The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The waiver extension is is for 3 months.
Based on my own calculations [although I am no expert] from the available financial position graphs submitted by the BOD to the Court, the outstanding 27M will clear within 7-8 weeks from now, no more than 9 weeks. So i.e. within the 3 months extension. See - https://www.amigoscheme.co.uk/docs/FinancialTimelines.pdf
On that basis it COULD be interpreted that that they could just file for insolvency once the secured creditors/bondholders are paid out. BUT, [ big but here ] all AMGO loans to individual customers still have to be paid back in the longer term and so bondholders/first in line creditors will re-coup their monies anyway, regardless of this 3 month extension or insolvency. [Outstanding loans of £412M [as at 31.12.2020] should generate hugely greater cash flow].
So, it seems to me that the 3 month extension is nothing to do with letting the 27M to be run down/paid back so creditors are paid out, instead it can only be because the BOD are genuinely negotiating a SOA2 with the FCA, AND the bondholders are confident of future stability once an SOA2 can be agreed.
I accept there are far too many unknowns and shifting sands to be sure of anything with AMGO, so I offer this as my opinion only.. As ever, DYOR
So what if Mark is trading?
It's all about making money, fairplay to him. I don't see how he's hurting anyone.
I'm LTH and wish I had a crystal ball, I'd have made a fortune from Amigo if I had one!
It is what it is, each to their own.
Mark is openly trading this, he gives some good insight and information while doing so, what’s the issue with that?
You ain’t wrong franky :D
Marks needed the Amigo profit to buy Arb on the dips. Trust me I 've seen more dips on that then at a Harvester Restaurant.
RhythmMethod ..... ""Nothing is stopping them paying the £27m off over the next 6 months ...""
Mmmm, perhaps the fact that the extension is only 3 months might !!!
;-))
Mark1973 I dont know why you get so touchy your well know to Ramp/De-Ramp this share to suit your needs..i know this is so true right from the start of Amigos journey!
Clintek never asked anyone to “listen to me” this is a share bulletin board for sharing opinions. As for share is half what it was when you started listening to me I think you are forgetting to mention how many times it has bagged and multibagged over that period there have been four of five times that someone could have reaped 100% plus profits here and I have mentioned when I have done so but get accused of deramping whenever I do. I also have said more times than I can remember that despite the common let your winners run strategy I alway sell a share if I see a 100% profit giving me a risk free run on the profits so don’t imply that I’ve made you or others “ fall for positive comments “ it’s a share discussion board nothing else.
I was expecting a TR1 RNS, so this was a nice surprise. TR1 later today maybe?
It is a positive update and it will not make the sp rocket. In talks with the FCA is very positive, things are heading in the right direction now.
Mark.
I just making sure others don't fall for your positive comments as I did buddy.
i have never doubted the info you provide. you forget to mention downsides when invested. you forget to mention upsides when not.
YOUR QUESTION How often have I been right? Share is worth half of what it was from the first day i met and listened to you.
Isn't this bad news? Basically now got no credit to start relending! Like they paying creditors before they go bust!
Clintek I’m not gonna go into it all again but there is a big differ between what I do and what you think I do.
Being out because you are concerned about a negative if different to being negative because you are out.
Being in because you sense a positive swing is very different to being positive because you are in.
How often have I been right?
Mark..It was meant in the nicest possible way. you're in and out of this share a lot. I can only tell now by comments made. positive in/underhand negativity out.
Lets hope you are right but I see this as news....Not GREAT NEWS.
Clintek “ back in” I’ve been in since court hearing if you recall.
Funding arrangement doesn’t default as the waivers are extended.
Size of the facility not required to be as big ( granted as we are not doing new lending )
Of 100m only 27m drawn
RBC happy to extend until September rather than move into gradual amortisation
Fca and Amigo actually in discussions this time
What’s not to like?
At this point I think I will take anything that isn't bad new as great news :-) Only 27M drawn on the facility so guessing they are paying it off as we go. Hoping that this time, the ongoing discussions with the FCA are actually worth something other than the FCA just saying NO at the end of them!!
Morning Mark. I see you're back in. positive comments. i don't see that as great news. I don't see it as bad news but definitely not great news. please explain.
Apart from the very important headline and the other bits we know about this bit is very encouraging! They are at least in constructive discussions this time around which will lead to a letter of non objection if they can reach agreement.
“ Amigo has reviewed options with the Financial Conduct Authority and discussions are ongoing.”
Yep happy with that, well done Gary...
Great news!
Funding Update
Further to the notification made on 27 November 2020, Amigo confirms it has reached agreement for a further extension of the securitisation facility performance trigger waiver period from 25 June 2021 to 24 September 2021.
Given the current suspension of all new lending activity at Amigo, the size of the securitisation facility has been reduced from £250 million to £100 million, effective 25 June 2021. All cash generation arising from customer loans held within the facility is restricted and will continue to be used during the extended waiver period extension to further reduce the outstanding balance of the facility. As of the date of this extension, the facility was drawn at £27 million.
Following the recent High Court judgment relating to Amigo's proposed Scheme of Arrangement, the Board of Amigo has reviewed options with the Financial Conduct Authority and discussions are ongoing. This could result in a revised scheme of arrangement or insolvency.