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Although I had anticipated that they would kitchen sink this, I admit that the sink may have been bigger than I thought. Today’s announcement clears the way forward, the SP did not reflect the value of our cash balances anyway so nothing is lost. The accounts will certainly help us prove our argument with FSO/FCA and will encourage then to be more realistic - there will be no lending anywhere if the current guidelines are maintained and they will be reviewed immediately stemming the tide of complaints/ reclaims and thwarting the sharks who are facilitating it - no one wants another Wonga. News on the Chairman is strong. CG having JB’s support is strong but do not expect the 1% sales to halt immediately although I do anticipate they could stop following 1st August. Webcast will be essential watching. After a blip this morning I anticipate that will will finish blue. ATB.

Thanks for alerting us it’sagame - at first I thought you were joking but having checked it is genuine - that’s my Monday morning sorted then.

Just bought what I believe will be my last purchase before this takes off over the next week or so - we are waiting for TR1’s, Accounts on or before 23rd andGC taking up CEO position on the 1st Aug whilst JB considers his position. Your money your call. ATB.

As you know HH I was convinced that he would make a bid before I just feel it is less likely now but he could. I am approaching another milestone with my position here but I was pleased and comforted to note that you had also breached the 7 figure holding - it certainly concentrates the mind. We could not have guessed at any point what would happen next with this share because it was entirely unpredictable but I am more confident than ever that this will come good and foresee significant gains if we are brave enough to hold tight as the profit notches up. ATB

So JB ended his tweet yesterday by confirming that he is considering his options.

So what are those options :-
Let the market continue to take advantage of his position and slowly buy up his remaining 40% at well below fair value - extremely unlikely.
Give up on the sale of his shares and hope that something will happen that gives him the result/value he hopes for - with what he has done to date I very much doubt it.
Work with the incoming CEO to address the issues he has and move towards the value he feels lies within AMGO - pretty likely - good for us.
Work with the incoming CEO to properly engage with the prospective purchasers who made approaches at significantly above our SP at the time - this was not 21p but potentially over 50p (when we announced we were considering offers the SP was c68p)- possible - good for us but dependsIf JB wants to remain involved or just exit.
Make a bid himself - unlikely now as unless the bid was 30/40/50p he would be accused of market manipulation and if this was his route then he would have offered 25p the day after the board suggested the Hail Mary offer of 21p - he had 60% then and it would have been an easy deal to get through.

I can’t think of any other possible options - my view is that things will change significantly for the better when the feud is over and GC is appointed. JB will work with him - probably consider and have discussions with interested parties to establish their appetite whilst working with FCA to overcome the current and what I believe are short term issues. I am as sure as I can be that we have seen the worst and the prospects are good - perhaps better than they have ever been as most of us have taken advantage of the situation presented by JB’s action and loaded up at an astonishingly low SP. Hold Hard.

JB’S sale just gone through early - good sign.

67 said truly bizarre and it is - first time in the history of the stock market that something like this has played out and we have ringside seats. This has been/is like nothing any of us have been through before half exciting half freighting and we hope a massive opportunity. Still many questions outstanding like who has bought the shares and where are the TR1’s?
My guess as to how it may play out:-
1. TR1’s giving us a lead on buyer(s). SP rises
2. Results come out with strong cash position and provision doubled to £70m - some wish washy comments about negotiations with FCA. RL resigns. SP rises
3. GC takes up appointment on Aug 1. Cancels consultancy with Stephan who leaves. GC talk to JB and offers to cancel the shareholders agreement without him having to reduce to 10% - JB will have c 26% at that point. JB joins board. SP Rises a lot.
4. Consultation with the FCA/FSA if unsuccessful full judicial review. SP rises.
5. From what I have read I have to believe that we win judicial review - SP rises.
6. Game continues or a substantial bid comes in.

I’m feeling pretty confident tonight.

I think you comment is important Blind, especially coming from your prospective. They agreed and approved our lending criteria in 2018 , I believe we have stuck to it but we are still attacked so where has this problem come from? The old BoD bent over backwards and agreed to pay out left right and centre, they were weak when they should have been strong but that time is over. Amgo is not an exploitative company and it fills a need. JB believe the company will survive, he could have taken 21p and walked but he knows the value here and for his own reasons he has given many of us the opportunity to load up. Things will be good. Added more today. Hold hard. ATB.

So where are we? No known sellers other than JB with his 4.7 m per day, but who’s as bought the 90 million he has sold to date and what are their intentions? As of the 14th, JB still owns 41.66%. JB could have sold at 21p minimum :-
60 x 21 = 1260
30 x 6 = 180
30 x 36 = 1080
Just speculating that it is possible JB could sell half his holding at very low average and the other half at a higher price, proving his point but being no worse off - although personally I think he wants much more than this and the more he sells the higher value he has to place on his remaining shares or does he have something else in mind - he certainly will not want to walk away looking foolish by the choices he has made.

We did not get the promised update at the end of June but results will be published on the 23rd - will RL use this as an opportunity to resign and clear the route for JB to stop selling? What info will we get on the claims and what is the company planning to do about it - we know what JB wants to do so has company policy shifted? GC takes up his position on Aug 1 - he will want to make a big noise from day one, we now know he is well favoured by JB so how will this affect the SP? Who will be appointed Chairman and what about the other open board positions - JB has some candidates but what does GC think? Will GC want to pursue the other offers ‘ materially above our SP at the time’ or would he prefer to work with JB to achieve true value and if the pressure is off what would we actually prefer? Presumably answers to these questions and more will be coming to your screens shortly, until then I’m adding, battered but not beaten, confident but not ****y. Hold hard.
Sent from my iPad

I noticed it Richie and enjoyed the clip. I have racked my brain to come up with what he could mean but I think he is just too clever for me - whatever he means I just wish he would get on with it. Added a few more a 9p today. Hold Hard.

On the one hand with have JB the founder and orchestrater of our current position who looks at the fundamentals of the company and writes:-

Obviously you know a lot more about Amigo than I do. You can add your name to an illustrious list that includes Hamish, the board and the 90% of shareholders that voted against me.

Actually as it stands now I would have made more by not floating at all, and just leveraging up the company with more debt. Amigo was severely under leveraged for many years. Even now it has net assets many times larger than its market cap.

And on the other side we have shorters or worse chat room tourists who ignore the fundamentals and tell us that this is going to 0.5p which I can absolutely promise you it will not because I will have bought it before then. ATB

Yes expru, I am willing to accept that when JB told us he would want to reinvest when the two guys have gone and that GC was back in control that he was telling the truth.

Expru - we don’t have to guess JB’s own tweet confirms that he is very likely to invest once GC is back in charge, you can’t be selling 1% a day while you are also investing.

Hi Dibs - you advise us that you have read the agreement between JB and his broker - I am struggling to understand how as as far as I am aware that is a private document that has not been released. Happy to give you the benefit of the doubt but would you care to give us the details.

It should come as no surprise to anyone that JB continues to sell, he confirmed that he would yesterday but he also suggested this could change from the point Roger and Stephan physically leave the board so a) still selling but to who and b) if he is happy to invest again once GC takes over then he must have a way of avoiding the irrevocable agreement.

If they were doing it discreetly as it is illegal then how would you know?

There is a slim possibility that Stephan and Roger would be entitled to receive a number of cheap options if a bid comes in whilst they remain on the board - this may not be the case as they have resigned and awaiting their leave date however, JB would rather turn in his grave than allow those guys to benefit from anything over which has control. This is yet another complication for a potential bidder.

The news on GC’s appointment and JB’s reaction to it is much more significant than the rise we have seen in the SP.

Happy to have you aboard now hold hard.

Wise. The big drop to which you refer I think took the SP from c£2.20 to 75p and was the point at which many of us joined. HP had been appointed and announced a review of the business. The main thrust of the review was that we would not actively try to lend to existing customers but would seek out new business. This was quite radical as far as the business model was concerned and the market did not like it. By the time that it was decisively proven by the results that this did not in fact impede our ability to lend JB had fallen out with the board and was beginning to make statements of his own that collapsed the SP. I have no feeling for GC - he certainly made some very perceptive share trades following his exit - what is important is that JB rates him. JB’s fresh outlook following GC’s appointment will have thrown a spanner in the works for a potential buyer who may have been happy with a slow acquisition, they will need to decide to launch a bid quickly before GC takes up his position or JB may well decide that he now wants to stick around and push for full value - his tweet would suggest there may be a way to avoid the irrevocable undertaking as we thought.

Too soon - stick around.