Member Info for FrankyS1971

Martin Lewis tweeted
a) My comment was that FCA should engage to ensure deal is fair to consumers
b) I also said we don't want is Amigo going bust so no redress
c) Amigo is not in the loan shark territory, its diff type of loans, and there's no evidence less high cost credit pushes to loan sharks.

Pickles views are good but you need to back them up with some sort of logical argument. You havent done that so by all means maintain the view but its not very persuasive.

Pickles. Do you know what the default rate is for amigo customers and why we have to cover that risk? Do you think overdrafts at 40% are fair or credit cards at 20-25%? When are you drawing the line exaclty? Your view is valid but you do need to think more deeply. A loan shark is a cheap throw away comment as the irony is without amigo the real loan sharks will flourish. Careful what you wish for.

Maybe Seamus. If we make the terms more generous. Debt camel and ML and even FCA may then decide that the tetms whilst not great are palatable enough to endorse. We shall see. There is room for maneuvering this still which is clear.

HI jonno. What will happen is this i predict. 35% of profit in yr1. 25% year. 2 20% year 3. They will taper the profit from a higher base to get the backing. More compromise needed. It will put a lid on the corporate greed angle and make this a longer term investment with a balance of risk and reward for LT investors

Hello seamus good to hear from you. I have done my fair share of arguing with myself in public. True dat lol. I honestly don t think that the court is there to say 'no' unless its a clear over step from Amigo. The legal partners who have drawn up the SOA are experienced with what is acceptable and so the court is there as much to facilitate. Bear in mind an SOA is there to stave off insolvency so it ll never be pretty. Is insolvency likely to happen without an SOA. YES. is there a business and assets worth saving on the other side. YES. Is it as fair to customers as it can reasonably be given circumstance. Possibly or possibly not but lets leave them to decide. Thats what i expect perosnally. Gjs job is to avoid some major dilution to shareholders/bondholders etc. Thats his job. Martin Lewis is to be a voice for customers and anti corporate therefore by definition. Aint worried about the noise. Amigo will do a massive charm offensive in April. Free chocolate for homeless kids. As long as the parents keep paying up.

You either buy the management team or not. JP Morgan and Bybrook have done so. I don't think anyone here will know as much as their specialist teams or have BOD access like they do? Please tell me if thats incorrect and you have a line in?? If you can't see the value in the the golden tickets you hold then sell. cold unemotional "sell" button "click" job done.

I agree Jonno but the response will be along the lines of "we don't know how many people will complain so here's a guesstimate" Martin Lewis used the words that its "not particularly generous" but he has a vested interest as Mr Consumer Champion to play the party line. When it comes to the actual vote I would expect by then for these critics to cede that the alternative is nothing regardless of how much you object with the FCA reluctantly allowing it to progress but without endorsing it. All the bleating can carry on and weigh on the SP and sentiment but there is no other alternative and the more complaints coming forward the better as it underscores the above very clearly!!!

TBF jonno with the complaints volume we ll never get close to 50% as much as we might like. As for the LTIP also consider this as a long term signal to the FCA that we want to do whats right and align the right behaviours amongst senior mgt with an incentive..aka its not a short term pile in the customers approach.

Jonno - an LTIP is what it says " long term" - the construct is that you can't vest them for 3 years. It doesn't matter if they jump up to 20 quid in a week as you can't sell. Further - the way Martin Lewis bangs the drum is almost anti capitalist and anti business. They don;t talk about folk who have shares in Amigo at £2 plus. They don't talk about their capital destruction or how he wants to take 20 pounds of shareholders money to produce 1 pound in compensation. Entirely unbalanced view.

One would expect GJ to come out swinging any second. Can't imagine they'll passively let consumer champions and an MP who doesn't know sh*t about this to have the whole of the soapbox to preach from. Makes me believe an RNS is coming very soon.

Martin Lewis encouraging people to claim is a good thing. Folks who havent done so yet are clearly not that aggrieved, but now want to jump on the bandwagon and try their luck. A hundred quid or so will win their vote for the Scheme.

Filtered idiot

#charts

Or the more daft it gets craigyboy. Mass share dilution doesnt sound great to me. Am glad the SP is falling as it would be uncool to go to court with the SP doubling or more. We need to be weak vulnerable and contrite not flying up the chsrts.

Funny that article as my best guess and expectation the other day is that the FCA will sit on the fence and allow thr creditors to vote neither supporting nor blocking.

Hi GingerT - I remember not long ago an RNS like the recent one would have sent Amigo down 60-80% within a few days. Now with the II's involved, the SP is at or around where they were prepared to buy at. That alone is progress and a decent platform when something positive lands!!:-))

Ps all...lets say the FCA decide we haven t treated customers fairly..it doesnt change the need for a SOA. Another fine and knuckles rapped but all the more reason to administer this more simply via the SOA than facing off to CMCs and FOS. Couldn t have been easy.

Not correct entirely hedged. Its not the court date itself that matters but whether the FCA have supported or at least given the go ahead before then. If the FCA don t approve GJ would likely pull it as he has stated.

I have this funny feeling that we ll get through the SOA and then find new regulations making growth really limited on the other side. That would be frustrating and i hope i m wrong.