Member Info for DavidHos

https://www.bbc.co.uk/news/uk-politics-55422729

Jimmy

Thanks for enlightening me! I’m going to give 40% of my shares away to people who need the money more than me.

Jimmy.

You really only read what you want to read don’t you! I said hypothetically as I was giving an example!

I have no idea what % they might or might not get and don’t proclaim to know!

You seem to know and have an opinion on everything and everyone but in reality you don’t know either!

Happy to have a debate but you seem interested only in deramping this share.

Would I sacrifice the same % of my Amigo shares? That’s a risk EVERY INVESTOR takes with every share they buy for goodness sakes! You can buy a share for £1 and find it’s worth 60p the following month so my answer is I’m already taking this risk!

Tine will tell who’s right and who’s wrong but please stop spouting negativity as if you know for sure what’s going to happen.

I've been in and out of Amigo since mid summer this year and, after doing my research I've decided I'm a LTH (still do some day trading on it too).

I've also been in and out of Aston Martin since I first bought in at 35p back in the summer too.

There are quite a few similarities between the two companies;
Poor trading history
Poorly run in the past
Both on the brink of going into Administration

But some positives too;
Both have completely new BoDs
Both have laid out what they see as their future

For quite a while all the naysayers on the AML board would talk about was how the company had been bankrupt several times in the past and how you shouldn't put your money in it as you'd lose it. I held 200k shares and fortunately didn't listen to them.

I think quite a few of those naysayers have now moved to the Amigo board...

I'm not saying that Amigo is going to make it or that it's going to fail as I don't know for sure but I've done my research and think I'm going to leave my money in to see what happens. If I lose some then I've only got myself to blame but I don't think that is going to happen at all.

Just my opinion but to all the naysayers... Please have a balanced view rather than spouting negativity as if that is going to happen for sure. You don't know this is going to turn out badly, just like I don't know this is going to turn out well.

I'm not ramping this but I'm not deramping it either.

Jimmy

They wouldn't be getting half or what they are owed would they. They would be getting around the same as currently. But the costs for Amigo would be greatly reduced as the CMCs wouldn't be taking their cut, they wouldn't have the cost of administering the claims or the £600 per claim to the FOS.

I'm sure you'll now think of something else equally negative to say so do your worst!

I realise that seamus12. I was just trying to establish the fact that an SoA could save Amigo around 50% of the costs on any future claims but would still give the claimants the same net result...

I think the SoA is absolutely the way to go and I suspect the former Deputy Director of the FCA who now works at Amigo think that too! Fingers crossed they can get it across the line and we'll all be happy!

radfidell

That's just not going to happen!

Thanks Blindinvestor.

So if the average cost of a claim is £4000 (+ £600 to FOS) PLUS the cost of administering the claim at Amigo (circa another £750) that would mean that the total cost of the 25k claims under the VReq was around £134m (25000 x £5350).

After 30% commission to the CMC the claimant only gets an average of £2800. So a total of £70m (£2800 x 25000).

So if a SoA is agreed then hypothetically the claimant could still get their £2800 but the other costs would pretty much disappear...

I don't want to get shouted down here so this is a question and NOT a statement...

I think I read somewhere that the average payout by Amigo across all of their claims thus far is circa £1200...?
I think I read somewhere that Amigo have to pay another £600 to the FOS for every claim...?
I think I read somewhere that the CMC's take around 50% of the payout for their fee and majority of claims are via a CMC...?

If that is the case? then for the average claim the person who has been lent money irresponsibly gets a net £600 but it costs Amigo circa £1800... Is that about right?

Just because one investor sells 542,757 shares doesn't mean there's another drop coming Clintek...

The truth is we don't know who it was or why they sold. They could have sold because they got dragged in by all the negative posts on this board over the last couple of days! Alternatively, they could have sold because they got bored with waiting for something to happen over the last 4 weeks and have decided to invest elsewhere for a (possibly) quicker return.

And before I get shouted down by anyone saying "nobody sells that many shares without knowing something bad is coming down the track!" I sold more than 1m shares a couple of weeks ago that I bought at 6.xxp for 10.xxp to invest elsewhere but have since bought back in at 8.xxp...

Nice to have a balanced view hunniford rather than 100% negative or 100% positive...

So they had issued responses to 90% of the complaints included within the VReq...

What it actually says is "As of 30 October 2020, Amigo had reviewed and reached a decision on all 25,571 of the complaints included within the VReq. Amigo has yet to issue the final responses to customers on 2,517 of those complaints."

Jimmyg56

Not sure why you think this actual quote from the RNS is gobbledegook...?

“…the Company believes the requirement for the current unutilised complaints provisions remains in line with expectation.”

Do I think they can afford to pay out all current complaints in full? Yes, I do. They have put aside £159m and have said that the provision remains in line with expectation.

Do I think they want to pay out all current complaints and potential future complaints in full? No, why would they? That's why they are going for a SoA.

You have decided in your mind that the SoA is a bad sign. It could well be. I have decided in my mind that the SoA is a good thing. It could well be.

That's probably why you are not invested and I am.

Doesn't mean you are right and it doesn't mean I'm right! Time will tell.

Anyone investing in any company who hasn't evaluated the risk/reward by doing their own research probably deserves what they get.

Having said that some of the self-righteous people on here who feel they need to shout any positive opinion down cheeses me off too!

We all know Amigo is going to go one of two ways... It will either fail and we'll all lose some or potentially all of our investment or, if they agree a Scheme of Arrangement, they'll start lending again and over the next couple of years it has the potential to make, anyone brave enough to hold, a huge, huge return.

@Jimmyg56 You say “Provision has gone from basically nothing to £35m (June) to £117m (July) to £159m (November) to “we can’t cover these costs” (today). Amigo hasn’t even quantified the liability as they see it today - but they must know.”

But that’s not what has actually been said. They actually said “…the Company believes the requirement for the current unutilised complaints provisions remains in line with expectation.”

Whilst nobody can possibly know what future claims might or might not come out of the woodwork, I think it’s very prudent of the BoD to agree a SoA as it give everyone certainty. The language around the application of this scheme is understandably negative as you wouldn’t expect the FCA to agree it if they were saying ‘we want a SOA to save us paying out so much money!’ so people need to read between the lines.

If after doing your own research, you feel the potential prospect of losing some or all of your money is not for you then I suggest you sell for a loss and move on (nobody is “trapped” just because they are underwater at this moment!). If however you are comfortable with the risk/reward potential, then leave your money in play and wait it out.

But in the meantime, we shouldn’t have a pop at people for interpreting things in a positive way and then spout a load of negativity, we should all try and remain balanced.

Unless of course someone is trying to deramp for their own objectives and then people should at least be smart enough to work that out.

I’ve done my own research and understand the risk/reward and am holding for the longterm right now, unless of course something materially changes.

DYOR

Correction...

I bet all those who bought at 1653p after close of business on Friday are wishing they'd left it until this morning! ;-0

Especially the guy/girl who bought 446k shares!

I bet all those who bought at 1770p after close of business on Friday are wishing they'd left it until this morning! ;-0

The MM's are taking the 'Michael' this morning... The spread was 9% a short while ago and is still 4+% now! Means that trying to day trade this becomes much more difficult to do without losing money too!

The key statement in the RNS for me is "...the Company believes the requirement for the current unutilised complaints provisions remains in line with expectation." The Scheme of Arrangement means we'll have certainty going forward and lending can start again. Assuming they get this it's great news for the long term SP and the future of the business!

What we're seeing this morning is loads of people selling shares because they are panicking that the market is dropping due to other things. We all know that it will around so I'm sitting tight and not panicking! Whenever I've panicked over the past 9 months I've ended up buying back the shares at a higher level and losing money! :-0

This share seems to be defying the rules or supply and demand today! :-0

# Trades 503
Vol. Sold 3,005,663
Sold Value £277.72k
Vol. Bought 5,402,900
Bought Value £499.23k