Member Info for Beevorma

yes and as i mentioned don't wait for your institution to contact you about the corp action, mine were checking out the website whilst i was on the phone to them (a large institution not a 2-pot broker) so you'd best be pro-active, it's not instant they have to register your votes so you might miss the cut off...

ok so dependant on the upgraded provision we're still pretty profitable.
but what i would really like to know is what % of loans we're getting claims on and what % of these we're paying out on. I don't see why they won't give us these figures!
According to JB they're well in the 90's% wise, which if that's the case is just insanity...

If costs then we're looking at £35m-£26.6m = another £8.4m already paid out + a further provision of an undisclosed amount.
Assuming we haven't been lending recently (so less claims for the muppet board to pay out) could we assume the position is £53.5m profit as of Q3 - another £8.4m = £45.1m - undisclosed provision = EBIT?

and today:

Whilst there is significant uncertainty about the eventual outcome, Amigo expects that the cost of clearing the backlog of complaints covered by the Voluntary Requirement will be at least £35 million and could be materially higher.
In addition, Amigo expects to report a material increase in the provision in respect of complaints within its full year results for the year to 31 March 2020, which are expected to be announced by the end of June 2020.

As at end Dec 19 (Q3) Profit before tax was 53.5m, dos this include 26.6m or 18.7m i.e. the costs or provision?

Need to get my head around the complaints, in Q3 results situation was as follows:
Complaints provision increased to £18.7m from £7.5m at H1.
Complaint costs have risen to £26.6m from £10.4m at H1.

Although complaint levels have been low historically, we have seen an increase in volumes over the first nine months
of the year
• The balance sheet complaints provision has increased to £18.7m. The provision includes a combination of estimated
redress for known open cases and an allowance for future claims
• The increase in provision is largely a result of our review of Financial Ombudsman Service cases throughout the sector
and the application of a higher uphold rate assumption
• The cost of complaints in the Income Statement has increased to £26.6m from £10.4m in H1
• The Complaints team has been appropriately resourced and upskilled

Financial Ombudsman Service (FOS) - February complaints data for guarantor loan sector*:
? Increase in new complaints received from Q2 – Q3 Calendar year: 172 – 303
? Uphold rate approximately four times prior years rate

Information regarding non FOS complaints not disclosed

Since bid is off - short disclosure thresholds have changed.

that mean back to 1%?

i just had a live chat with my broker to vote for the proposed resolutions, they didn't seem to have much idea so I wouldn't sit around waiting for a corporate action if you are intending to vote...

i did too (dangerous i know Yuri), but down to 31p avg now

Had a feeling something like this might happen, it's really disappointing to see we're paying out on claims when the board has previously stated new lending is in line with FCA guidelines as responsible. Seems JB is right and for me underlines even more how much this board needs to go!

I doubt it, why pay more now when you can buy TRG’s shares over the next 2 months for probably the same price as today

What cos you mean we’re all stuck at home :-)

With 3 posts and usually “has been watching for a while”

Plod no mate it will be 6 quid by 9am Monday better get in there quick

If I was those guys that own 9-10% (can’t remember the name now) I might think well sod it, let’s vote against JB, let the SP drop and pick up a good chunk of the company on the cheap?
I haven’t had any corp action come through on mine so I’m going to email them now

I don’t believe he will sell anything to be honest, it’s just a clever blackmail to the PI’s

Purp is full of -Ebit, you can argue any which-way.
I'm happy with my holding either way so let's see where it goes...

they've not had any bounce since lockdown though, we're already over 100% up from our low so not sure we'll get quite the same...

be interesting to see the FY results, at the moment we're showing a P/E of less than 1.
Best case would be we're still in the range of 10p/share as of Q3, with the little bit of trading before shutdown equaling the costs of running over Q4?

another auction today

waqas if i knew that i'd be writing this from my yacht moored up in Puerto Banus!