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definitely sounds like you've sold out HH :-P.
No to be fair it's a valid point, hopefully the offer will at least stop the drift back downwards for now and we'll have some update that TRG has rejected it and seeks to continue forward with the board replacement.
My hope Yuri at this point is just that they go ahead and replace the board, start lending responsibly and move on.
A postponement of the sale on that basis would be positive in my view
Beevorma, someone probably suggests that parasites were allowed to take over on running business affairs and now destroying company for their own benefit. But on another side - what's the point of playing the drama queen if it's your own mistake, he could correct it quietly via another agm without causing so much informational disturbance.
SUFCESSEX - It's been several months since bid situation, nobody stepped in, so low ball is justified (incl. lockdown & loan holiday impact). In range of cases (majority in my exp.) I've also seen hopes of better bids gradually disappear and never materializing unfortunately. Finances are expensive these days and nobody will spend more than minimally possible.
Thank you Sir
Sounds like a big FU to me!!
The ‘offer’ requires me to call off the meeting to remove the board, which leaves amigo and its customers in the hands of a board which is simultaneously corrupt and incompetent.
It also requires me to carry all other shareholders with me.
I am genuinely sorry that I hired Stephan Wilcke, and that I did not vote to remove Hamish Paton when he was first hired. I am sorry to the customers who have been treated unfairly under their governance, and to the shareholders who have lost so much money.
I cannot agree to saddle Amigo customers and shareholders with this board for an unspecified amount of time, on the hope that they may be able to sell their shares for an unspecified amount. I will not be entering into an irrevocable agreement with this bidder.
Amigo’s board have today announced that they have an offer for the business and want me to agree irrevocably to it. The board and their advisors have billed millions of pounds to achieve this and it was one of their primary reasons that shareholders should vote not to remove them
What they did include was their cash position. Amigo currently has over £115M in cash in the bank. A number that has been growing steadily since they stopped lending.
How terrible do you need to be as a board to run a company that trades at slightly over 1 years profit AND significantly less cash than you have in the bank?
How arrogant do you need to be to assert that without you, the company would be left without the skills and experience needed to properly run?
Beevorma
Not got Twitter I am ole school
What's he posted
Thanks
Line in the sand been draw
And low ball offer to kick things off here
Starting to get exciting
Buyers always start with cheeky bids
It’s just @janesbenamor
He’s just done a load of posts blasting the board, there’s no way that offers being accepted
I think it might stabilize below 20p for a while, because there are much better opportunities out there on a market with higher growth prospects and with amgo it will take months to materialize vote and release cash, so many won't wait and will try to dispose it before outcome.
Topped up another 6000 at 20p
Let the bidding war begin ;-)
Extasio
I've misquoted 75%, it is indeed simple majority for AGM
but there are two votes, second is via court - it needs 75%, although not share votes but voters (even if they hold only 20% of company)..
Lol, I've been though several takeovers already - still not sure how it works.
I was trying to find at which fraction of shareholder votes is required to approave full takeover of the company which effectively forces all shareholders to sell their holding. Is this is a simple majority (>50%) or a higher fraction in Amigo's case? Reading the between the lines of some posts here it would appear that Richmond Group with their 60% stake can force a full takeover... is that correct?
What's his twitter @?
.. opsy, not eoy2020 - should be 2019..
Specialonek
Equity eoy2020 was sitting at £255m, 20%+ of loan book are defaults (up to £150m)
leaving shareholders with NAV of 21p (equity £100m net some expenses, incl. loss this year)
This process does exhibit some red-flags of hostile takeover all over the place with shareholders rip-off
and richmond seems likely on TO side with all this injections of disruptive information as one of potential shadow beneficiaries
Just recently someone (who by now might be very unhappy with such decision) has spent millions aggressively taking position at 31p (below holding threshold without triggering RNS) and helping many PIs to offload amgo shares.
It might be one of those classic con-game moves topping-up to get 75% control holdings via related party.
HH yes I also considered selling at 30p, but given my average was always much higher I didn’t want to be out of it did rise.
I guess hindsight is a beautiful thing!
I just tweeted JB, probably won’t respond but made me feel better!
That’s pretty shocking really, the board should reject that outright but as it comes with A “you can keep your jobs condition” they’ll fully endorse it.
At that price I’d be buggered big time, my avg is still over 50p here
Estimating loan book is at around £600-£700 million which no doubt can be sold on for at least £500 million+. Valuation has to be around £600-£750 million based on what's in bank and the loan book valuation. That gives it over £1 a share valuation. Is that unreasonable?
Market cap £98million. £120 million in the bank??
There is no chance of them accepting a sale at 20.9p however is it a potential ploy whereby he can now decide to go private by offering something similar. Surely its worth 60p-£1 a share? £120 million in the bank plus the loan book which can still be sold?