The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Franky - i've been a silent admirer of your posts for a while. Seems i was correct that bondholders do not vote post court hearing, only former and current creditors owed redress + the FOS on behalf of some complainants.
I have watched the whole results presentation twice, so with respect....
Franky the only thing those guys are saying is that if the vote fails we are shutting you down and getting our money out before you pay it all to the freeloading luddites!
Thats not as I understand it Honewood. Can I say then, that senior note holders have been consulted and have agreed already hence no need to vote?
Jeez branson. This stock is not for you. Of course the bondholders vote on it!!!!!!
How can the bondholders vote down the scheme?? Only the creditors with loans can vote as I understand, I.e, those owed redress?.
Not just HL matey the IG app was the same. I only wanted to do a dummy sale to check the value. It's another MM game!
@LTHcine no intention of selling at the moment. Just giving the index finger a workout for when I do and noticed the time delay. The sp moves so quick so it would be nice if HL kept up.
Wont get rid of me that easy :P and jasonessex its weird because for the past few weeks its been offering people higher quote for the more shares they have
Funny LTH...i am smelling a porky!!!
I hope you are kidding LTHcine...
That HL app can be so frustrating. At the time the price shot up my holdings value was one total yet when I tried to get a sell quote the "unable to retrieve a live quote" flashed up for ages. Is this a ploy to prevent you from selling high? When I did eventually get a price it was below the price in my total holdings. Annoying...
i just sold my holding on the back of that franky :( and now i cant get a quote to buy it back now i know you were joking
I m just messin' with ya'll ...hoho.... come onnnnn..-))...
I think we will see a few more RNS’s released as some fairly chunky buys still going through that are probably not just PI’s and could add up e.g. - 9:16:32e.g. 14.78p 324,944 £48,020.87.
Franky,
it's a new view, is it what your thinking? if so, did you sell your holdings here?
TIA
D
Franky, I doubt that very much. JPM could build a 30% stake in AMGO with their petty cash. No point in having to resurrect a failed business or buy out the loan book (have they done that with any of the other failed UK lenders?) as they would still have to placate the FCA and the Court when it comes to agreeing redress for the existing creditors. Simpler to have it as a going concern, and let the SoA play out. As I said below, AMGO is probably just a small holding within one of JPM's specialist funds, and the fund manager hopes to make a few bob, assuming Amigo gets back to business this summer.
Mark, I worked in the "big II's world" for 20 years, and I assure you that there are many punts, and they lose money/accrue money constantly. I agree that having large institutions invested is better than not, but I'll keep JPM's interest and my interest in proportion to the amount of loss we each face if AMGO was to cease trading. i.e. 0.0000016% of their funds under management , and a far greater proportion more of mine. Let's put it this way, it wouldn't hurt them as much as it would hurt me so I hope that they keep the faith!
The reason JPM and Bybrook are buying in is to muscle the bondholders into voting down the scheme. Once the company goes insolvent, they will buy the book on the cheap and tupe over the staff into Amigo 2.0 to fund it with the old shareholders cleared out.
Nothing is a “punt” in the big II’s world...
These people don’t loose and throw away money on the cheap
Why would they want to take over the business atm.. they have everyone sat doing the stressful job of getting this back to
Market etc.. While they sit and make millions
JP don’t invest in one company a year.. they invest in dozens of not Hundreds of companies
To have them and others on board I believe has given “some” de risk or should I say confirms what others think the company can do and that’s turn around to something we saw years ago
Once it’s built I’m sure they will exit and move on
But... we’re not there yet, they are not
Looking to exit at 20p are they, maybe a quick ride up to £1 will do them... so as someone once said to me “follow the money”
Hopefully for everyone.. big investors bring confidence at any level of holding
Well my interest in these securities being converted into ordinary shares concerns the purchase price of the securities. If you review some of the previous Form 8.6 notifications for J.P. Morgan for example from March/April 2020 and the price per unit paid (e.g. 15p-18p range). Timing is a bit strange as you would have thought they could have waited closer to hearing.
Gap down from opening spike seems to have been filled and upward trend seems to be back on track. GLA
If JP own 7% of the company what information is available to them? Do they have access to more detail? Have our bod 'encouraged them to invest'? As a somewhat innocent investor in terms of AMGO could JP buys us out on the cheap e.g. say 20/30p? JJ
Soundsrisky. Just trying to understand the enthusiasm generated by RNS content which seems to change the situation little. I'm looking for evidence of the positives rather than well-meant optimism. Another JPM speculation which I have seen raised a few times on this board is the possibility of JPM launching a takeover/buyout to acquire AMGO's customer base and technology. Given that the City Code requires a 30% holding of voting rights to press the issue, JPM are some way off. I am just trying to be realistic. FWIW I beleive that the SoA will succeed as creditors would be crazy to vote otherwise. The FCA are less predictable. Assuming that AMGO could start lending again in Q2 2021, I hope to see a significant (back to 20p+) rise in the sp. I am holding for that reason and expect that AMGO will go from strength to strength as the post-covid loan market will be large, and the competition has faded away.
@Technoprisoners I appreciate that you may not want to ramp and are just looking for honesty but for someone that holds 1m shares you seem to be doing what you can to talk this down?
Thanks Mark. 7% of Amigo is £5m ish. JPM manage around £3tn. £5m is miniscule to JPM at 0.0000016% of their investments under management. As I said earlier, happy that JPM are still in the game, as are a couple of other institutional investors, but AMGO must just be a punt for them. Probably held in one of their high risk "recovery" or "special situations" funds.
To own 7% of the company is quite large even for the likes of JP, they see growth or they see easy money to be made.. both good for us some
PI’s (I believe they see easy growth from here)
I believe if you look at the share holders there are some rather large players (20-25 I think last time I looked) involved taking over 57% of the company between them
It’s all good for us pi’s