Member Info for E_AL

No change on Bloomberg, last press release was on the 3rd of June

https://www.bloomberg.com/quote/AMGO:LN

Aberforth didnt sell, below is a link to Amigo’s major shareholders list updated 2 working days ago (Shows JB holding 5.54%). Aberforth position unchanged since the 12th of July (at least):

https://i.ibb.co/54fKdBw/70-CD4819-8048-41-FB-9049-357706-A10783.jpg

https://m.marketscreener.com/quote/stock/AMIGO-HOLDINGS-PLC-44458576/company/

Today’s 1%

14:43:31
12.15
1,000,000
£121.50k

16:28:09
12.1564
3,753,337
£456.27k

“ This will limit any share purchase by RGL up to 20%.”

Accumulating 20%: 1/5th of the company’s total shares before FCA approval is massive news & will generate high demand in the market. James’s irrevocable purchase order expires in feb 2021 so he has plenty of time to top up another 9% after receiving the FCA approval.

It looks like he took them by surprise ;)

The only was is up? Amigo founder enters contract to buy AMGO shares if CEO

September 5, 2020

Amigo founder James Benamor has revealed he has entered an irrevocable contract to buy AMGO shares at up to 20p per share within 30 days of becoming the new CEO of Amigo, subject to being successful in the shareholder vote.

Revealing the contract signed with his broker, the contract which cannot be amended denotes the broker buy instruction will last until the soonest out of the following occurs:

Richmond Group’s holding reaches 29% of AMGO or
30 days from when James Benamor becomes CEO of AMGO or
Expiry of the instruction 1 February 2021
James Benamor later clarified that the purchase of AMGO shares must take place within 30 days of him becoming CEO (should he be successful).

The February 2021 reference is a back stop should FCA approval take longer than expected and also stops the contract from being open-ended.

The contract is effect from 4 September between Richmond Group and Redmayne Bentley LLP.

Amigo shares are currently trading at 12.70p.

https://www.sharebuyers.co.uk/shares/james-benamor-contract-to-buy-amgo-shares-if-ceo/

No clue mate, it didn’t make sense to me. Why would a major shareholder sell now and not to wait until James is done then sell for higher? Maybe shorters trying to cover but they were offered cheap 4.7M shares on daily bases over the last two months? James forward selling more than 1%? Maybe a director is selling before resigning/voted out? Or simply market makers manipulation to top up their positions before James cashes out?

I absolutely agree Fletch,

On another matter, I kept an eye on the L2 this week and I noticed that someone was tightly controlling the shareprice movement (no sp volatility this week) and I also noticed high selling pressure today up till 3:30pm which didn’t make sense to me because we should have seen the opposite knowing that many investors & traders willing to hold new positions once for James cashes out. I don’t think it was James because I saw his 1% sell gone through in two blocks (1.5M & 3.2M), unless he forward sold more than 1% today for some reason ( He won’t need to notify the company anymore once he reaches 3% -next Tuesday)

hopingforbags, do you think the sp will remain @13p until after the voting day? ;)

Well said Fletch :)

Once Amigo confirms the voting day we should share more details here and on twitter about how to vote. Amigo’s old guards must go!

Similar to istock, I also believe that James direct or indirect owns over 20/30% shares with multiple vehicles.

This is from his his twitter account:

“Q: Can you extend that transparency to the alternate outcome where you lose the shareholder vote? What are your intentions in that case?

JB: We are not planning on losing the vote, so have no firm plan.”

expru2000, you’re welcome.

The two unwanted members of board used every trick in the book to remain employed by Amigo and receive inflatable salaries for achieving f-all. They were given several opportunities to work things out, yet they did absolutely nothing to salvage shareholders investments and the companies capital. Obviously the company needs fresh ideas from new leadership to turn things around. Maybe James or someone else but the current CFO must go.

Back to James, great communication with shareholders , something the current BOD never done, he always did what he said he will go do and I would love to see him and Glen working together to sort out the board’s mess. Amigo has the potential to thrive and our lenders agreed to extend the securitisation facility to mid December, if they didn’t like Amigo’s accounts then they wouldn’t have agreed to extend the securitisation facility.

I believe Amigo will survive with or without James, most of the complains were from last year, Amigo had sorted them out in Q4 19 & Q1 20& allocated funds for compensations. The company didn’t lend money in Q2/Q3 so no big wave of new compensation. They will start lending again around the end of the year ( CFO - recent webcast) and new customers will have to go through rigorous affordability checks before approving their applications.

To sum it up, if you are in doubt about the long term, consider Amigo as a golden short term trading opportunity. JB promised to buy back 29% of the company for 20p per share, 60% profit from today’s closing price. If you have your doubts about him wining the vote then hold a position and sell just before the voting day, the sp should creep up somewhere close to James’s buying price before the voting day, conservative guess 17p.

Have a great weekend.

“@BigBangs: . I still believe that the BoD will reject JB’s requisition as at the time they would be required to call a vote ie 17th JB will hold no shares and therefore be ineligible to requisition a meeting - JB may argue that at the time he made the request he did hold the shares but if BoD disagree then he would have to take AMGO to high court - back where he started. If I am wrong then BoD will call a vote 14days from 17th - 1st October.”

BOD already agreed to call a vote:

“ As reported on 27 August 2020 the Company intends to post a notice of general meeting, containing the valid resolutions set out in the Requisition Notice, to its shareholders, by no later than 17 September 2020.”

As someone just said on Twitter:

"@E16343676: ·

Today’s 1% just popped up, bounce time #AMGO Thumbs up

04-Sep-20
13:16:52
12.59
3,253,337
£409.60k

04Sep-20
09:25:33
12.715
1,500,000
£190.73k"

You’re welcome Richmond999

As JB said before:

“ This vote, should be win/win for shareholders. If I lose it will be because the board have made concessions which make shareholders comfortable that Amigo will be worth more than 20p in the future.
12:26 pm • 29 Aug 2020 •”

“ He has said he wont buy over 20P”

He never said that

“JB:

This undertaking will require the 29% to be purchased within 1 month of my taking up the position of CEO, if anyone agrees to sell for up to 20p. This does not stop me buying at that time, or later, at a higher price if no one is willing to sell for 20p. “
17:53 • 27/08/2020 •

Richmond is his private company

He already answered your question:

“ This undertaking will require the 29% to be purchased within 1 month of my taking up the position of CEO, if anyone agrees to sell for up to 20p. This does not stop me buying at that time, or later, at a higher price if no one is willing to sell for 20p.
17:53 • 27/08/2020 •”

They are offloading JB's 1% in chunks, sp should bounce back up once they are done ... just like yesterday!

"Wish people would be a bit more possitive or cash out and buy blue chip"

I can't agree more, if some people think AMGO will go bust or sp will tank for whatever reason then why spending countless hours on this board? Go research a company which you would like to invest in or do something productive with your free time ... Unless of course they are shorters which makes total sense!

No change in short positions since the 11th of August

https://shorttracker.co.uk/company/GB00B43G0577/