Member Info for BIGBangs

I agree Yuri but I think it is actually only the 3rd day at close today if we take 18th at JB first big sell day, as you know people have 3 days to notify so that will probably mean tomorrow morning for TR1’s. I must admit to being pretty interested to see what is happening. If institutions are adding then that will bode well but someone other than me must be buying, let’s see. Ready to add more tomorrow.

I know HH, I am buying early and late but painful. Stop eating burgers - we need you posting.

For any that might be interested - all of my buys today were shown as sells. JB continues to rock this share - I do not believe he will ever go below 50% as has been speculated but will launch his own bid before then so he can recoup the £1 billion he his currently down over time and in his own way - he has many faults but ultimately he is not stupid, he will argue that he was forced into this position. Whatever he spends he will recoup from the cash currently on the balance sheet from day one. It is a certainly a gamble to buy every day but when (if) news lands the SP will move very quickly - I think this week but he could drag it on a little longer. ATB

Like everyone else I have no idea what will happen next but if I were to speculate I would have to think that JB will soon make a bid for the company. Today’s RNS by our disgruntled BoD and the panic that ensued played right into his hands. I feel that he pushed on with the GM so that when he puts in an offer he can do so in good conscience having given shareholders a chance to support his proposal and benefit from the uplift he foresees - unfortunately those of us that supported him will suffer in the same way as the 92% that did not. He has followed through on his threat to sell 1% per day and sent us all, together with the SP into a tailspin. I am sure that he feels he has acted properly at every stage, we may have our concerns but his conscience is clear. He has shown the ultimate power of a majority holding and when he comes forward with a 25p bid everyone will now jump at it even though it is worth much more. Once he takes the business private the cash in the bank at AMGO becomes his more than paying for the exercise, he will than push on to deal with the FCA as he sees fit and ultimately for his own benefit - who can blame him.

Answered earlier - due to an agreement he has with Amigo JB was not allowed to vote. I think when he started this process he had forgotten or perhaps misunderstood the scope of the agreement as the wording does leave room for interpretation, evidently when the BoD threatened to take the matter to court JB was advised that he would lose, the meeting went ahead but he lost by c92%/10% of those eligible to vote.

Hi epg, I do not think JB would have been under any obligation to give us details of the instruction to his broker or event advise us that he had given an instruction. He could well have set a limit or created a thousand other conditions of sale, seems unlikely on his current track record but who knows.

Perhaps you might want to read the RNS again invest the threshold was crossed on the 18th, the day after the meeting - we saw the 1% trade go through - Blind even reported it on this board, so there surely can be no dispute as to who can and cannot read an RNS. By the way they actually have 3 days not 48 hours to report - let me know if I can help you with anything else.

Thanks 86, I had not come across IDP but have flipped across to have a look. It appears that Mr Chawdry sold virtually his entire holding 28% on Nov 7th. The price was not massively affected it having reached around £1 earlier in the year and was at about 75p when he started to sell and 63p afterwards. The difference was that I think he had arranged some significant sales to interested parties and did not simply flooded the market as our own significant shareholder seems intent on doing.

Sorry Invest - we have not seen the actual wording of JB’s instruction to his Broker but I do not interpret events in the same way as you have. If JB felt that the resignations received prior to the vote changed his position he would have said so and he would have presumably been able to stop the sell instruction - time would not have been an issue and even if there was the slightest chance that it was, again he would have made that clear by now by informing the market that the instruction had been rescinded. I think he is likely to continue selling for now but that does not mean the price will continue to fall every day as at some point in whole or in part someone will be interested in acquiring some or all of his holding.

Can anyone point to another situation where the major shareholder has been intent on destroying the value of its holding - I have 30years trading experience and I can’t think of any but it would be useful if there was a comparison?

Amigo would require shareholder approval to buyback its own shares - unlikely.

And now the first RNS from TRG formally confirmed they have reduced by 1%.

Not sure that a few scalps are enough for him Invest - we saw a 1% sale go through after close yesterday - that would suggest he is following through with his threat - this has nothing to do with business now this is just ego - it appears he does not take advice and listens to nobody but the succubus on his shoulder - he seems to care little for his own worth (nothing for our pain) but with 8 children one would hope he would care about their inheritance. I will be very happy to be proved wrong and for the stupidity to end - goodness I have called every step of this wrong so far!

Mixed views HH - crap leadership all around. What I do know is that if I was coming to this share clean and held my million shares at 10p I would be feeling pretty good about it - the fact that my average is way higher should not stop me taking advantage of the opportunity that now exists - and yes that is even after acknowledging that JB’s hatred of the BoD means he is following through on his threat to sell 1% per day and to hell with the rest of us. The shares may be cheaper tomorrow, I will not be selling so if they fall further I will just have to add until something changes.

I have now taken my holding to over 1 million shares, my average remains far higher than today’s price. I have decided to view this as an opportunity and I just really hope that somewhere, somebody has a plan - the company is worth more than 10p per share - if JB continues to flood the market then the SP could certainly fall further, for my part I have determined that at some point, something will happen that will bring sanity back to this share. ATB

I agree B - if the statement was true and we all want to believe it was there is only a limited amount of lending that can be in dispute.

Good first post Blind - thank you. As HH reminded us the IPO was only 2 years ago at £2.75. I refuse to accept that the market has moved so much that we are now worth 11p. It was only last year that they paid dividends virtually equal to today’s SP. This is not an unscrupulous lender like Wonga, we do not charge interest rate running into 1000’s % but 50% - the same as high street lender overdraft rates. Whatever has gone wrong and despite the bitter in fighting which has torn us apart one day things will be sorted and we can continue with a SP that reflects the true value of this massively profitable, cash generating business that is needed by the society we live in. I would have been happy for JB to have pursued a judicial review but I would be even happier if behind the scenes conversations can take place to achieve the same result - a fair lending criteria that cannot subsequently be challenged if the wind changes direction. I don’t see it costing as much as you suggest Blind or taking as long but we need to stop destroying our own company and get on with the job - at this point I don’t care who does that as long as someone does.

If you are going to speculate HH then I prefer you stick to the £2.50 : 1p although we would both be very happy to split the difference. It will be interesting to see if we start to see RNS’s showing JB reducing every day I would guess others will be happy to pick it up and anticipate such sales are already reflected in the SP. I would have preferred to be watching from the sidelines but as it is I will get the popcorn.

I found it - thank you for the steer. The agreement is in place until TRG hold less than 10%. With 10% they can appoint one Director, with 30% they may appoint two. I note the clause:-

(A) be entitled to call a general meeting of the Company to table a shareholder resolution to remove the relevant director and shall be entitled to exercise its voting rights as it chooses in connection with any such resolution; or
(B) be entitled to exercise its voting rights as it chooses in connection with any resolution on which all shareholders of the Company are entitled to vote, which is tabled at an annual general meeting to elect or re-elect the relevant director and/or vote on the relevant appointment (it being noted that such election/re- election would also be the subject of a separate vote of independent shareholders only tabled pursuant to paragraph 9.2.2FR of the Listing Rules, in relation to which Richmond Group Limited would not be entitled to vote).

If that did not give them the ability to vote off Directors at the recent meeting then surely they can do so at the normal AGM - what am I missing?

Thanks 86, I have looked but don’t see it - which section/heading is it under?