The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I just think that the next week will be a decider for us here. I strongly believe that the redress news are just behind a corner. Also think that the most of Amigos who wanted to come back to Amigo are already out. Then I think the chart will work and the sentiment will return.
Here it is.. From the NSF website.
Having formulated a detailed redress methodology in conjunction with its advisers, the Board has made an associated provision totalling £15.8m in the 2020 half year results. While this represents the Directors’ best estimate of the total cost of settlement of redress amounts due to affected guarantor loans customers, the Group has yet to agree its methodology and analysis with the FCA. The Group is continuing to engage with the FCA and is focused on reaching a conclusion as soon as practicable when a further announcement will be made.
The market keeps them two in one basket, but now Amigo is rising because there is an expectation that their cheap scheme will be approved.
That’s correct, it would be good to get an idea for the next steps as you say. Would be even better if we could agree a way forward with the FCA, remove that dark cloud over the industry.
I think that's right regarding the numbers for Amigo. I don't know the numbers for NSF in terms of guarantor loans but it will be less than Amigo in overall number. The problem is that the cash value could potentially (though probably won't be) be higher than Amigo if outside of a SoA so its important for the BoD and FCA to clarify next steps asap. BoD think its around 16m?
Not sure if it’s just me but you can't really compare NSF & AMIGO
if my memory serves me right AMIGO have approx 700,000 past customers, 300,000 present customers that are able to claim?
We’re no way near that are we? I ask because I’ve not been able to find a definitive number. We also haven’t been doing guarantor loans for as long as amigo.
Feel free to correct me anyone, just based on my opinion so could be wrong....
Amigo’s redress is 15-35m (plus a share of profits over 4 years) because that’s what they have set out in the Scheme of Arrangement, if approved. The alternative is that the level of redress would be overwhelming and they would go into administration - 100’s of millions would need to be paid (and it couldn’t be so administration would result) without the SoA. It’s not comparable with NSF unless they look at a SoA also.
It was 8p a few wk ago, so how could anyone get away with 6p ?
Not sure how you workout in June the max 12 month share price will be 6p, Amigo’s redress is 15-35 million and they have far more guarantor customers then we have so fingers crossed..
Alchemy cant takeover at this level. We have one big event ahead and this is FCA GL redress. Redress in a range 15-30m will cause sp rising fast. Redress much higher will kill this share. BoD estimates 16m redress.
I f I was buying I'd wait till June when the 12 month max would be half what it is now. Why pay 13 when you could get away with 6?