Member Info for GarryGraham

I just dont think the FCA and more importantly the government and politicians have any appetite whatsoever for high interest payday lenders to succeed and prosper. This is one of the major difficulties Amigo has long terms amongst many others. I believe if Labour were to obtain power ( I know that is very unlikely at the moment unless a change of leadership to someone like Andy Burnham ) then Amigo would be massively regulated if allowed to trade at all.
This is a tweet from Stella Creasy ( Prominent Labour MP )
Wongas customers need to be first in queue for protection for the administrators - and believe me amigo loans, Vanquis, Oakum et al...you are all in my sightline to hunt down… https://instagram.com/p/BnHBnd2g0V3/
There lies the root of the problems. The market is massive and Britain has huge debt but are the powers that be going to allow companies like Amigo loans to trade or are they going to pressure the FCA and judges to close them down. GG

Apologies - correction to my last post. Todays Share price is valued at 2.85 pence but was was worth just over a quarter of one pence until the consolidation on 10 for 1 shares.
Like I say articles in my own opinion and I would love this to go to 24p so I could get my money back. It may do but personally I remain unconvinced at this moment in time to say the least. GG.

The previous post made is all in my own opinion. Do you own research. GG

If a share certificate was printed for each share, the paper on which it is printed is worth more than the actual share. That says everything. Think about it. Each share is worth a quarter of one pence. Its value is almost worthless. The reason is very simple. Very simple indeed. This company which has had about 4 different names has never done anything in 15 years but issue more shares and ask for money from private and institutional investors and third parties on nothing but empty promises. The whole company has been built up very successfully on promises and false dawns. Take a breath everyone and smell the coffee. CEG or BPC or whatever they want to be known by has NEVER repeat NEVER repeat NEVER published or filed company accounts that show any income or profits from oil discovery, exploration or drilling in 15 years. Think of that for one minute. Would you still buy Amazon shares if they had never delivered a parcel or would you invest in Domino Pizzas if they had never made a profit from delivering or making pizzas? This is a simple truth. One understands that oil exploration and drilling and production is a risky game but in 15 years this company has never done anything successfully. The website uses the words" A full cycle Caribbean and Atlantic margin focussed exploration and production business ". A question from this shareholder who is sat in the red by 90% - WHAT OIL HAS THIS COMPANY ever Produced? Posters can come on here every day and they do. Personally, I have better things to do with my time. I can't sell because I won't put £37000 down the toilet but please don't post on here anything positive until this company releases statements in an RNS stating they are producing sufficient barrels of oil a day to be profitable or even more importantly they are able to post company accounts in an RNS showing a profit from Oil Production. I just don't want to see any more people lose their money. I had a chap contact me who was seriously ill back in March and he had cashed all his savings in to invest in this rabble for his grandchildren. He listened to all the nonsense blurted out by Potter and Uliel such as the oil is seeping through the seabeds and we are fully funded. Every time people post on here even in good faith stating the SP is about to go up or it is at the bottom, someone could be losing their life savings and this is a very very very high risk share that has never delivered any Shareholder value. In 15 years this company has never posted profits of any sort from oil exploration, discovery or production. Just remember that . GG.

Who was it that decided that the loans had been mis-sold in the first place? Was this ever challenged by Amigo? Rather ran rolling over why doesn't Amigo go on the offensive and instead of trying to placate the FCA be prepared to legally challenge them in the courts. It's a risky strategy but if they are not prepared to negotiate or simply are demanding a deal that would put the shareholders and very future of the company at a severe loss what is there to lose? GG

Questions to ask. 1. How are the mountains of claims going to be addressed appealing to all parties and claimants. 2. Claims management companies are not going to loosen up. This is the new PPI that said on a lower scale. 3. Shareholders interests are at the bottom of the list of regulators interests. 4 How are these issues never to be repeated in the future again. If new lending can be agreed upon, please explain to me how it is going to be profitable. Personally, I think the golden days are over and the FCA wants to seriously discourage high-interest online lenders and is trying to push everyone back to the institutions and "old " banks.
I just don't see how we can get out of this mess. I am invested too deep in here but not feeling confident. I fear the administrators lining up. GG

Falklands Investor : Have added few more....Now:-
£475pp..... .Averaged @112.44p....
Will carry on adding in drips.,...DYOR

Absolutely right mate. I am going to do the same this week. This share will double in my own opinion in the next 12-18 months and probably be a 3 bagger within 3-5 years. Great stock for LTH. All the best : GG

I have a couple of simple questions that I hope someone can enlighten me on. Question 1. Who was it who decided in the first place that the loans had been "missold" and what instigated this ? Was it a claims management company, a court decision or a letter to the ombudsman/ FCA. 2. If Amigo agreed a deal with the FCA and ultimately the courts what could Amigo BOD put into place to stop these sort of claims from happening again? GG

Bryn81 - "How can they do a rights issue at the shares current level"??
I agree with you but there may be no alternative. I do think FCA are looking for existing shareholders to dip in to their own funds and show a willingness to support Amigo and keep it out of administration. It may be a case they offer a huge bulk of shares at 5p for example to pacify the FCA. GG

One question we should ask is this. I get the feeling that most LTH are of the belief that if Amigo is going to be able to settle this case with the FCA and move forward to future lending on what terms would that future lending be ? It may be so difficult and so many terms and conditions to avoid a repeat of Amigo 1 that it maybe virtually impossible to lend money and offer guarantees to backers that this situation may not arise again. The terms and conditions are going to have to be tighter than a nats ass. Any half decent barrister specialising in contract law and consumer rights could blow it all up again if past mistakes are repeated. On top of the potential difficulties of future lending Amigo has to pay back a mountain of cash to past claimants. I think any PI's who are thinking this is going to go to £1.00 by the end of the year could be in for a shock. I hope I am wrong but we have some huge mountains to traverse. GG

Think the options here are 1. A major share dilution with a rights issue. 2. A further increase in the profit percentages for the next five years and a larger single claim percentage to existing/past customers. 3. If not acceptable by FCA - administration. There is a very real chance of administration sometimes the tide cannot be turned back. Its a game of poker. Does the FCA/Government really worry if Amigo go bust as it is another high interest lender out of the way or is it playing a game of poker and just trying to get the best deal. The real culprits are the claim management companies who are just parasites moving on to their next victim. What really infuriates me is that you take a loan out and sign up for it and are happy to take the money why should this be "missold". It's all political bull**** and long suffering shareholders could lose family savings. GG

If this drops to £1.03 I am in again. This is a banker to be £1.50 - £1.75 by end of year.
GG

Just cant see Amigo getting out of this hole. Even if they contrive something which placates the judge and the FCA there is going to be a mountain of claims and Amigo is going to be spending the next 10 years just paying back CMC's and they will be squeezed so hard. The government has no patience for money lenders like Amigo even though they are necessary and if someone takes a loan out and is happy to receive the money they should pay it back. Simple. Wish LTH all the best but I think they are battling against the inevitable. GG

This is one of the easiest shares to predict the future share price.
1. If they actually start drilling oil and at a profitable level the share price will go up.
2. If they continue to promise and promise and promise without actually delivering any product at a profit then the share price will continue to fall.
The market and any investor with one brain cell knows this. We have all heard years of " Jam tomorrow " without ever seeing any oil successfully drilled. Time for the Eytan to stop putting stupid RNS's promising the earth that nobody believes and actually delivering a product to market and filing financial accounts that show revenue and more importantly a profit. Long term investors may then see an upturn in their 90% losses and the market regain faith in a company that has delivered absolutely zero positive results for their shareholders in 15 years. GG

Robin Dicker QC, representing Amigo, told the court last week: “In our submission, it’s inevitable that if this scheme is not sanctioned, Amigo Loans Limited will go into administration. That is what the board has resolved will happen and in that event, unsecured customers with redress claims will not receive anything.”
Says everything really you need to know about the value of this share. All in my own opinion. GG.

Morpheaous123 - Very sensible well-written post. The only thing as LTH with 90% losses is just hoping that Eytan can turn it around after the disaster that was Simon Potter and I believe partly Eytan' s fault. I am amazed Eytan has been rewarded for the disastrous commercial deals he negotiated with a CEO position but lets give the man a chance. If I can get 50% of my losses back from this share I will be more than happy. All in my own opinion : GG.

Only BPC- 08.12am "just gonna sit tight...no selling,...no additional shares... lets see how eytan moves"
THE MOST SENSIBLE RATIONAL COMMENT POSTED ON HERE FOR A LONG LONG TIME.
GG.

BPC can be summed up as follows: 1. 15-year experience and research into oil exploration in the Bahamas - found nothing. 2. $150m dollars spent researching potential commercial values of oil in the Bahamas that didn't exist. 3. BPC management Convinced tens of thousands of private investors to part with their pensions and savings by Fools gold promises. 4. After diluting to billoins of shares the management didnt even manage to drill to target depth to hit the oil despite spending 150m dollars over 15 years and then raised millions more on several occasions through dreadful funding deals before the end of the drill despite reassuring shareholders funding was in place time after time . 5. The CEO then had the temerity to put his drilling director on an investec pre recorded presentation instead of himself because he didn't have the courage to front it up to shareholders. He showed charts showing further drills in the Bahamas when knowing that they had found nothing of existence thus misleading shareholders and investors. . 6. Had absolutely no contingency plan to deal with environmentalists despite 15 years of planning for a drill. 7. Bought a second-hand oil company that ran out of money and was not producing anything profitable in the last minute as an insurance plan and then their owner and CEO ran off weeks before the drill after realising it was all a shambles and no oil to be found. 8. Share price bombed and then the management continued to pump this fantasy that they were still going to farm out a duster where no major had ever found any commercial quantities to some multinational to try to avoid investors selling off. 9. Demoted one of the most incompetent Oil Ceo to non execs but still couldn't fire him and made his deputy the new CEO thus inspiring zero confidence to the markets. 10. Finally, tried to raise even more millions by diluting the share that was thinner than water to pay for over budget costs on a disaster of an exploration drill. Share price tanked yet again below market price and then the new CEO offers the share to shareholders for a below market price before realising no one is interested and everyone is sick of the continual bull**** and then offers the share to anyone who is stupid enough to buy it. This is an honest summary from an investor who like all the other poor suckers is 90% down but has finally woke up and smelt the coffee. One may ask why I would troll my own investment - the reason is simple. I have accepted my greed and foolishness cost me a lot of money. I just don't want other potential shareholders to make the same mistake as me and lose all their hard-earned money. I have a conscience and money really is not that important. I say it as I see it. Until the company start producing results and actually start to manage a viable profitable oil company this is not a viable going concern. All comments are in my own opinion: GG ( Current shareholder sat on 90 % losses ).

The Bhoys: Great post mate. Words are cheap. Its all about results. I can tell my clients I am going to do great work for them but if I don't deliver I'm toast. Its all about action and results. Sooner or later people walk away. We need to be shareholders in a successful profitable oil exploration, discovery and production company instead of an AIM company that just raises capital by diluting its shares year in and year out. We are at a crossroads. GG

Please could someone put a link on here to the invested presentation. I will watch it when I get back. Lets hope there is some interesting news. A link would be greatly appreciated. Many Thanks : GG