Member Info for hunniford

We rounded off a crappy week in double figures ....just.

The VREQ tells me there was a problem, which they acknowledged and it needed to get addressed. Less than ideally they probably paid off more claims than they should have but strategically one hopes they address this more robustly going forward. Previous CEO and BOD have been less transparent than I would have liked on this point. Hopefully we get more clarity going forward.

Like I say I want to see more of the leadership team investing into the company and buying stock that would provide confidence and boost the SP higher. If we do not see that then it does raise questions for me as to why?

My take on the Gary buy yesterday and it's only my humble opinion, that he wanted to send a message that underpins what this board are saying that they have turned a corner. Let's see if the VREQ announcement also underpins.

I think it is a good gesture but I'd like to see more of the leadership team do it and hopefully this is what we will see. Nothing backs up a pre-prepared RNS statement better than the leadership of the company ponying up with their own money and investing.

Welcome novice agree with Seamus. sometimes this Board can be like the movie I am Legend - when the price goes down the Darkseekers come out and aim to take casualties.

Good luck and I hope you end up with a decent return on your investment however you play it.

Quote: Richmond999 noooo I'm in for the long haul . This is my early retirement fund.. Target 43p by April . ..

Goat my sentiment too. I was aiming for £1 but a minimum of 37p would do me ok, if we can get above that I will be deploying a series of trailing stops to follow the SP.

Quote:- probably glen going for the take over :)

Ha Itsagame - given how crazy this share gets meaning nothing is beyond the realms of possibility. The Glen takeover is my OTT theory . Couple of things he did don't stack up such as the disagreement with the board but not voting for JB.

In some ways I do feel a bit sorry for JB as he has been truly wrestled out of his business. He got stitched up in the share agreement. He held 61% but when he needed to use it he couldn't. Glen should have had his back on that but obviously didn't. As a lawyer he should have been well versed on the shareholder agreement.

However at least JB has the consolation of being a multi millionaire and can go sit on a beach somewhere or keep going with his Richmond ventures.

Had to take some downtime today and do some work for a change as this gets quite distracting, particularly when all the naysayers are on. Sounds like bipolar Timmy has gone quiet for a while. another RNS and a director buy and he'll be telling us he nipped in sub 09.5 and it's going to 30p

Glad to see a bit of a shoot up this afternoon been a rough old few days. Probably a few more to come but hopefully we can get a base out of the single figures.

Good to see Gary buying up, I'd like to see other buy like Nicholas Beal he's the regulatory guy. Jon Roe & Nayan should also be taking a piece of this at these prices if these guys truly believe they can turn this around.

Nothing backs up a statement such as "we believe we've turned a corner" as these guys ponying up with their own money.

So if you are reading this gents get shopping and win back the trust of the shareholders.

Quote: Total 6.66%. He needs to sell at 31p to even breakeven.

Glen Crawford 666 the number of the beast! Am telling watch for this dude again and I don't think it will be for selling.

Season 6 Episode 6 he'll be back at it somehow

Da.mn Gary Jennison ramping this stock with his Director buy when this is going bust. How could he!

Quote on 20.9 offer: This was in January, and the buyer walked away.

As I understand it Richmond blocked the sale and then the buyer approached Richmond who again wouldn't sell, only to go through the process of selling down their holding.

1. because Richmond made a threat to sell if they lost a vote thinking this would sway the vote in their favour - it didn't and then they had to go through with the sale.
2. Then they had an idea about getting back in but didn't win over any II and relied on PI's which clearly wasn't enough.

So whilst I think JB is fairly honest in ambitions he just lacks the ruthlessness and the ability to get the job done. Which is why I think Glen is the one to watch in this saga. Particularly where the business has this level of market cap.

Everyone knows this business has challenges to solve through COVID (like most businesses) but it also has the opportunity on the other side of COVID (which will eventually happen) to be well placed to make an absolute killing. The challenge is that it just has to get there and survive and this is the risk I bought into for the longer term. Cash flow at the moment looks ok but the government need to pony up on this and sort things out. Which I think is the biggest threat to this business on relending.

So to some extent what folks like Haviland say could come true but then those of us who did the research should understand this and played for the long term larger returns.

My advice is if you were in here for a short term gain you have 3 choices.

1. If you are in over your head and have over exposed yourself and need the funds desperately perhaps cut your losses and sell and learn from this.
2. Turn a short term gain expectation into a long term gain strategy but still understand the risks
3. Do a little bit of both if you have the appetite and the ability to do so.

Glen could be the one to watch here rather than JB. JB currently has zero shares,

Glen still holds a significant amount. If he doesn't sell up. I am thinking why would he? Like JB he's already returned to this business a couple of times. Therefore he may be the one making a plan. Possibly why he agreed to meet JB after the vote as well (knowing JB had lost) to see what JB's long term plans are and see if JB or Richmond will get in the way of what he wants to do.

Look at the timeline - Glen arrives (3rd time) in August as CEO elect then

1. Glen departs the company and doesn't seem to have voted for JB most likely because that wouldn't have really benefited him.
2. Glen also said he didn't want to work with JB so maybe he doesn't really want to work with him
3. Note Glen seems to have came back to the company on a fairly flexible contract look how quickly he was able to exit himself from the CEO role.
4. Glen currently owns more shares than JB .
5. Why did the some of the institutions back the current board? Possibly to keep JB out on the basis of doing a different deal.
6. In JB's novel he stated Glen was the master at raising funds and getting deals done
7. Glen came back as a consultant earlier in the year to get the business sold but it didn't materialise down to Richmond group blocking it.

Quote JB (The big difference between us was that Glen was a dealmaker. His debt purchase business had grown by convincing banks to lend to him, and debt sellers to sell to him)

Glen might be seeking a tie up with some of the institutions or some other PE companies to make an offer on a significant portion of the company or all of it, if he can do this then he can clear out anyone he doesn't want from the existing board.

If I wrote the script for game of loans this would be an interesting new season to play out.

Ha it won't help the SP short term probably but I cannot see why he would sell at these prices. Unless he feels the business is done for but then why was JB fighting hard for the business.

Glen isn't short of a few quid so it would make no sense to sell now, given where the company should be valued currently.

It would help to see a few more Director buys ASAP. As we are back to the company putting out RNS that don't help the SP (in this case I know they have to report this)

Am hoping for now JB is done. He always said he wouldn't take it private so assume he won't. He then said he could take the hint if he lost. JB I was onboard and you got my votes but please take the hint!

He has had 2 high profile campaigns, going at this since March / April last year and has not been able to secure a win, despite exuding too much confidence both times.

1. blind sided by the vote after his threat to sell 1% per day
2. Tweeting about Nayan's leaving gift then loses vote.

If JB stays quiet I guess the next piece of news would be on the VREQ circa end of Oct. They mentioned tightening lending criteria etc, it would be nice to see some comments along the lines that the regulator agrees with what they have done against the current financial climate. Not sure they will get a ringing endorsement but something positive from the regulator would be great.

Then a timetable for lending which hopefully will be pre Christmas.

Thought I'd use this thread to compile some of the bigger outstanding questions in my head after the last 24hrs have blown by. Some of which we may never know the answers and some will probably come in time. If anyone has solid answers or indeed bigger questions - go for it

1. Who bought most of JB's shares? 61% was put up for sale but there was never an RNS which would have been triggered above a 3% holding where a responsible party needs to report?

2. Is JB now done with AMGO ? An conciliatory tweet would be appreciated to dispel much of the speculation. Of course if he has further plans and any sense he will stay off twitter until he makes his next move.

3. Will JB set up a rival firm to compete with Amigo? My knee jerk on this is no. He may do in another country but not in this market, whilst most folks say he is a billionaire (I don't think he is anywhere near that now) plus it is very hard to get loans etc to bankroll such a venture, he may put some of his own money in but for the most part he would be seeking finance to build any loan book. I think the climate now is not great. Plus why did he make so much effort to try and get Amigo back, building Amigo took a lot of effort, skill and luck to get it to where it to IPO - does he still have the appetite to start again?

4. what made Glen Crawford walk away from Amigo? (pressure from JB, the BOD other factors)

5. What will Glen Crawford do with his stock a 6%+ shareholder, with, as some say a 30p average (pre AGM) ?. Sell, hold, average down buying more?

6. Why were there no questions at the AGM / EGM from analysts and institutions ? (Was it purely because the small print indicated questions had to be submitted in advance)

7. Will roger Lovering actually go once Jon Roe is approved?

8. Will the current BOD bring in some new blood onto the BOD? I think they need some new ideas

9. Will Nayan actually fall on his sword or get replaced? I suspect not since he secured the vote, therefore would make it hard for the company to do anything. Maybe his colleagues think he's a stand up kinda guy.

10. Is AMGO potentially the target for a takeover, if so would that come pre re-commence of lending to get it for a lower price or post re-commence?

Nice sentiment Fig 22%

However I think we’re all stuck with each other until lending starts. Or perhaps a positive RNS on claims handling (that doesn’t say remains volatile)

OR and this is a big IF Nayan graciously falls on his sword. I’d take that, I’d buy a few more. Imagine the spike on that news.

I double bagged once but it wasn’t really anything to brag about that’s for sure.

Cheers Cando. I wonder did Gary buy JB a couple of pints today before he met Glen for a few Negronis

Thanks Richmond not what I envisaged but still have a pipe dream of £1 a share. It’s running slightly ahead of scooping the euro millions, only just!

Cheers maybe Nayan will make sure I get a good Christmas present instead!

Oh the irony of all this. Today was my Birthday and what was my present 2 GMs and a cliff drop red line. Boo Hoo (as in why didn't i stay mostly invested in boo hoo) :o)

Aw well, lets see what tomorrow and the next few weeks bring. Am hoping JB is done. He tried it didn't work, I don't want anymore twitter shenanigan plans unless a consortium is buying this for a quid!