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Q: When did we learn the content of the FCA letter regarding the first scheme?
A: A day after the court case when the FCA published it on their website.
Q: Was there information that could be considered "price sensitive" in that letter?
A: Here is a link to the FCA letter.
https://www.fca.org.uk/publication/correspondence/fca-letter-concerns-amigo-loans.pdf
Note para 5.5
"The FCA also notes with particular concern that the Group's shareholders retain their full ownership stake in the Group despite not contributing any funds to be made available to meet Ascertained Redress Scheme Claims."
and para 5.6
"The FCA considers the absence of any shareholder compromise to be a material consideration for creditors and the Court in relation to the overall fairness of the Scheme."
You judge.
One day after this letter Amigo released an RNA (24.3.21). It made no mention of the above paragraphs.
I very much doubt we are being told anything like the full story this time, and pretty sure we wouldn't have seen details of the FCA letter last time if they themselves had not published it.
All we know is that the letter “raised some issues which could impact on forward looking statements”
If it impacts forward looking statements, how can it not also be considered price sensitive information?
If the FCA letter contained anything that could be deemed to be in any way 'price sensitive information' surely they would be duty bound to release it in an rns....
Therefore I'd say it is just part of the ongoing FCA/Amgo "SoA2 discussions" !!!
Perhaps Amgo have also signed an NDA with the FCA
GLA
TTFN
If we get bad news, you won't be able to get out at the current price. All the IIs will dump their stocks at "after hours" or pre-market so the price will plummet on opening. Same applies for the upside, the SP may double or triple in no time so it will be equally impossible to get in when positive news are out. I prefer to stay ahead of the curve rather than behind so hopefully, AMGO can strike an agreement.
Tinsel, I share your frustration but this is Amigo after all.
I believe if it was bad news they would have announced it, that is what makes me think it is positive news. As I said, any positive news will cause a rise in the sp, which they don't want to happen.
I may be wrong but I hope I'm right.
I don’t disagree with that timeline Stevie, but with how things have been, I can’t help but worry that the recent letter from the FCA may contain information that would make me consider bailing out at the current price. I doubt it, but I wouldn’t mind finding out in a timely manner.
It’s fairly obviously that II’s could find out if they wanted to. We’re majority owned by PI’s. It’d be nice if the board acted like that occasionally. There are several posters on here who own more shares than the entire board combined.
Frustrating.
Any news that has a sniff of positivity will raise the sp, they really don't want to do that. That's why they aren't telling us anything.
I can't see a resumption of lending until late November early December at the earliest.
They have to assess and act of the findings of the customer committee, the findings won't come in until the end of August. Those findings will then be structured into SOA2. Then when SOA2 is finally constructed it will go to a customer vote again, that's another month. Then it will have to go to court to be sanctioned, hopefully with a letter of non objection from the FCA this time. I can't see any significant rise in the sp until SOA2 is officially announced. When it is announced I think it will go to 30p again but that could be two months away yet.
Sit back and hold.
This is just my opinion, I am not encouraging anyone to buy shares or ramping.
I believe we should have an update/disclosure within 30 days from last Thursday
After last Thursday it looks like we're back to "as you were mode" here.
Not much happening for a while unfortunately. With the statement about back to lending only after a court sanction this is going to take a while here. It's an october/November job me thinks.
Probably never, they don't tell us Jack Shut.
Given that the board received a letter from the FCa nearly a week ago - when do you think they will share the contents of the letter with shareholders?
Quite irritating that they haven’t already tbh. All we know is that it “ raised some issues which could impact on forward looking statements”
I’m guessing institutional investors probably already know.