Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Extract from the 1st June RNS
All directors have made clear that they are willing to step down provided it is by way of an orderly succession
and have no interest in prolonging their appointment.
8th July RNS
Appointment of Glen Crawford as CEO
Would suggest that ORDERLY succession in progress :)
Gige you claiming that Amigo is not paying out on loans it issued post FCA audit?
Sorry but you're wrong.
FOS .does not get involved were the FCA ,HAD their noses already .....YOU WRONG
" Do you not think he would have done substantial due diligence in terms of financial forecasts and had access to the claims projections and the treatment strategy etc? "
Glen was appointed as a consultant 4 months ago so he had plenty of time to run whatever due diligence needed before he decided to step in and run the company again. He knows the business inside out and has excellent relationship with the company's major shareholder so in my opinion as soon as he start his job Stephan Wilcke will feel unwelcome and will leave and by then Richmond will selling JB's shares.
"Amigo is pleased to announce that Glen Crawford will be joining the Company as a consultant, with immediate effect, to assist the Company with the strategic review and Formal Sale Process.
Glen has extensive experience in the market in which the Company operates, having formerly been the CEO of the Company and the CEO of Cabot Financial.
Glen's appointment will be for a period of six months and can be terminated by either party on one week's prior written notice.
Stephan Wilcke, Chairman of Amigo said: "We are pleased to welcome Glen back into the Amigo team and I have no doubt that his experience and advice will be beneficial to the company and its shareholders at this time.""
I want Amigo to do well! I'm living the dream if they clear Millions in claims and then in a year still have 700m loan book...
Make sure Wonga and co get the message about the UK economy and loans...
Happydays2020 spot on !
A welcome voice of reason
Happydays - i can't second guess the new CEO motives, i can tell you some facts - We average a refund of 4k per client and it costs very little to obtain leads, and amigo are upholding our claims at around 50% with the denials simply sent to the FOS (which then has a 90% uphold rate)
Blindinvestor, we all better off claiming against all the banks for the money we borrows... 100% cash back no interest??? do you think FCA is with us on that lol...
Wild speculation and terrible posts is king on here.
In terms of facts though, do you honestly think that Glen Crawford would be taking over as CEO again in a couple of weeks if he did not think Amigo was a robust and financially sound company?? Do you not think he would have done substantial due diligence in terms of financial forecasts and had access to the claims projections and the treatment strategy etc? Given he stepped down as CEO with a serious illness previously it is highly unlikely (impossible) he would be committing his time and energy to a second stint with Amigo in the coming weeks if he did not think it would be successful.
As the UK economy hits disaster zone status, what service industry do you think will flourish......loans!
Given these 2 facts and disregarding the biased speculation....Amigo share price will rise significantly very soon.
Yes but the issue is Kozz
Borrower got £2k loan for 3 years total repayment is £3,512.88
If they complain 2 years in they would have cleared the £2k borrowed and only owe interest (in simple terms)
Resulting in a £1,500 loss from the loan book.
When claims come in the 1ks / 10ks the overall damage rockets
Blind Investor - i would go with option 2.
Write off, not the entire loans, just the interest compounded - right BI?
only 2 real survival options
Use the current FCA investigation to nail down an achievable lending criteria for Amigo to lend on going forward that will be bullet proof going forward (i understand these loans have previously been cleared as OK and now being treated as not so) This would result in £200-300m of loans and cash being written off, but come out the other side with a clean loan book.
Under the new CEO take the FOS decision to move the goal posts (which in my eyes is what they've done) to review.
Following the post from someone who has made a claim against Amigo - i'll come clean - i have an open position in amigo £25k @ 9.22
I also own a majority share in a small CMC that is currently procession few 100 claims against amigo a month.
Reason for me buying
If Amigo took FOS to review and won i'd make my money in the shares
I've seen lots of questions on CMC and the process, happy to answer questions (to an extent) anyway who wants to call me names crack on.