Member Info for chumba

don't hold back one and all...L2 looking strong.

time for me!

yes after I posted. Why not grow up?

It appears that the FCA have been acting petulantly here. I wonder whether the judge will instruct them to engage with the BoD to come up with an alternative and acceptable solution?

Hi chaps...does anyone know whether this can be traded via BARX...they don't appear to have it listed?

Mr ISA is sharpening his pencils for commentary tomorrow. V profitable last time! Thx, Sir. I owe you.

Purrr...

Gordie...good post. Researching this, does the FCA want AMGO to fold or simply to offer a more generous compensation package? I reckon, as I believe many others including institutions, believe the latter. I have posted before about quantifying that compensation. I guess it will be determined once both sides have given their sides of the story in court.

True...all buys today were at Tesco's.

Almost a 6p rise since 20 minutes ago....

you can stop dropping, now that I've bought a large chunk!

And, by increasing the profits going to the scheme, us shareholders are penalised. So a win-win situation fr Wednesday!

"Maria joined the Board as a Non-Executive Director on 12 October 2020 and became Chair of the Remuneration Committee following FCA approval on 20th January 2020. Maria has over 30 years of experience advising the Boards of leading brands on marketing, brand, and corporate reputation, including within the financial services sector. Experienced at developing strategy, managing risk and organisational change, she helps businesses to create their narrative and proactively engage with their stakeholders; she has a strong focus on driving good culture, leadership and purposeful behaviour. Her client list has included: The Financial Conduct Authority, Unum, Iglo/Birds Eye, Cadbury, and Rio Tinto amongst other leading brands. Maria is also a Non-Executive Director of Personal Group Holdings plc, where she chairs the Remuneration Committee and a Board Governor of the University of Central Lancashire. Maria is an Ambassador for Women on Boards, a member of Deloitte’s Women on Boards Academy, and was voted one of Cranfield University’s ‘100 Women to Watch’ for FTSE board positions. Maria brings to the board financial and regulatory experience, combined with a commitment to open and transparent engagement with all stakeholders. "

I get the feeling that Ms DW would have an inkling as to the FCAs intentions here! Will she be drinking champers or Panda Cola on Wednesday night?

"£15m in cash will initially be made available for claims under the Scheme, with up to a potential further £20m dependent on the volume of claims received relating to loans with outstanding balances. Amigo will continue to be responsible for all customer balance adjustments as well as various complaint related costs, all of which form part of the Company’s current provision for claims.

In addition, we will make an annual cash contribution to the Scheme based on 15% of pre-tax profit for the next four financial years beginning on 1 April 2021 up to 31 March 2025."

So these shenanigans to date have seen the sp drop and by the looks of it, no divi for a few years....... I agree fully with the FCA. The rich shareholders should be fleeced more than they have been to date.

You really couldn't make this up.

"The alternative we are facing is a likely insolvency. In an insolvency, based on our calculations, no cash compensation would be paid to customers who have a valid redress claim as Amigo would first have to pay off the significant amount of debt owed to its secured creditors (i.e. its lenders). Amigo therefore strongly believes that the Scheme is in the best interest of our customers, the FOS and all stakeholders. It will help us to move forward, to build a sustainable business for the long term for our employees, customers and investors and to provide much needed financial inclusion – a need increasingly relevant as the country emerges from the Covid-19 pandemic. "

So, if ALL goes bust, shareholders and most creditors will lose everything. Get in there FCA!

Exactly. No doubt the FCA will blame COVID, H&S legislation, PTSD, hurt feelings or some other band wagon for getting an office junior to send that last letter. Truly pathetic and de-stabilising at a time when clarity is what is needed.

FCA, please answer in words of one syllable what it is that you want! (Bland statements are not required).

Not sure what you're saying here...so are you suggesting that it's a binary bet?

Irrespective of blinders or not, the FCA suggest that shareholders should stump up. So they haven't noticed the decimation of the sp or the fact that no dividends have been paid recently?

If they suggest a bigger pot to pay creditors, then why not quantify it and leave it to the company to work out the best way to raise sufficient funds?

In my ex line of work, had i have come up with such a lilly livered moan, without a solution to the problem, I'd have expected a roasting and the FCA should be a bit more grown up about their protestations.

It appears that the FCA is acting like a spoilt child who won't be told what to do. What is their issue and what do THEY suggest should be the solution. I didn't get to where I am today by simply saying something won't work...we had to offer solutions, otherwise STFU!

"Next, the entire narrative of “bitcoin is bad for the environment!” is inaccurate. There is study after study that concludes bitcoin is one of the single greatest financial incentives for the world to develop and adopt renewable energy. You can read fintech firm Square’s white paper titled “Bitcoin is key to an abundant, clean energy future.”

I just wonder how much energy our current banks use to conduct their business...be interesting to draw a comparison here.