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@Jimmy56
Affordability check – Regardless of this - to consider every application/claim etc ever made ‘bonafide’ I feel is naïve.
Yes I have noted both – however keeping 15% of profits in place until valid claims are met by balance adjustments / payments, surely would suffice – therefore not affecting shareholders.
What annoys me – a staggering 36% of the redress allocation - lines cmcs pockets.
If shareholders are expected to take a haircut, so should cmcs.
Also to add (not that I'd usually reply to Jimmy), Amigo said they would fund raise to support re-lending with new Shares.
A portion of that fund raise could be ring-fenced for complaints provision. Although not ideal for Investors, it provides contribution from the Shareholders whilst not impacting the SP (if raised above 20p).
My only concern is that Amigo customers are not very financially liberate and so might not see/appreciate the benefits of this kind of structure unless it's "here's your cash now - bish, bash, bosh - done."
Dilution can come in with an SOA and return to lending. They would get it away at a 22p premium on today’s price as well!!
JWD -
An “investigation” into whether a customer was telling the truth in their loan application and could actually afford the loan is a great idea! Maybe amigo could start doing it BEFORE they provide loans to people? It could be called something really novel like, maybe, an “affordability check”…
As for shareholders not being diluted, what’s your reasoning? Have you read the judgement and the FCA letter of concerns? If Amigo decide not to dilute shareholders, they’re flying in the face of the direction they’ve been given. Shareholder dilution is in shareholders’ best interests because the alternative is wipeout in insolvency. No dilution surely makes FCA objection / court rejection much more likely.
Results are out at 7am on 29th, tomorrow is last trading day before results are known, 29th Thursday on market open - too late as everyone will know the outcome already..
What scope would the investigation take? Investigations are expensive and I am not under what auspices any investigation could take place. Also sounds a little like blackmail so don't think would be goer in court
AT, Yo I aint nobody mate and not protecting anyone , if your message is aimed at me then your simply wrong what I state is purely fact.
There being lots of people who make outrageous comments and when the sp rises they disappear. Infact i usually buy when they tell me not to lol
@ Barrdann - Glowing accounts, these would not help their insolvency plea, so not expecting anything great - in turn a negative outcome will cause negative press, resulting in some panic selling.
Redress - I am hoping their 15% profit compensation pool is increased from 4 years, until every case is settled.
Redress could well be reduced at a later date - I suspect a number who are claiming, may have told a white lie to obtain their loan.
So if Amigo presented claimants with a reduced redress offer, or face investigation (if found to be lying, may result in their claim becoming null and void). Or if an investigation was time consuming - then I believe most would accept the reduced redress offer, if not from fear, but a quicker pay out.
Interesting times ahead
GLA
Stevies mates popping up and trying to protect him. He’s a foul mouthed keyboard warrior and called me out and got what he deserved. Oh poor Stevie lol.
Great Post jw. You had me visualise myself with drink in hand eating prawn balls, chicken balls and pork ball. I imagine that's what will be on the menu at vinsons balls of Steel avent. Must say great post again jw. Bit of clarity there, and calming words. GLA
Hi Stevie , it will alright on the night Proleee and his mates will disappear shortly after derampin,g as they usually do .
JWD comments i take any day over them
Positive Mental Attitude is the key over the next few days
GLA
All I can see since this morning are large buys dyor
March, (prior to BOTH court hearings) we were floating around 15p.
Most (back then) perhaps invested assuming success / administration as a 50/50 given.
When evaluating our position now – administration is incredibly unlikely – The Bod/FCA etc, all working closely together to ensure a successful outcome - for all customers owed redress, future customers (combating the fight against loan sharks) and to secure ongoing employment.
Considering -
Waivers extended – For this to occur, a solution from Amigo would have been presented - or the plug would have been pulled.
Newly FCA approved senior recruits.
GREEN LIGHT – Knowing what the FCA/ Judge require for SOA approval - The fact Bod have confirmed they are working towards a revised SOA – Confirms they have seen a way to appease the FCA/Judge/Customers and a way back to lending.
Also working / considering redress timing, thus working towards an alternative to share dilution. There are so many LTH’s that have lost several thousands – I do not believe share holders should be diluted, nor do I believe they will be.
Thursday’s news – we know/expect to be bad – thus creating a short-lived dip - as a few panic sell.
On the flip – this will create the top up/buying opportunity/frenzy that I am sure many are waiting for.
I suspect a quick bounce above 10p to soon follow.
IMO - It is only a matter of time before people begin putting pieces of the puzzle together – and start throwing their appliances / kitchen sinks at this.
We have all the ammunition to get this through and back to lending.
Following Thursday – I really don’t see this being as low again - wouldn’t be at all surprised to see this in and around 15p by Friday/Monday.
DYOR
GLA