Member Info for hunniford

Am getting closing price 12.7 from ii is that correct?

Hillman this price drop suits JB if it continues to Friday. I'm sure he will be starting to load up at a good price.

I have a nice population of shares and I won't be risking any sales at this late stage in the game having continued to load over the past 3 months.

Yes he did say he would sell to zero. True to his word this is what he is doing. I cannot see anything stopping him accumulating after that point. Like I say a major holdings RNS would start to kick in once he held over 3% (I think from looking at the FCA website) so we would soon see this.

He did also hint he could buy outside the broker agreement i.e. if the SP went over 20P so like I say why not buy outside the agreement from "Ground Zero day" onward if the SP is below 20p. Plus that means more votes for him via Richmond group.

Having read the snippet of JB's broker contract. I could see nothing stopping Richmond group commencing to buy shares immediately from the point they hit 0% holding this week.

AS JB said this contract is about providing confidence in his approach to Amigo. It obviously does not come into affect until he is voted in as CEO which is some time away. It is not beyond the realms of possibility at the time this contract executes that Richmond group could have already acquired shares. As I understand it though once they surpass 3% holding they would need to release a notification on their holdings so we should see this.

I think the contract and buying of shares outside the contact could be mutually separate actions. After all if JB intends to buy he is going to want to buy shares at the best price. Ultimately when the share sell hits zero it could be a very interesting few days up to the AGM!

Nayan & Roger just earned a big vote against.

Nayan has done himself zero favours as appearing competent on the various presentations. Last time he got schooled by a guy asking a fairly simple question about paying down debt. I cannot see how some of the institutions would vote for / if they actually vote.

“That's just for the normal AGM votes.”

So where do the “JB” votes come in? Assume it should be heard And voted for at the same meeting?

Since ultimately the vote for Nayan addresses one of JB’s requests? So why have it again.

I’ll be giving Nayan & Roger a big no. I thought Roger was meant to be orderly leaving. That is why I was a little anxious not to see the JB requested votes. Thought these guys were going to pull something along the lines of a technicality stating JB request was not made properly and therefore ignoring his requests. Which with JB going to zero it is a bit of a signora!

Unless he got buying again. Have to say am still a little on edge.

If I’m missing something it seems there is no mention here of JB’s request and chance to vote? Am very confused. Can smarter folk than me opine o this?

Just had an email from II and logged into my account to see the vote form has landed.

1.TO RECEIVE THE ANNUAL ACCOUNTS OF THE COMPANY AND THE REPORTS OF THE DIRECTORS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020, TOGETHER WITH THE REPORT OF THE AUDITOR THEREON
For Against Abstain

2 TO APPROVE THE DIRECTORS' REMUNERATION REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 AS SET OUT ON PAGES 69 TO 82 (INCLUSIVE) OF THE ANNUAL REPORT AND ACCOUNTS 2020
For Against Abstain

3 TO RE-ELECT ROGER LOVERING AS A DIRECTOR OF THE COMPANY
For Against Abstain

4 TO RE-ELECT RICHARD PRICE AS A DIRECTOR OF THE COMPANY
For Against Abstain

5 TO ELECT JONATHAN ROE AS A DIRECTOR OF THE COMPANY
For Against Abstain

6 TO ELECT GARY JENNISON AS A DIRECTOR OF THE COMPANY
For Against Abstain

7 TO RE-ELECT NAYAN KISNADWALA AS A DIRECTOR OF THE COMPANY
For Against Abstain

8 TO RE-APPOINT KPMG LLP AS AUDITOR OF THE COMPANY TO HOLD OFFICE UNTIL THE CONCLUSION OF THE NEXT GENERAL MEETING AT WHICH ACCOUNTS ARE LAID BEFORE THE COMPANY
For Against Abstain

9 TO AUTHORISE THE DIRECTORS TO SET THE REMUNERATION OF THE AUDITOR
For Against Abstain

10 THAT THE DIRECTORS BE AND ARE HEREBY GENERALLY AND UNCONDITIONALLY AUTHORISED FOR THE PURPOSES OF ARTICLE 95.2 OF THE ARTICLES OF ASSOCIATION OF THE COMPANY TO INCUR AND PERMIT SUBSIDIARIES OF THE COMPANY TO INCUR AND HAVE OUTSTANDING BORROWINGS (INCLUDING ANY REFINANCING OF SUCH BORROWINGS) UP TO A SUM EQUAL TO SEVEN TIMES THE AGGREGATE OF (A) THE AMOUNT PAID UP ON THE ISSUED SHARE CAPITAL OF THE COMPANY; AND (II) THE TOTAL OF THE CAPITAL AND REVENUE RESERVES OF THE COMPANY AND ITS SUBSIDIARY UNDERTAKINGS (THE "GROUP") AS SHOWN IN THE LATEST AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF THE GROUP ADJUSTED AS APPROPRIATE PURSUANT TO ARTICLE 95.1(I) TO (V)
For Against Abstain

11 THAT ANY AND ALL MONIES BORROWED, OR ANY OTHER ACTIONS CONTEMPLATED BY ARTICLE 95 OF THE COMPANY'S ARTICLES OF ASSOCIATION (THE "ARTICLES") UNDERTAKEN BY THE COMPANY AND/OR ANY OF ITS SUBSIDIARIES PRIOR TO THE PASSING OF RESOLUTION 10 IN EXCESS OF THE LIMITATIONS CONTAINED IN ARTICLE 95.2 OF THE ARTICLES, BE AND ARE HEREBY RATIFIED, AND THAT EACH CURRENT AND FORMER DIRECTOR BE RELEASED FROM ANY LIABILITY TO THE COMPANY, AND THE COMPANY WAIVES ALL CLAIMS IN RESPECT OF ANY SUCH MATTERS HAVING BEEN DONE OR ALLOWED TO SUBSIST IN BREACH OF ARTICLE 95.2
For Against Abstain

12 POLITICAL DONATIONS
For Against Abstain

13 AUTHORITY TO ALLOT SHARES
For Against Abstain

14 DIS-APPLICATION OF PRE-EMPTION RIGHTS
For Against Abstain

15 FURTHER DIS-APPLICATION OF PRE-EMPTION RIGHTS
For Against Abstain

16 AUTHORITY TO PURCHASE OWN SHARES
For Against Abstain

17 THAT A GENERAL MEETING OF THE COMPANY (OTHER THAN AN ANNUAL GENERAL MEETING) MAY

JB is serving up a Twitter QA & A class tonight!

Ah good point. I'm in central Asia so it's a normal working day here! See you same time tomorrow!

Geez, too many messages to read from the weekend. You guys should take a weekend off and recharge the batteries. Not much happens to the share price when the markets are closed! :o)

Plus there is already too much stress with this share during the week, what with twitter hand grenades and other activities. Great to walk away and not think about how much Amigo I have hanging out in the wind!

good luck for this week, hopefully we get some indications of director buys (given the current share price) a lack of, this week may also be a telling story based on the board's risk appetite to JB's hostilities.

itisagame - good points. If I got a decent wedge out of this I would be putting most of it into an ETF similar to my pension but sitting in an ISA. The only thing that does tempt me is if they do right themselves out and have decent governance at the end of the day the product they sell is not that complicated. Plus if they had of kept on top of the regulatory requirements or even tried to go a little further they could have avoided most of the pain. Sure in covid times they would have suffered like most businesses but it wouldn't be at the level it is now plus if it wasn't most of us would not be here.

can you explain to me the logic of continuing to sell down his shares below the 10% threshold when he needs votes to pass his proposed motions?

Good question, the only assumption I can make is that he upped the stakes made a threat hoping he wouldn't lose the previous vote. He lost the vote so he actioned the order to sell to zero. He was asked many times if he could back out of the sell and he said no and he has therefore stuck to that.

What none of us here know is where the majority of the sales have gone. Time will tell. The Amigo board don't have a scooby but then that's not entirely surprising now is it?

FTH - The magic £1 I've referred to that a lot as my next consideration point.

We obviously need to get over some barriers, 20p has become mythical now and even part of JB's patter. I think we hit it briefly last week one day my II account opened at 23p briefly during auction so not sure how accurate that was. Think the JB sales will keep dragging the price around the teens but hope not. Some directors (ie Glen) buys would totally change that dynamic. The boardroom shenanigans won't help, losing the CEO wouldn't be great given how long it takes to find a decent one and then get them approved. JB is not CEO material for day to day running this thing.
So let's hope that can be avoided. If Glen buys again I would be more relaxed on that point. As he won't want to see a new Hamish or Roger come in and **** away his holding.

Plus let's not forget this is still all very high risk at the moment due to all the moving parts. So I still see £1 quite far away for some time, partly based on getting re-lending going and some of the outcome from that. I am also concerned about how much the loan book is shrinking and not getting replenished. But we are in difficult times I appreciate there is no point in lending to folks who are furloughed and I suspect they are waiting for that to play out. They need to get the balance right for Christmas as that is prime time for lending. Everyone wants to hit Aldi and Iceland hard at that time of year.

I asked these questions today but they never put them forward for discussion. Nayan kept saying the company is primed to lend once the board deems the time to be right. I wanted them to elaborate on what requirements the board wants to satisfy to recommence lending. I'm going to chase them up for answers on this as I think it would be one of the main drivers for helping it get closer to the £1.

There will still be some additional factors which will likely impact. I suspect impairment is still going to be high but hopefully it all stays within acceptable levels. After all people on furlough should still be able to service their debt obligations and with lockdown it's not like the pubs / football /bookies were open etc.
At the end of the day most businesses will be suffering due to the global way this pandemic has been handled but that is another topic.

If I had to forecast I would say if they can meet re- lending for the Christmas period. so recommence by mid / end November and we get a decent update. Then my estimate for £1 would be end of Q1 next year.

I am only talking about the magical £1 as I wanted to demonstrate that I am not trading in and out of this so do not need to ramp it, rather I am holding for long term just because I have a decent holding and it's a pain to move in and out of plus the stamp duty etc doesn't make it worthwhile. I see a lot of folks getting frustrated because they are not getting immediate returns. Honestly if I saw a steady 35p - 40p by the end of October I would be eg

FigTH

I think some of the existing Directors need to wait until the newbies are approved by the FCA. according to Nayan that was expected to be by the end of Sept. I'm not 100% on that point but that could be why these guys are still around. Plus JB's other point that they are having trouble finding the door.

Nayan's howler today about "going forward how they plan to refer CMC's to fraud prevention agencies, smacks of - the door being left open and the horse already sitting in a Findus lasagne. Too little to late, they should have done this 12 months ago before this claims process got traction and it would have stymied so many claims. Utterly shocking corporate governance, this is something the board should have been all over, given the damage it has caused.

Nayan's words today were like an acknowledgement off the back of JB's many tweets about fraudulent applications and people lying. Ultimately this has had an impact on the amount of claims upheld. How many claims have they paid out plus compensation to folks who lied about their circumstances, it beggars belief.

So as this plays out it reaffirms my plan is to vote for JB. Originally I did not approve about JB's twitter hand grenades but actually it allows us to cut through the BS we are hearing from presentations such as today, without these tweets and social media posts we would have less of a window into how poorly this company was being run. I mean obviously the share price is a great indicator but as others point out a chunk of that is down to JB's actions which I feel were somewhat necessary since this thing could have been on the verge of going pop or to coin the phrase "slow motion suicide".

I really do want Glen to stick around and I'm going to drop him an email to that point. I also feel that with his shareholding amount he will want to. It will be interesting to see if he adds in the coming days knowing this is going to a vote.

Added to this on the conference call today around the 09:30 mark Nayan stated they intend to continue to report all breaches of regulation by CMCs to the FCA & INTEND to report in the FUTURE to fraud prevention agencies.

This is another example of poor management.

At around the 25:30 mark there was a question from Ian Parkinson of polygon about buying back the debt by spending 1/3 of the £150m to buy back some of the debt because the returns of buying back the debt exceed the returns of lending to customers particularly as lending is more or less suspended.

Nayan response "Er good question this is at the forefront of our minds" which translates to "f**k good question we haven't really considered that option" because he then goes on to school Nayan about the way to buy back the debt.

Again JB on point that this guy is totally out of his depth as a CFO.

I found this extract from the Amigo board in response to JB 05 March "it does not have a systematic problem"

Fast forward to today and the number of complaints upheld runs at around 85%. It really was poor governance by the management of the firm to allow this to get to this positions and JB was right to point this out.

Amigo rejects Mr Benamor's binary analysis that Amigo either must take the Financial Ombudsman Service (the "FOS")
to a judicial review or that it has a systemic problem with its loan book. The Company monitors its loan book regularly
and has concluded, as part of its Q3 review process, that it does not have a systemic problem. In the Company's Q3
results, it announced a £18.7m provision. This provision relates to both the estimated costs of customer complaints
received up to 31 December 2019 and the projected costs of potential future complaints on certain higher risk historic
loans.

https://www.youtube.com/watch?v=ttNyjzG32FI

To my earlier point.......

Lol - feel a bit like one of those poor b*stards who played the violins on the deck of the titanic as the rich folks floated off in their life boats.

Hopefully we will get a better outcome. Good luck all

I've just asked the chaps on the Violins to play this

https://www.youtube.com/watch?v=v2AC41dglnM

Dedicated to the shorters and derampers out there!

Lol - feel a bit like one of those poor b*stards who played the violins on the deck of the titanic as the rich folks floated off in their life boats.

Hopefully we will get a better outcome. Good luck all.