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Any update on the live bond price? if they drop to ~30% we might aswell just buy them all back, we are not earning a penny on that cash just sitting in the bank, repaying debt is a clear exemption on the asset VREQ..
When life gives you lemons...........
You re being over dramatic HT. Our bond ratings are B3 or CCC- which is only 2 notches above administration and deemed to be at serious risk of default. If thats the conclusion you have come to then you ve stated it and have nothing else to contribute as it looks a very final.persepctive. good luck with your other stuff and hope your energies are best spent on the boards you are invested in.
Dig into not dog into haha
I totally agree...i keep meaning to dog into the likes of Payzone which GJ turned around...just in case it was the market or luck and not him..i suspect we re in good hands. Number 1 has to be.to stregthen the BOD..this is the critical RNS as a deeper team can ensure that the BODbisn t spread too thinly across the key challenges!
FrankyS1971
Absolutely Agree.
With the right person at the helm this has every chance of success.
When investing in any company it is always prudent to check out the CEO and management team.
https://www.amigoplc.com/investors/messages-from-our-ceo
At the end of the day we are investing in people, not companies.
Personally I think the CEO has an amazing CV & turnaround record.
In all honesty, how many companies like Amigo are there that on the FTSE are not restricted from operating like CINE & Restaurant Group?
Hi Gabriel,
The only thing that makes us investable is our cash reserves. We absolutely have a cushion. That cushion will vanish on acceleration of complaints and a deterioration of assets(book of business not paying back). The business was right to say there is a material threat to Amigo as its true. However!...with the breathing space we can start to relend and at least grow the bottom line slowly and support the amortisation of the book as it unwinds. Complaints will eventually be dealt with and FCA will also not want to kill tbe business. In all, there is a decent chance of surviving. I don t think its clearcut but barring too much bad luck and rational management of finances this will turn. It could happen quick or slow but turn i think it will. Key for me is getting financing sorted. More sources of borrowing for Amigo and long term facilities so we can get.momentum and grow revenues. Feb/march this could start to fly.
Tommy - you are new here and already disruptive. You have not given valid counter arguments to investing in a perfectly good company and are here to antagonise for your own amusement
Where do they all come from?
Hereshopin. I don’t think it’s Chris England or any of the old idiots this is a brand new fresh one.
The old lot would be well aware of how much has been made here so far by yourself and others. ; )
Hound and Honest - I've reported you 2 so be prepared to be silenced : ) - Bye Bye
You are not the public. You are the pathetic.
You need to take a hike
your right ,he is full of ****,along with hounddog
Then why are you here honest tommy? Your name says it all. You are full of s**t
HONNEST TOMMY well in that case why are you still on here? your just a de-ramper
Well the thing amigo has going for it is its product, the 49.9% loan, is its very straight forward to apply for the already built in option for a 3 month payment brake, with no extra fees in to it anyway, this was in place before covid and part of the service amigo offers.
Starting to wonder if this was one of the reasons for the FCA to initiate the new asset VREQ? £600m of sub prime loans under management, and 200,000 customers , thats a lot of people.
If this is what the government want then there has to be a point at which the government comes in and provides interest free financing to companies like amigo to facilitate it, the money loaned out has a cost to it for every business, this has been 6 months now, Amigo can not replace the benefits system.
Yea it’s true hound t w a t just about as true as you’re posts, considering I have no clue who Richmond is, again that is you all over? You haven’t got a clue but believe it’s true??
People are selling on covid fear there’s been no change fundamentally.
The fca securitisation vreg is a good thing, it was implemented as a requirement based on lending restarting.
HD 2 you’re homophobic comments show what a complete brainless idiot you are, if anyone does listen to your comments they need their heads checking.
FrankyS1971
I could not agree more.
Especially with the senior secured notes not due to the "Banks"until 2024.
That ought to be sufficient time for the turnaround objective laid down by the CEO, to be executed.
Also, it has crossed my mind about the recent RNS (19th October) with a voluntary mandate from Amigo to not pay dividends etc, that this is exactly in line with Rishi Sunak 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, what did the FCA & or government agree to with Amigo if they are not in receipt of bailouts?
Are the government actively involved in ensuring Amigo's turnaround is successful to ensure that this vital public service and line of credit continues to be made available to those members of the public who can pass the affordability checks?
Are the government liable for enforcing payment holidays etc on PLC's?
It would appear that there must be some agreement in place to protect these companies in situations where the government asks the private sector to provide financial aid?
Not that this has appeared to have affected Amigos unrestricted cash balance so far!
Which large sells do you refer too exactly hounddog? I only see some large buys at the end of 1500??
Puppy you really do make me laugh. You must be cracking up when you write your ****e.
NSF? What does that stand for? Not Safe Financially???
There still lending( to key workers) ?? Probably just as much as that much smaller company, that have a fca investigation going on ??
I can’t remember their name?? It’s a really minor player NSF yea that’s it.
Lending will be prudent to start with but will helpnus ammortise the loan book. We are lucky to have a good cushion and have to hope complaints doesnt erode this too fiercely. I think next year we can take the handbrake off a little more when our funding is sorted out and as the 2nd wave of Corona eases. Long term hold but 20-30p between end of year and Easter very possible.
Itisagame
Hi
That is a frightening thought!
Whilst this may affect the existing loan book which has had no issues with payment holidays.
Moving forward.
Somehow I can not see the demographic that Amigo will be lending to will be affected by this.
If the new customers can pass affordability checks after the Initial National lockdown, and are still unaffected with the ongoing situation, it is unlikely their situation will change or will fall into the category of " facing payment difficulty, or are newly in difficulty."
By definition surely they would not pass the affordability checks if this applied:
The FCA interim chief executive Christopher Woolard said: "for those who are still facing payment difficulty, or are newly in difficulty, as a result of coronavirus, we expect firms to offer a tailored package of support taking into account the ongoing situation and local or national responses to the crisis."
So surely, by default, this will not apply to Amigo...
Screwing everyone again, Why is it up to private sector to provide financial aid continuously?
"Changes to rules on loans, credit cards and overdrafts
Regulators have confirmed that anybody with credit card payments, overdrafts or loans will not have to worry about their debts ballooning in the wake of covid-19.
New rules come into force on November 1, and will replace the current help, which forces banks to offer payment holidays to those struggling with their finances.
The current help is set to expire on November 1.
The Financial Conduct Authority (FCA) said banks and other lenders will instead be required to offer customers tailored support to stop debt spiralling - including scrapping interest payments, extending loan terms and ditching other charges."