Member Info for FrankyS1971

As I stated the delay was around negotiations and as also suggested 5% was never going to hold. The major positive is that the current rights of shareholders will remain unaffected. Shame the FCA not in a posiition to sanction this yet but they will do in time. If one group of complainants gets more through redress calculations then another group will get less so its becoming a hair splitting exercise. Blinding idea to offer 15% out of the future. If its unfair let us relend to make ammends. Good chance this sticks now the pot has gone up.

Just as a addendment i m also rock sure that lending will happen when know one suspects in true Amigo fashion. Dont be shocked therefore if its in a week or two!!

It ll get extended again Mark IMO. I don t think lending has much to do with that..more to do with the current situation getting resolved..time will tell-)

Mark. Yes. The Senior debtholders can order their cash back in effect. The asset vreq is to prevent assets being transferred to newly set up legal entities under the group structure which closed that ringfencing route off. Equally i doubt whether the senior note holders would get everything back so quite sure the claimants would eat in to the dwindling cash pile. Using some common sense here for a guesstimate but am 100% sure without SOA or whatever plan B is the SSN will pull plug.

Of course the SOA will get approved its just at what price.. is it 10% per year of future profit..is it more...do we need to generate more cash to go into pot etc. etc. Further, if CMCs were allowed to continue generating business for themselves then of course it would be more expensive to Amigo settling these claims as opposed to a ringfenced amount which when run down is the end of any further complaints as there will be nothing left to pay out from. Its not hard to see that this will cap the total which therefore = less total payout. Wake TF up. Finally, the alternative to an SOA is the senior note bondholders stopping payouts and putting the company into administration immediately. They will prioritise what they are owed above payouts so no claimants will get a cent. So with that as a very real end point this quarter...what do you think is MOST likely to happen..??

Duh blind investor..."its not going to save them any money" thats an idiotic statement. What do you think an SOA is designed for.??? To pay more out, the same amount or less....hmmmm just can t figure that out... anyone??? Lol

The model is broken. You start a loans business, apply an aggressive strategy and get the money in. Then the FCA determine that the business has mis sold and order redress. The FOS and the CMCs come for their pound of flesh and everyones a winner. The only ones who lose are the bond and shareholders as the book is unwound. Its a disgrace that the FCA have repetitively enabled that model to prosper. This is the modus operandi. Further, you have instances of individuals who set those lenders up and now run the CMC s that their ex customers are claiming through. Its so broken. This is conversely why Amigo will work out. Sarah at debt camel talks of an SOA being a dangerous precedent but its actually a good and necessary precedent. Gary Jennison needs to demonstrate how a company should operate in this sector and create a working template and i m about 99% sure that the FCA understand that. They have egg on their face and have much to do in partnership with Gary to get this abysmally run sector clicking properly. If i m wrong i like Amigo will be bankrupt and if i m right....happy days. Balls deep and waiting for this to drop. I m 6 months in and had 6-9 months earmarked as a realistic timeframenfor a turnaround to start. GLA!!!

Hi here s hopin...what tends to happen is that the corporate strategy is applied too aggressively and the risks are not well enough measured or understood to keep up with it. Many businesses talk about inherent and residual risk but aren t good at measuring it. Risk ends up being about pyscho babble and a culture of opinions..balls get dropped. Lean and six sigma tools will help as it brings more anayltical rigour and with a fit for purpose framework, risk will be better understood by the management team going forward. This is a trap that many many firms are or will fall foul of after covid. Its not because amigo are evil but actually the previous management after the IPO were not seeing the risks. Look at the new team and hires. Period.

Absolutely right Gazza, it will reduce the market for their old products sold with guarantor backing to just a few million people. new products are also being launched as part of Amigo2.0 . Wakey wakey.

To me, the timeline is edging out as we head toward end of Jan and it smacks of negotiations happening in the background. Details of SOA clearly need FCA, bondholders, creditors and also CMC support to agree on this before it makes a hard landing. The customer vote will be a formality in March so the next RNS is big. Its like stand up comedy...the longer the build up the better the payoff needs to be..-)..the wait will be worth it IMO

I couldnt agree more seamus. All stakeholders of which shareholders are cleary a sub-set thereof.

Ah no mate! I'm not being negative either..still holding as I think SOA is a shoe in. I think the real gamble is the price we have to pay to make it stick and I guarantee there are some serious negotiations going on. The customer piece is a shoe in as you get hold of all your past customers for a few quid and the muppets expecting thousands at front of the queue will get the same. Good!!! because suddenly every man and his horse has PTSD from taking a loan out. I just don't want to take a haircut or find that the chances of a divided for 3 years is gone, because the big investors won't be there to take my shares from me.

seamus- i'm well aware of that but thanks for checking in...I was responding to someone who suggested we have x million quid and that mean we're fine until 2024. They clearly don't have a scooby doo pal because the senior note holders would haul us into Admin if Plan A and the soon to be announced Plan B don't work.

This is actually so wrong and you re out of your depth. If the SOA is not approved or backed, the senior note holders can force us straight into admin. You think they ll let compensation money walk out tge door rather than prioritise their debt?? Um..me thinks not.

Try £100,000 + if wife included..

Haha Bulefiesta..yes continue to 'Go' do not stop at 50p. You have won a beauty parade, collect a divi.

absolutely! Just sat here at 10p and not looking to guess timings, just being the patient fisherman. I think the big one even beyond lending is FCA approval of the Scheme in principal. That's what sets us alight. We shouldn't forget the Woollard Report due imminently either which will help to change sentiment with the larger institutions I believe and with lending, the scheme an FCA commitment to support the model and the Report, you'll see some larger monies come back aka..the folks we need to be selling to eventually:-))!

TBF DHOS..amigo leaked the RNS before Christmas by saying they would announce details of the Scheme in early January and that lending would resume soon after so I'm not creaming my nicky nackys just yet as I thought it was deserving of a drift up and not down until confirmation. ignoring the sideways drift and not bothered if no RNS for another week as it will all fall into place and then you'll see this double within 2-3 days.

I assume Plan B will be unpalatable enough for Plan A to get accepted. Perhaps Plan B will be a mix of lower compensation and shares issued to recompense directly from future profits. Instead of small bit of jam today they get something more substantial longer term. We may get diluted down, but at least clear up the legacy issues that way. 0

#end of# if not sooner