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amigoshareholders@yandex.com ........ for the newer holders a some share holders set up the group last year to improve communications with board. They were ridiculed by some but I found their latest email very informative.
(cont.) The discussion between us and the Board was constructive, open and frank. We feel confident in the Board’s ability to get the new Scheme sanctioned. There is a clear demand for Amigo 2.0 and the loans website continues to get around 25,000 hits per month, which bodes well for when relending starts. The submission of the new Scheme has taken longer than we would have liked but it is important to learn from the previous judgment and ensure that the new Scheme gets sanctioned this time around.
Apologies for not being able to respond to your emails, we will keep you posted if there’s anything further to share.
Regards,
Amigo Shareholder Action Group
Thank you
Dear Sir or Madam,
As you’re probably aware, the HY results have been published. There was also an investor call followed by a Q&A session on Monday 29th November.
Announcement:
https://amigoloans.cdn.prismic.io/amigoloans/400f7f8c-c43d-4949-bb18-aa57086e7d69_Results+-+Amigo+Holdings+PLC+-+Half+Year+Results+29+November+2021+FINAL+%28signed%29+%28KPMG%29.pdf
HY Presentation:
https://amigoloans.cdn.prismic.io/amigoloans/9b949894-ad34-445f-987d-48c2a8743a16_Presentation+-+Amigo+Holdings+PLC+HY+Results+Presentation+-+FINAL.pdf
Webcast replay:
https://www.investis-live.com/amigo/615c58b2835ae212003d14de/omra
We had a telephone conversation with Gary Jennison (CEO), Mike Corcoran (CFO) and Kate Patrick (IR) on Monday 29th November following the release of the HY results and update on the submission of a new Scheme of Arrangement.
The new Scheme submission is one step closer to ending the current situation, which is good news but the share price has responded negatively and we have received a few questions about the rights issue and dilution. We discussed these concerns with Amigo management and will provide a summary below.
The Practice Statement Letter outlining the options for the Scheme is currently with the Independent Customer Committee who is close to signing this off. This will then be presented to the FCA who will take whatever time they need to. Amigo wanted to start the process a few months ago but have been negotiating with the FCA.
The rights issue will probably take place after the Scheme has been sanctioned. The FCA would have to give the go ahead to relending prior to the rights issue as Amigo couldn’t go to the market asking for money without this being resolved. The rights issue prospectus will have to have details on the new business and products, Amigo are hoping to go to the market after lending has resumed and not just approval for relending. Some of the funds will go towards Scheme. Shareholders will have a right to participate via open offer.
The balance sheet shows £344m complaints provision and an Insolvent balance sheet with £120m negative net assets. The company is not in a position to pay out creditors in full. If Amigo were able to pay out claims in full they wouldn’t need a Scheme.
In his judgment, the Judge made clear that he wants customers involved in the Scheme and shareholders to contribute, which is what the Amigo Board are trying to achieve.
In our personal view based on the timeline of the initial Scheme, the Practice Statement Letter will likely be issued in January 2022. The first court hearing will probably be around March/April 2022 and the meeting of creditors and final court hearing to sanction the Scheme around May 2022.
The discussion between us and the Board was constructive, open and frank. We feel confident in the Board’s ability to get the new Scheme sanctioned. There is a clear demand for Amigo 2.0 and the loans website continues to get ar
How can there be a share holders update when the share holders don’t know about it?
@freekick
can you share any new information please?
Where is the shareholder group info?
Many thanks to the Shareholder Group for the update on the meeting with Gary et al..... there really is no option but for SOA2 to be accepted .