Sound Energy #SOU provides an update on a potential farm-in and operational progress in Morocco Watch Now
Thanks for you input Latino. I see that the debt for Travelex is reduced and hope this is not left behind with Fin - there is no indication within the RNS that it has been and I certainly hope and anticipate it will have been wiped off as part of the restructuring agreement. I was foolish enough to join the Fin register late and as it went south quickly I have put it to the back of my mind - would you highlight any other assets that Fin can still call upon or are we totally reliant on asset seizure/settlement with Shetty & Co? Thank you.
So I read that as the Travelex bond holders have restructured their debt effectively taking over that business from FIN leaving shareholders with nothing other than potential debt remaining within FIN itself is reduced. What news on the Sheeneys and the possible seizure of assets?
Franky, I agree that if we can get a reasonable resolution with FCA there is no reason that the SP cannot get back to the IPO price and above - I believe we can do that but I can see us reaching over 30p before this is achieved with a few positive RNS’s. After suffering so much pain I will do my very best to hold for the long haul but as HH has pointed out it is somehow easier for many of us to hold firm in a loss than when achieving a decent profit.
Making a lot of money now in INDV another company that suffered over a long period with a struggling SP- strangely since the big rise on news of settlement with DOJ the price has fallen back pending sign off from a Federal judge - it has another good rise in it and I am thinking of adding now that the risk has gone,
As you know I did very well with ACA but did not hold through the Barrick acquisition - I should have and was sure that gold was underperforming although of course I had no idea that the virus would have such an affect on pricing. I realise you stayed with them and that was certainly the right decision. On selling ACA I diverted some of the money to FRES and did brilliantly although I don’t really understand why silver is doing quite so well - I am now out. I put a large part of the balance into MTRO and ignored your warnings - I remain very frustrated about exactly what happened there but lost several £100k before I switched to AMGO where I remain in a loss but with a significant holding and now at a much lower average.
I have been lucky enough to be well placed in some of the Covid shares that have rocketed recently and more than made up my losses elsewhere but this has been a very challenging year - if you are looking for a quick punt that has yet to rocket cast your eye over ODX. ATB
I certainly take your point seamus but I would argue that 50% for the risk reward - certainly at the moment - is close to the minimum level at which this type of lending can be managed and should already give us good optics - the problem is it does not and we are talked about in the same way as Wonga (who lend at rates up to 3000%) and the other failed operations when in reality we are in a much better place.
Great find thank you. The guidance letter to which the FCA refer March 2019 was of course the document that sparked AMGO original review and decision to restrict lending to repeat borrowers which has remained our policy ever since and high resulted in a unwarranted fall in the SP from c£1.80 to 70p. We do now not generally lend or market to repeat borrowers which may be unfair on them but is considered to be in their best interests - fair enough I suppose. The whole report is aimed at high cost lenders - I would argue that in this market we are very competitive with many other lenders -NSF charging double our rate at 100% and with the banks now charging 40% for overdrafts perhaps the FCA could produce a guide, updated regularly as to what is considered high cost lending and which may therefore be subject to extra scrutiny. We are the market leaders with a dedicated and professional staff, if there are guidelines we will follow them but no company can operate if the goalposts move after a deal has been struck and this is what has been happening and must be addressed. If may leave a bad taste but this type of lending is required and in high demand, if it does not come from professional regulated companies like AMGO it will be delivered by much more unscrupulous sources - it is of course the job/duty of our BoD to make a robust case and I believe we are finally getting the BoD in place that will do just that. ATB
The news we are waiting for is that the agreement with the DOJ has been signed off by a Federal Judge. This should be a formality. I can only think that after the recent rise and as most of us will be showing a substantial profit they are trying a big tree shake hoping that, to protect your profit, you sell out before the confirmation. I have kept a core holding here through the hard times so I will certainly not be selling - this is worth £2 plus and I will think again when we are close to that. ATB
I have taken the opportunity to add quite a few shares following the dip today in what I predict will be my last top up. I have faith in the ability of the scientists employed by SNG to have got this right after years of dedicated research. The development of a vaccine will not limit our ability to cure many suffering with the disease or those who contract it before the vaccine is widely available - distributed - professionally administered, let alone the life changing benefits it will deliver to those suffering from the illnesses for which it was originally developed. I am looking forward to the Positive RNS landing but I am prepared to wait. ATB
Yes I did hope for more of a lift today but we have risen in the last week and seem a lot more stable. If I were GC I would concentrate on the things that affect the business most first. Today I would:-
1. Ensure smooth departure of exiting Directors
2. Discuss position with remaining Directors
3. Discuss possibility of removing shareholder restrictions from RG - outline benefits to co - determine BoD support
4. Discuss position with JB to establish terms of his undertaking with broker - determine his willingness to invest
5. Have a quick conversation with NSF to understand FCA position with them and their intended action
That would be a good days work. I would definitely not be interested in restarting lending until we have a firm agreement from FCA - no point.
Once GC has achieved a satisfactory outcome from 1-4 the SP will rise substantially a lot will depend on the remaining Directors and their willingness to move on - you would expect that to be greater if their was no legal threat hanging over their heads. ATB
The only reason that they might be in trouble with capital adequacy if it does in fact affect AMGO is because of the provisions made by the exiting board. If the new board approach the FCA then they may come to an agreement on underwriting that will change the requirement for such provisions - I think we all agree that the existing principles for a claim as highlighted by JB are unreasonable and would make the vast majority of the population unable to borrow - if they cannot agree then the only route to sort this out would be via JR. I see no requirement for a capital raise and think it extremely unlikely. Let’s see what next week brings.
Thanks for you reply RB and apologies for my delayed acknowledgment - I have been distracted elsewhere. As you indicated I think I have failed to fully take into account the Covid affect. I will hold but will not be adding just yet although I see your fare value figure as being spot on. ATB