Member Info for Beevorma

yes indeed, i see it bumped up long enough for some to get out this morning and now here comes to the drop.
did you manage to get out HH or you holding on for dear life?

so if Richmond are out, does this mean that the balance of shareholders will make up the "100%" and therefore if the majority vote in favour of getting rid of the board then they will still go?

where did you see that?

Yeh I have messaged him a couple of times, but he hasn’t responded.
Probably doesn’t want the guilt trip

Yes it makes the loan book a liability rather than an asset. I don’t really want to get into that though as it goes back to the board vs JB discussion :-)

I just see it as a statement of common sense, why on earth would you sell a company for 98m when you have more in the bank.

Oh wait I just re-read they’re delayed until end June

Expected Tuesday?

HH my initial thoughts were oh god rushing to resolve complaints = let’s just pay them out, but I guess they will have simply reallocated lending staff to complaints which makes sense in the current environment.
You might also think the board would be keen to prove they have actually been lending responsibly and there’s no foundation to JB’a claims, as without a doubt he will investigate them.
I don’t see him running the book down tbf, I think he’s just posturing over the underlying value when he’s talking about that

oh i'm sure they will get a job on any AIM listed company for about a million a year + bonuses, it's all about which snakes you hang around with.
Bit like Dave Sefton, biggest crook going but still manages to bank multiple jobs

i'm not convinced they'd consider selling anywhere near these prices, longer it says at 20p though the better a deal 50p looks etc.

definitely sounds like you've sold out HH :-P.
No to be fair it's a valid point, hopefully the offer will at least stop the drift back downwards for now and we'll have some update that TRG has rejected it and seeks to continue forward with the board replacement.

My hope Yuri at this point is just that they go ahead and replace the board, start lending responsibly and move on.
A postponement of the sale on that basis would be positive in my view

Sounds like a big FU to me!!

The ‘offer’ requires me to call off the meeting to remove the board, which leaves amigo and its customers in the hands of a board which is simultaneously corrupt and incompetent.

It also requires me to carry all other shareholders with me.
I am genuinely sorry that I hired Stephan Wilcke, and that I did not vote to remove Hamish Paton when he was first hired. I am sorry to the customers who have been treated unfairly under their governance, and to the shareholders who have lost so much money.
I cannot agree to saddle Amigo customers and shareholders with this board for an unspecified amount of time, on the hope that they may be able to sell their shares for an unspecified amount. I will not be entering into an irrevocable agreement with this bidder.

Amigo’s board have today announced that they have an offer for the business and want me to agree irrevocably to it. The board and their advisors have billed millions of pounds to achieve this and it was one of their primary reasons that shareholders should vote not to remove them
What they did include was their cash position. Amigo currently has over £115M in cash in the bank. A number that has been growing steadily since they stopped lending.
How terrible do you need to be as a board to run a company that trades at slightly over 1 years profit AND significantly less cash than you have in the bank?
How arrogant do you need to be to assert that without you, the company would be left without the skills and experience needed to properly run?

It’s just @janesbenamor
He’s just done a load of posts blasting the board, there’s no way that offers being accepted

HH yes I also considered selling at 30p, but given my average was always much higher I didn’t want to be out of it did rise.
I guess hindsight is a beautiful thing!

I just tweeted JB, probably won’t respond but made me feel better!

That’s pretty shocking really, the board should reject that outright but as it comes with A “you can keep your jobs condition” they’ll fully endorse it.
At that price I’d be buggered big time, my avg is still over 50p here