Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
https://mobile.twitter.com/Shan90aim/status/1286305320780861441
Couple of relevant paragraphs from Jb blog.
During my short time back on the Amigo board, I have witnessed a company committing slow motion suicide, whilst playing out the script of Brewster’s Millions. Within one year of my stepping down from the board, the most efficient company in the FTSE 250 had become a cash cow for consultants, lawyers and suits, all of whom had an interest in keeping the gravy train running for as long as possible, but no interest in the company being honest with shareholders or customers about the situation it was in. The recent formal sale process, which I voted against, is in my opinion nothing more than yet another handy excuse to delay necessary action, and to further restrict the flow of information to shareholders. I could not, in good conscience, remain on a board that is so thoroughly mismanaging a company that I love.
Amigo’s board have an obligation to customers and shareholders to recognise this, and to be clear about the company’s current situation. They must immediately cease lending, collect in the book, pay down debt, and proceed directly to judicial review. If it is found that the FOS and FCA’s previous view is correct, shareholders will get back a good proportion of the money that was paid at float. If not, each customer will be due a payout equaling a fraction of the interest they have paid, as small compensation for a future of financial exclusion.
Can't see that being the case, he is selling the 1% to the market price which he may have influenced with his comments. Also there are no notable new or additional shareholders of significance. Does the market trade feed lie about this?
Right now every member of the board that took Amigo apart is still in place, feeding from the massive pile of cash that is accumulating from the collect out of the book. Whilst they are there, I don’t believe anything that comes out of the company.
But, as I said, once they are gone anything is possible.
The Shareholder Agreement that they used to get an injunction against me that stopped me removing them expires as soon as my shareholding drops below 10%.
The Amigo board had a choice. There is a judicial review process, whereby a company can test the FOS’s adjudications in court. Amigo were, and still are, within their rights to challenge the FOS’s new position. On their side they have the FOS’s previous position, the S.166 report, and years of precedent. Or, if they agreed that almost all loans in their book had been made irresponsibly, they should have informed shareholders that they had now taken this position, made a provision for well over £1bn of redress, ceased lending and put themselves into administration. FCA guidance is very clear that, where systemic problems are recognised, customers who have not complained should be treated in the same way as customers who have complained.
https://medium.com/@jamesbenamor/i-started-amigo-in-2005-6b78ed2fb25
The easiest way to understand it is to read everything I’ve written, including the blogs, and understand that:
1. Everything I said was true, is true.
2. I’m doing exactly what I said I’d do.
3. There’s nothing I know that I didn’t make public.
Think they could go under, everybody is claiming even the chancers no win no fee.
https://debtcamel.co.uk/amigo-more-refunds-2019/
https://twitter.com/E16343676/status/1282409730405801984/photo/1
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