Member Info for hunniford

I know it was only a joke but women are critical to balance boards in all sectors but in particular finance. Men tend to have pi55ing contests and out trouser each other. Women (and I'm trying not to be general here) typical are more risk averse than men. I'm in this share for a long time and I'm happy to see a balance in the board of course I don't want box ticking I want to see people on the board because of ability. So far with the CEO we are starting to see this.

As others say let's see how the results shake out but so far good steps forward in a short space of time. So far the market is responding positively which is what we want. Particularly when you look at the NSF SP.

Interesting appointment. I note from her Linkedin she is an Angel investor, Amigo is not really Angel investor territory but hopefully we see an RNS today / tomorrow with more Director buys.

She seems to have a decent background in Comms which Amigo certainly could do with. Good experience and also more importantly balances out the Board since it was all men. Good foresight to bring a female perspective (one with a solid background) into the boardroom. This is what the institutions want to see.

Am with the positive posters on this thread - ultimately I have to be. From what I can see there will always be negative posters no matter what the company puts out. Last week we were pretty annoyed that the SP was sliding and all the company could do was put out crappy RNS & not engage with shareholders. Now we are getting engagement.

We still want answers on many questions like Lockup release etc. However.....

Honestly we could have the company announce it is lending tomorrow and folks on here would be saying it's doomed.

Take the sentiment from the CEO for what it is and get behind the business if you are long.... or sell up. Have said it before this is a simple product, the CEO even says it in the video.

Those asking on twitter and elsewhere for share buyback or reinstatement of dividends - I can understand their motives for a short share pop up but doing this during this "covid 5h-1t-show" would be moronic for the company. The company needs to keep it's cash until the govt finally sorts COVID.

From my perspective. I think it is a good start. From reviewing his video I interpret that he's doing the following.

1. He drawn a line in the sand and is making it clear he is the boss, we never saw that from Glen when he recently joined as again as CEO designate
2.He's acknowledging something we asked for last week which was to engage with the shareholders.
3. He is reiterating the business is intent on recommencing lending, albeit on a limited basis which is exactly what we would expect, given COVID. Derampers saying last week business will never re-lend.
4. He's also acknowledged that there will be changes on the board, I would imagine this means bringing his people in, which protects him from being bullied by some of the existing team. I read Roger definitely out, I hope he's put a target on Nayan's back.
5. Gary also outlined that claims need to be dealt with properly, I have not seen any historical statement from the business in the past to admit the approach was incorrect. Nayan & Roger always buried it.
6. He also seems to suggest he's going to fight claims that are fraudulent rather than rolling over.

All in all. We asked for engagement last week and this is what he is doing. Remember 2 weeks in the job this is a decent start. Of course we need to see the results come over the next few months but for guys like this with the level of experience this is about pride and not tarnishing their career.

I like to think Gary and I jelled last week. It was very emotional for me. Glad he feels the same way.

Had to crack this bad boy thread out again after I got it wrong last week. I waited a little bit longer this time...
Quote: We rounded off a crappy week in double figures ....just. (it finished 9.99)

Good to see the 10s this week.
I know for a fact my old china Haviland will be fairly relieved for me, he was very concerned about my paper losses earlier in the week. I hope this gives him some comfort going into the weekend.

Although I would say Hav if you are reading this, there is still a long way to go and we are not out of the woods yet buddy.

Today was a day for the Haves vs the Hav nots.

Also well done to anyone who bought in at the lows or averaged down. It's nice to see for you guys. I'll get there one day.

Fortune favours the brave.

A Brucey bonus!

I pinged this back - just to be courteous as whilst it isn't ground breaking i appreciated the speedy response

Dear Ms Patrick,

Firstly thank you for your prompt response. It is very much appreciated. Would you materially object if I shared some of the information you have provided to me in the extract below?

As you can imagine private investors do not have the same luxury as institutions and so we do communicate with each other. I appreciate this has been an unsettling time for the company and for the shareholders. However, I see your willingness to engage with me as a positive sentiment on behalf of the company. If you have concerns with me sharing the extract below please let me know and I will not disclose the details in full of your response. My rationale for sharing is to be transparent and to hopefully provide some comfort to other PIs who are concerned at this stage. Which is why I believe your acknowledgement towards shareholder engagement is good.

I have also noticed that you are recruiting for CSA’s which is encouraging and I wish you every success in fulfilling those roles. Please convey my best wishes to Gary. I have looked into his background and it is impressive. I appreciate he has only been in the role for 2 weeks but he has been with the company since August which should have provided him with a reasonable understanding of the issues and indeed a front row seat at the Amigo Voting Circus.

Red price in the morning - Havilands warning
Red price at night - Havilands Delight

Ah maybe that's why - blue today. Aw well I'm sure my old China will be back sometime soon.

Well I got a response from Kate Patrick @ Amigo which is good i guess. As you can imagine nothing earth shattering in there since it would constitute inside information (man I could really do with some of that) - joking! I asked her if I could share the extract that wasn't just we are working hard blah blah. She said yes so here it is -

“We have a new CEO in place who has had significant prior success turning businesses around and a new Chairman Designate with considerable experience in the sector. Gary has been in situ for just two weeks. He is spending time in the business, as you would expect, focused on dealing with the issues we are facing. This includes having the right people, in the right place, focused on the right tasks. But engaging with our shareholders is also very important to him. The questions you pose are highly relevant and we will update the whole market when we have material news to communicate

Quote: Looks like NSF about to move up

The 5 day chart looks like an ECG! If I buy NSF is the bulletin board any friendlier with less douche on board?

That's one of the first criteria I look for when I buy stock these days then after whether it will bag.

Thanks for your comments Havilland & faux concern. You 're entitled to your opinion. I'm not the kind of person who blocks folks because I don't like what they say. However, I don't want you to confuse desperation with impatience. I appreciate the CEO has only been in the role for 1 week so to some extent I want to keep the pressure up. History tells us that some elements of the old BOD have kept a controlling factor on the business. Possibly one of the reasons GC walked. I don't want the new CEO to go that way. In fact I'd like to see him take a few scalps once he is approved.

Therefore I am keen to share some of my displeasure since there are very few other options available to me. If you note my first question sought some answers about re-lending. I appreciate some of the re-lending issue is not the fault of the business and in part down to COVID but if they have optimised their criteria then I see no reason why they cannot widen the scope beyond key workers. It is true the pool of eligible people may be narrower but I don't think this business needs to "smash it" over the next few months. They have decent cash reserves and if they can reduce the loan book churn with some new clients that may be enough to weather the covid storm without seeking additional funding, which would put the business on a very good footing once COVID blows over. Without a shadow of doubt the mainstream lenders are going to rule a huge swath of the country as sub prime because of COVID. Therefore if Amigo can weather they will be fine.

I fully understand this is a long term play and my impatience on the BOD is due to
1. Their lack of engagement, they did much more pre JB vote when they wanted to see him off
2. Questioning their actions on the lock up release.

As an owner of the company I think I'm within my right to do this and I will continue to do so twice weekly until I see better engagement.

Also please do not worry about my losses. They are paper, so a bit like some of your comments - it is distasteful, it is not the end of the world. I had a decent run with De La Rue before Amigo buying in mid March and watching my investment drop 40%+ before it bounced back in June. I have no discernible qualifications in finance and investing and so this is why I do not offer advice. Perhaps you do and if so I commend you, or perhaps like a lot of others you are just offering opinions which as they say are a bit like ar 5 e holes.

My main investing assets are tied up in ETFs across multiple sectors and regions so whilst they are not entirely risk free they are doing pretty well considering, especially those focused on N. American tech.

My money in Amigo could be described as play money. Don't get me wrong it does indeed hurt when I have a loss on the books like this and no doubt that plays to your perverse sense of being.

The difference between you and I is that you post on this topic when the price is red, I post when the price is red and blue /green

Diamond - I've stopped logging into my account these days :o)

Let's just say if I was driving my paper loss it would have stripes, dice and a sports enhanced exhaust.

Franky, I agree. Lending is key to keep the loan book replenished. I would be interested to know how many new accounts they added in Covid. Unless I'm reading this wrong they paused lending but not to critical workers is that correct?

Critical workers is a decent amount of folk which includes certain factory workers, couriers, supermarket / other food related staff, delivery drivers as well as NHS / Police teachers etc. When lockdown hit folks might be lending for cars, motorbikes etc.

Do you think we will get to see anywhere in the numbers how many new accounts were created during Covid. I'm guessing that is more for Q2 results but it would be interesting to see if that is outlined?

Keep the faith dude. That's all we can do. My paper loss is such that I have to ride it out now. If it goes kaput then I'll start again.

that would be painful and an expense lesson at the hands of the Mistress market.

Ok fair point will hold up on that for a couple of days.

Nice spot. This is where the board is useful. Not the ramps and de-ramps.

Elephant can you give me a couple of days to see if they prove me wrong? If I don't get a response then I'm happy to share the email address I found. However if by some miracle I am able to open any dialogue I might shoot myself in the foot if we then bombarded his email address. I also copied the publicly available email address that apparently goes to Nayan or Nayan's PA

investors@amigo.me

I might also see if I can get it put up on twitter as an open letter to the board of Amigo or stick it on medium and then share via twitter.

I'll obviously let you know whilst protecting any of their contact information that they may wish not to be shared on a public forum.

Gary big fella if you are reading this, I won't share your email address if you make sure you respond in a timely manner!

Cheers Rich, given the silence on other matters I'm not hopeful on a response nevertheless it didn't bounce back so it did hit GJ's mailbox, therefore it will be food for thought for him. Let's see.

Am considering the Andy Dufrane letter writing approach now I worked out his email address.