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Here the reason for keeping sp down if we are to believe it has been Game of Loans past 14 weeks:
1) Period June - Sept: JB was selling down his 61%, 1% daily so keeping sp down meant he gets only 10p average for his sales. This likely suited the current BOD’s
2) Jb would have preferred to sell at a higher price above 10p. This would also mean offering to buy at a higher price - 26p-30p
So it may have suited JB.
3) VReq date is OCT 15th for a reason. Amgo Q2 reporting is usually 6 weeks after period-ends (july- sept 30th) Now add 6 weeks (give/take..) Nov 20th Thurs is likely the Q2 reporting date. Any Director buys will happen before Oct 14th- or before Oct 18th. (Just Imo). Closed period is likely before Fri 19th Oct. My best guess if they are smart, they would buy before Vreq announcement?
4) Larger Director buys by the other directors whilst JB was selling down would have helped JB achieve a better sale price. Which BOD were aware of. Wanted to avoid this.
Oct 1st is tomorrow.
Just my thoughts.
JB tweeting. He's resigned to losing AMGO by the look of it.
What was the tweet, please?
"Shareholders voted against me. I’m sorry I didn’t foresee that. I still am having trouble understanding it. But it happened. The company is being run by the people that the majority of shareholders want it to be run by."
"The responsibility now rests on the board that has been voted in to deliver results, and on the shareholders who voted for that board to back their vote by buying out any shareholders who don’t share their conviction."
"Those shareholders, the majority, believe the company is worth more under the current board. They did not sell at 12p, so they should be more than happy to buy now that they have certainty of their desired management team, and a 25% discount."
Thank you. It does sound as though he is resigned to losing the company he founded but I'm sure he is weighing up his options and I'm not sure that s the end of the story.
I am afraid that once again JB’s has shown he has a lack of understanding on how the market works. He anticipated that all of the Small investors who bought up his shares on the cheap would understand what was expected of them and would provide the support that had cost JB and those of us who were invested before all of this pain began, so dearly. It was obvious from the beginning that many would not. He surely knew that to achieve 29% he would have to pay a lot more than 20p but I can only suggest he was trying to keep the SP under control until that point and to add insult to injury (both his and indeed ours) he told the market that he would not start to buy this 29% until he had been made CEO - he should not have given a figure. Anyone that posts here would have advised him to buy up at least 10% to give himself leverage before the vote but he was determined to risk it all on the spin of the wheel - he lost again because he may be a great businessman who can build a business from scratch to over £1billion value but he understands nothing about the market. My own view is that he called it wrong from the start, when the board obtained the injunction he should have spent his time and money appealing the decision - having read the agreement a lot would depend on what he was told and what advice he sort at the time of signing. Anyway water under the bridge - there is a definite need for the facilities that AMGO offer and they should be able to restructure their loans which is vital. Hopefully the FCA can now; without loss of face, take a more conciliatory approach with us re complaints (they were after all wrong all along) and we can get back to lending, quick hike up of the interest rate to justify the risk and off we go. I would not be surprised if JB does take a significant and that is fine by me, I just hope he keeps off Twitter. ATB
5) Final reason why the sp has been kept down is, The major Inst and BOD’s may have agreed on some words, about needing Votes look after us and we’ll look after you, wink nudge. Vreq news may come out “much better” than expected, the sp will react and rocket up on this, as this the Issue that many Institutions will be concerned about since having lost millions from £2,80p and all the way down.
If this CFO is honest going forward:
- complaints are seriously in control.
-Out Payments little change at £6m (q1) and challenging all others
- Good constructive relation with FCA/FOS. (Thick as thieves...needing each other) Thus working with FCA/FOS.
- The RNS to increase the complaints Provisions to £116m may have been deliberately designed to plummet the sp heavily to deflate JB into selling out and getting nothing more than 5p-10p thus weakening his position.
- Was this a “dirty tactic” played by a dirty BOD’s to give market impression things are seriously bad, with plan to inflate and later report provision was over estimated and not required as we challenged all the cases and won with the FCA/FOS.
So far “only £6m” used by close of June 2020.
-JB has mentioned citys boys keeping this sp down. It is obvious to many who trade daily who see patterns this has been the case here.
Have to agree with you BB. He called it all wrong. Wasn’t ruthless enough.
Honest he is.
And he still doesn’t know if his 10% agreement kicks back in or not!
We had a profitable q1. Even with everything going on.
He Didn’t need to sell all his shares, only he pressed for that option.
He could have kept 10% and voted but didn’t.
His offer to buy should have been 30p.
Not 20p
He was on the board, he set the company up and took it through IPO, he had Endless meetings and court battles with the company and yet he still blames the “same” board, - of which he was part of at the time of And responsible for the loans issued that are being being claimed against - it is only roger (Who’s leaving anyway) and Nayan (Who is CFO, and has limited control over anything)
Roger said he’s leaving before JB sold, As soon as A replacement was in place, all JB had to do is wait for Jonathan to be FCA approved and then put to the New board his ideas.
He acted on Personal grudges And did not take the sensible Patient option.
A long divorce, we lost half our Mcap but we got the house.
In hindsight, JB would do things differently, you would think lesson learn’t for now.
Maybe it’s all for the better. iiAG - CFO is Executive i’m pretty sure.
Question to amigo BOD’s when would you like to see sp rise next decade or next century? Lols..
His powers are limited, he doesn’t dictate the direction of the company alone, he will be out in time anyway the only thing that saved him was being FCA approved and the threat of having no FCA approved people on the board.
In time the Institutional investors will replace and install people who they feel confident in.
Not fussed, it’s done, onwards and upwards, post Covid everything will rally We have plenty of cash and we are priced a extremely low, our time will come.
Well that clause exist cos GC intends selling. I don t see how the sp will move just yet as it is too liquid a stock. There needs to be a shortage of stock and it will take a good few weeks or more for IIs to absorb. Starting to think i m losing patience myself after banging on about next year etc lol
Technically GC has bough roughly the same amount while being outsider, right before entering back into amgo, now he's out, so it seems reasonable to have this small flexibility.
I know what you mean Frankie a bit disheartening, cheer up fella, but as Hunniford said maybe just maybe it is better off without JB and more boardroom dramas? I can reccomend a netflix serial called Games of Loans to take your mind off things. Just kidding..lol
Lovering goes imminently upon FCA approval.
Leaving final liability CFO by end of year.
He may save his own skin if Vreq turns out better than expected.
By over estimating Provisions/ or working very well with FCA/FOS. Could be his ACE.
Remember his recent bonus back in June? why so.
Have any of us known a company like this fuker !!!??? So many twists !! But let’s all be clear this will not die down anytime soon , so many plots , sub plots and on and on this will be like eastenders of the stock market until the end of the year at least
Read it it’s not an amendment to his agreement it’s part of his agreement to leaving. This is literally no news. Either way the BOD need to focus now on bringing the business back on track
Amgo should do an CITY INVESTOR PRESENTATION asap to entice large II’s back in, having lost £m’s with some guarantees, and voting influence.
First time I’ve been on today to see this rns lol nice facepalm thanks Glen
Get a proactive investor or share talk Interview uploaded, Will add £100ms to the Mcap!
Hi harry, quick one- why are you feeling vreq before the end of the month? Just out of interest
True expectations
Its like ****ing a golf ball knowing yet another 6% is about to land on the market
Lloydy,
Hi, just checked you’re correct it is Oct end, I always had mid Oct date.
My feeling is Deadlines are set as a very last day or before.
They have to report Q2 in Nov. For period (July-Sept). My assumption is my own only in reference to Director buys they would need to buy before closed period which likely falls around mid Oct - 15th- 19th. If Vreq is big news then you would buy before the news as sp would be higher. Unless they expect to report very last week of Nov. By which time lending might have also started.
Anyway hope that clarifies. End of Oct it is buddy:)