Member Info for E_AL

Hillman1987, of course it’s a no brainer.

All the rubbish talk about the company going under is nonsense. They have access to £500m according to JB & monthly profit of around £21m

He referred to Amigo’s cash position again this evening in his tweet about the Roger [feeding from the massive pile of cash that is accumulating from the collect out of the book]

“ JB: At 10% I can call another vote, and can vote in it. The shareholders who voted against me will be the minority.

Currently considering options”

How would he know that the [JB: The shareholders who voted against me will be the minority] unless he passed his shares to ‘trusted firms’ to guarantee the next vote! This is why he previously tweeted: [You have the luxury of being able to wait a month until our shares are sold. I don’t have that luxury].

so this evening he confirmed that he didn’t abandoned his child (Amigo) and still keen on getting things back on track . JB is not stupid to sell his shares in the open market for peanuts [I didn’t agree to 21p when I was offered, because the correct price is 5x that, just based on a simple collect out.] .

JB is selling his 1%s to trusted firms to secure next month’s vote when he is under 10% & his man is back in charge (The new CEO) & he secured the majority of the votes to kick-out : [JB: Roger, Richard remain on the board. Nayan as CFO. Stephan in a position of control.]

So according to JB, we should expect changes in BOD next month - Perfect!

It supports what I posted on here last night:

JB asked the BOD to remove 3 members:

1- Hamish Paton (CEO): already resigned and left the company.
2- Stephan Wilcke (Chairman): resigned and will leave shortly.
3-Roger Lovering(Non Executive Director).

JB tweeted last week:

“ Our faith in Glen is very strong, and once we are sure that Stephan Wilcke and Roger Lovering have left the board, we would see a strong possibility that we will reinvest into Amigo and play a part in the turnaround.“

Hopefully the new CEO/BOD will ask Roger Lovering to resign in order for the company to secure the support of Amigo’s founder and major shareholder.

Fingers crossed!

I’m expecting RNS before/on the results announcing the name of the new interim Chairman:

“ Update on departure of Chairman
On 9 December 2019, Amigo announced that Stephan Wilcke would not stand for re-election at Amigo's forthcoming annual general meeting. Mr Wilcke has now served formal notice of resignation on the board on 7 June 2020. The Board intends to agree with Mr Wilcke over the coming days, a mutually agreeable termination date, expected to be a date after the forthcoming general meeting on 17 June 2020. The board would like to thank Stephan for his significant contribution to the business over many years.

Amigo will make an announcement in relation to the handover date of Mr Wilcke to an interim Chairman in due course.”

As we all know, results were postponed until the 23rd of July, so the way I see it, Wickle will sign the results then leave.

JB asked the BOD to remove 3 members:

1- Hamish Paton (CEO): already resigned and left the company.
2- Stephan Wilcke (Chairman): resigned and will leave shortly.
3-Roger Lovering(Non Executive Director).

JB tweeted last week:
“ Our faith in Glen is very strong, and once we are sure that Stephan Wilcke and Roger Lovering have left the board, we would see a strong possibility that we will reinvest into Amigo and play a part in the turnaround.“

Hopefully the new CEO/BOD will ask Roger Lovering to resign in order for the company to secure the support of Amigo’s founder and major shareholder.

Fingers crossed!

About Glen Crawford, the new CEO (for the newbies)

"Mr. Crawford was appointed CEO of the Company in February 2016 and of Amigo Loans Ltd and Amigo Management Ltd in October 2015, but stepped down as CEO during April 2019 in order to undertake medical treatment. During his period as CEO of Amigo, Mr Crawford secured full FCA authorisation for the business and then led it through a period of significant growth, developed and optimised its funding structures, was responsible for the IPO of the business in July 2018 and for its first full year results as a public company for the year to March 2019.

Mr. Crawford commented: “I am pleased to have this opportunity to step back into the driving seat at Amigo with the support of the board. I remain confident that with Amigo’s excellent team pulling together, we can successfully navigate through the challenges facing the business and get back to focussing on meeting the day to day needs of our present and future customers, who are otherwise excluded from obtaining credit.”

BigDaves, The sp movement is very unpredictable since you have a seller, value hunters, institutional bidder offered takeover twice and many compensation claims to sort out. On the other hand you have a company with piles of money in the bank (on the 30th of June - £136m), a gross profit of ~£21m/month and according to JB access to £500m. If you are into the long term then the current sp is a bargain. If you are after a trade then you have to get the timing right.

It’s worth to remember 1) the founder didn’t sell for 21p because he believes the real value is 5x higher 2) The old CEO is back and he has the full support of JB: [Hiring Glen at Amigo was one of the best decisions I ever made at Amigo. His resignation, and Hamish’s appointment, was one of the greatest tragedies the FTSE 250 has ever seen. Amigo’s current situation is 100% a result of that change of management.]

Crawford Q1's purchase was worth £1.2m at a price of £0.38.

" Do you not think he would have done substantial due diligence in terms of financial forecasts and had access to the claims projections and the treatment strategy etc? "

Glen was appointed as a consultant 4 months ago so he had plenty of time to run whatever due diligence needed before he decided to step in and run the company again. He knows the business inside out and has excellent relationship with the company's major shareholder so in my opinion as soon as he start his job Stephan Wilcke will feel unwelcome and will leave and by then Richmond will selling JB's shares.

"Amigo is pleased to announce that Glen Crawford will be joining the Company as a consultant, with immediate effect, to assist the Company with the strategic review and Formal Sale Process.

Glen has extensive experience in the market in which the Company operates, having formerly been the CEO of the Company and the CEO of Cabot Financial.

Glen's appointment will be for a period of six months and can be terminated by either party on one week's prior written notice.

Stephan Wilcke, Chairman of Amigo said: "We are pleased to welcome Glen back into the Amigo team and I have no doubt that his experience and advice will be beneficial to the company and its shareholders at this time.""

It's climbing back up on L2

"Virtually everyone will cimplain as they have nothing to lose"

They will destroy their credit history and wont be able to borrow money anymore.............

Senator1, the company already got bonds buy back program in place:

“We continue to optimise our funding mix and have increased our securitisation facility by an additional £50M, taking the total available facility to £200M. This has facilitated the Group's opportunistic open-market buyback of £59.5M of our 2024 bonds, thereby reducing our average cost of capital going forward and providing greater balance sheet flexibility.'“

The coming results should show annual revenue: Q3 £72.6M+ Q2 £73.9M+ Q1 £71.5M + Q4 let’s say the min.of Q1,Q2,Q3 which is £71.5m = £289.5m

Annual revenue 2019: £270.7m

YoY 6.95%

Annual dividend last year was 9.32p which is equivalent to £44,317,500

“Net Loan book Q3 FY20 £722.3m

Cash collection has remained strong since 1 April despite the Covid-19 forbearance program.”

“ They halted the loan lending for now which means no new income”

The company made £21m profit in May (COVID-19 period) that’s half the current MCap, it has £136m un cash up in June and access to £500m according to JB

“ The Company's liquidity remains strong. Amigo has sufficient financial headroom and cash on its balance sheet to continue to fund operations and support its customers during this challenging time. Amigo had a cash balance of over £136 million as at 30 June 2020.”

Precisely Crabtree: [Prompting speculation that a bid may be on the way]

MIC Capital Partners (Public) (US) IM LLC 38,232,498 8.04%
MIC Capital Partners 37,248,432 7.84% (Last week)

Both are owned by the same cooperation: Abu Dhabi wealth fund Mubadala

Yea I just saw it on Twitter too:

"Amigo announced recently that Abu Dhabi wealth fund Mubadala had raised its stake in the company to 4% from 3%, prompting speculation that a bid may be on the way."

It make much more sense now. So Abu Dhabi wealth fund is building another stake in Amigo using their UK investment vehicle?

It gets more interesting:

*Loan guarantor Amigo Holdings (LON:) said both chairman Stephen Wilcke and chief executive Hamish Paton will leave the company, in response to the decision of controlling shareholder James Benamor’s decision to appoint two non-executive directors. Wilcke will step down immediately, while Paton is bound by a 12-month contractual notice period.
The news comes after Wilcke and chief analytics assets Nanesh Patel both sold large blocks of stock last week.

JB' tweeted the other day : "However, our faith in Glen is very strong, and once we are sure that Stephan Wilcke and Roger Lovering have left the board, we would see a strong possibility that we will reinvest into Amigo and play a part in the turnaround."

So now Hamish Paton is out & Stephen Wilcke is leaving too. We only need Roger Lovering to leave so JB would "reinvest into Amigo and play a part in the turnaround."

"play a part " with who? Abu Dhabi wealth fund?

https://www.buzzmarknews.com/premarket-london-tesco-eyes-asia-sale-prosus-raises-just-eat-offer/

@carsgeek I dont think you can, according to London stock exchange, UK firms should report any holdings >3%, non UK firm >5%.

MIC has several branches/portfolios around the world:

https://sec.report/CIK/0001770682

Unless one of you guys is averaging down big time, someone seems keen to hold a chunky position before the results ;)

13-Jul-20
10:37:25
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