo’s cash flow. It’s completely illusory as it stems from two very favourable (for cash flow) and unusual events. First, there being no lending. Second, the FCA moratorium on complaints.
Take either of those two factors away and cashflow would look very different. I do hope this isn’t more misleading from the new management team.