Member Info for BIGBangs

Getting rid of the entire board in one go is extremely unusual - I can’t actually recall another occasion when it has happened so I am guessing it will berelatively new territory for all parties. JB who, following HH’s analogy is in my opinion both the coop and the rooster whilst the board are the chickens has also indicated that he is investigating the possibility of legal action against the existing board - I am sure the FCA will find a way forward - at worst presumably a temporary suspension? The market seems to like the prospect of a board that will work closely with its largest and controlling shareholder and as long as the SP keeps rising I for one am all for it.

Although I have not been too bad at calling events here there can be no doubt that I have called the SP movement subsequent to those actions entirely wrong and it has certainly cost me. I still have a (very) large holding but I am deep in the red. For what it is worth and although I did anticipate a takeover I do not believe that JB would go to the trouble of an EGM to remove the board and identify his interim team if he was not resolved to seeing this through. I do not remember the exact figures but JB was something like £600 million down at 60p ish so with the skin he has in the game I think he deserves the chance to put things right here. Stability and a clear plan would serve us well and the best we can do is hope that his vision is successful (again).

No spread, 22 / 22

At 50% APR which is very similar to the high street bank overdraft rate, I really do not think this is sub prime lending. I am sure they will have furloughed most of their lending/admin staff and Be fully concentrating on collections. HH will be more happy with the spread - showing 19.36 / 20. I remain hopeful. ATB

I would guess our cash position remains strong as per NSF who reported strong figures - May will show us for sure.

I think we did suggest that this would be a possibility - the major shareholder will always ultimately decide the board. I think this can only mean that JB is determined to push back hard with the regulators and, he hopes at least, that the SP will then recover to the £2.50 plus level. The market doesn’t seem concerned, I would have preferred the £1 sale and been happy for him to take the profit. I have switched a few to TLW, AA and NSF over the last few weeks as they have suffered more than most shareholders here and I wanted to spread my risk but I will probably stick with the rest and see where it goes. ATB

Yuri - if JB wishes to take the company private he needs 90% of the votes - a takeover would require JB’s support as he controls 60%. At this point in the game I would like clarity - JB identifies that the underwriting criteria for the granting of new loans would also be the criteria were a full refund plus costs could be reclaimed by complaining borrowers - this is quite simply ridiculous. If the criteria is that any borrower does not make their credit card payment in full each month and does not dip into their overdraft then how many people, especially now, would actually be considered eligible for a loan? I am probably being too optimistic but I still have faith in JB doing the right thing, for me that is either make/accept a fair offer (based on the SP before the announcement which was 68p) or schedule an EGM take full control of the board and pursue a judicial review in the hope/expectation of achieving the IPO price. ATB.

75% for hostile takeover (ie without board support) 90% to take listed co private.

In addition to their 8% stake here MIC purchased a 3.14% (700 million shares) in Finablr on the day it was suspended - this would not have been done by accident as this UAE fund are extremely well connected. I can’t make any connection between the two deals but they certainly appear to have some grand plans. I have no idea what is going on but I expect something to happen once they get to a 10% holding where they can then block JB taking this private as he requires a 90% vote. Everything is painful at the moment let’s hope for some good news. ATB

Well guys I never thought that when I posted today about adding quite a few shares that my the close of play I would be hoping for the share to be suspended tomorrow. I was out when NMC issued the dreadful RNS and thank HH for advising this board of it - his timely comment did not help me but may have helped others although I understand from others comments that once the RNS was out it was impossible to sell. I believe that as a separate listed company any wrong doing at NMC does not automatically mean that FIN is also guilty of the same crimes but with the obvious connections it will cast a dark shadow which the market will use to attack the SP. I would suggest that even if it were to come out that an individual did use money improperly obtained from company A to fund company B it would not be company B that was in trouble but the shareholding of that individual in company B and of course as yet there is no suggestion that happened here. FIN was only floated last year and I hope that we are proved to be free of anything improper and that our accounts and funding are beyond reproach - I expect this to be the case but I do expect if they try for business as usual tomorrow the SP will be decimated. Please suspend the share until this matter is resolved. ATB

Wow, timing is everything and I just got mine wrong. May explain why this was falling while the rest of the market had a little lift today. Certainly does not make the position any better. I would suspend the share as Pearls suggests - if all is as we hope and as it should be it will come back with a major rerate. Hope they are brave enough to do it.

Although I am ever fearful of a large majority shareholder, especially one who on the face of it appears to be in some financial difficulty, I have added quite a few today as I believe on the financials alone and despite the added issues created by C19 that this is oversold. This was hit hard on the back of the Director/shareholder link to NMC but It seems to have a stronger BOD and has not suffered from the same problems that have affected it cousin, it shares have not been the subject of forced sales and have only now been lodged in part as security but based on the current SP not on a much higher price. ATB

I’m with you HH, bid or not, lower tomorrow maybe but I have added 150k shares today and will add more tomorrow on weakness. Couldn’t buy this morning so most of my buys over 15p but what the heck - virus worries and squabbles between S.A. and R will pass and this share will climb - I can wait.

Sorry guys I was just passing on what I heard on interview with MoLogic CEO on LBC.

CEO of company in receipt of Govt funding just confirmed they will be producing test for £1.50 a shot and will be distributing world wide on a not for profit basis.

Thanks LB to be honest I have no idea who’s camp he may be in and that his probably a good thing - his very significant shareholding means that everyone should take him seriously and at the very least he knows the business and the players involved. Good appointment. ATB

Crawford was JB’s right hand man and set up the business with him. I think we can assume that they trust each other and can work well together. Mr C has made some very astute and significant share transactions and remains a significant holder so like JB he has blood in the game. It seems to me that JB sees a clear route to more than the listing price of £2.75 but I feel that he has gone about achieving this badly and at 26p a share the market has shown that a public dispute between the controlling shareholder and the company is bad for the SP - the actual value of the company has not changed. The potential buyers are already in the room but they will want/need certainly from JB as to his position before much more can be achieved - he must have acquiesced to the procedure as suggested by the RNS otherwise it would never have begun. The purpose of the appointment of Mr C can only be to either convince interested parties to put forward a deal on the assumption that the highest bidder will be put to JB who can then decide if he should match it to take the co private so that he can pursue his ambition of a judicial review (which he may very well win) or accept it and use his funds to invest elsewhere - the company cannot continue in its current form. There is only one other outcome and that would be a negotiated arrangement where JB and an interested patty form an alliance to buy out our shares and proceed probably on a 50/50 basis with new co. together. Call me stupid but I still see £1 plus.

So JB thinks he can achieve £2.75 by undertaking a judicial review with the FOS,FCA or by effectively closing the company to new business - ditching the premises and staff and running the loan book off over a few years - well that may indeed be possible but not as a listed company. Other interested parties may well believe that there are other options. I have to accept that JB’s resignation appears self indulgent and together with his subsequent comments against the best interests of the company it’s shareholders and the process that is currently being undertaken. We need an RNS that outlines the current interested parties (with their permission) and a deadline for final offers - JB should not act as a barrier and if he truly believes that he can achieve more by following through on his statement then he can buy us out, take the company private and get on with it.

Although this is hurting me as much as anyone you surely have to ask yourself why large holders would want to sell now at 35p when there are bidders in the room - not likely. I have speculated enough and although I will continue to add myself, I do not want the responsibility of encouraging others to do so who may then get stopped out or jump ship before the final bell so I will touch base again when the fat lady sings. ATB

I notice the last RNS advises us that MI C have once again increased their position by purchasing another c500,000 shares taking their holding to 6.78%. Are they building a position to block a deal or to help carry it? I am sure you will have all noticed that our two corporate brokers have been buying and selling a large number of shares for no apparent reason other than to drive the price down - I hope they remember they work for the company and not for specific shareholders - why could they possibly be doing it? Added quite a few again today a good bid will take the pain away - I wonder how long we will have to wait?