Member Info for itisagame

This cars.

"a £300m securitisation facility which expires in June 2022, after which the drawn balance will amortise in line with repayment of the underlying securitised agreements. On 24 April 2020 the Directors negotiated a three month waiver period for the facility. The terms of the waiver period amendment remove the obligation of the lender to make any further advances to the Group but also provide the Group with a waiver from an early amortisation event should an asset performance trigger threshold be breached during the period. The terms of the amendment also require that the facility must be restructured to the satisfaction of the lender by the end of the waiver period (24 July 2020 or such other date agreed to by the lender) or the facility will be placed into early amortisation, after which, the performance covenants no longer apply"

21-Jul-20 16:19:35 6.714 2,199,555 Buy* 6.40 6.49 147.68k

Good luck to whoever took nearly 0.5% there. was that you Glen? :)

"The Relationship Agreement will be effective as from Admission and remain in effect for so long as Richmond Group Limited and any of its associates hold, in aggregate,10% of the total voting rights attaching to the issued share capital of the Company and the Shares continue to be admitted to listing on the Official List of the FCA."

"The Group had only 80 cases referred to FOS in total during the period 1 July to 31 December2017, which is a relatively low number given that the Group had, in total, approximately 334,000 borrowers and guarantorsas of 31 December 2017. The Group has full FCA authorisation. Overtime,it has invested in a number of areas to build its standing with the FCA, such as enhancing its forbearance policy and increasing the detail of its affordability checks. The Group believes its relationship and ongoing dialogue with the FCA ensures it is well placed to anticipate and adapt to any changes in regulatory requirements."

A of A are a long old read.

poor JB, that price he got today was terrible, its like the market doesn't take in to account that he has a family to feed.........

From a different perspective if he called a vote to put him on the board or get the board to Pursue a judicial review it would Benefit him directly anyway, because if amigo can prove the lending standards are firm when he sets up another lender he can use the same lending approach, win or lose it hasn’t cost him millions in court fees, if approved the precedent is set.

I think he’s going to 0.

What would he actually call a vote for?
What would be the question on the ballot?

Most of The old board will be gone, Glen and chairman start in less then two weeks.

Clear it all out, the provisions are Already made, Get on with it, secure new financing and restart lending with Slightly different Approval methodology and use the profit to supplement historic claims.

Either way the FCA / FOS / consultants / lawyers will end up taking their pound of flesh.

And they mentioned possible outsourcing.
So they are struggling to deal with it with just their current repurposed staff.

Smaller loans from £1,000*

if it was better scenario I’d expected that they would have reacted differently when asked.
It could be large If all the smaller loans Under £1,000 are trying to get back their interest, or It could just be everyone who has ever had a loan, because it costs The customer nothing to complain.

Either way, the sp wouldn’t be this low if JB wasn’t selling, he will be gone in a month. Still pondering an additional investment at these levels but I’m overweight here tbh.

As They wouldn’t give an actual figure for open complaints

The board squirmed when asked in the q&A but if you take £35m for vreq / ~9000 complaints.

Then £130m provision would be ~30-40k complaints.

It’s explained in the live presentation yesterday, I have a feeling that they took the number of all current claims and the figure if worse case they just paid out for every one, then added quite a bit for expected new cases. That’s why it’s a massive figure.
Overall it should be enough but they Cant guarantee it.

In a way I think - and so they should, CMCs should be expanding their advertising to customers wanting redress for any credit given if it’s “affordability” That’s in the spotlight, should be Targeting all finance providers.

overdrafts, credit cards, mortgages, car finance, if you can’t afford them all at the same time then you can’t afford any according to the FOC / FCAS decision making.

Q1 results ( April/May/June) Due End August will be Rubbish as no new lending in the period and its the bulk of the covid issues,
Glen and the new chairman have a month to throw any and all remaining skeletons to the wall and out the way, then it’s relatively smooth sailing from September As JBs sales end and fingers crossed they are on top of the VREQ.

Also by October most COVID payment holidays should be Ended and payments are due on these accounts, just in time for the start of the actual depression in November when stimulus ends.
AMGO And the likes Will be needed more then ever.

I’ve been wondering why When you kitchen sink the results like yesterday why would they not reveal the actual current number of complaints ?

They were asked multiple times

https://www.londonstockexchange.com/stock/AMGO/amigo-holdings-plc/trade-recap

"in the event that the current board remain in place after the upcoming general meeting on 17 June 2020"
Technically .... they are not in place 1st Aug

(i) Richmond has placed all of its shares in Amigo with a broker, with irrevocable instructions to sell 1% of the company every trading day until Richmond's stake is reduced to zero, in the event that the current board remain in place after the upcoming general meeting on 17 June 2020 (the "General Meeting"); and

(ii) there are no circumstances in which those sell-instructions can be cancelled or amended by Richmond.

"walks away with an undisclosed golden handshake" - hope its a performance related leaving bonus...

One contradictory point i see from JB is his "irrevocable sell order", he says he is stuck until hes at 10% then he can call a GM but if he calls a gm which can take two / three weeks he would have sold out by the time it comes round. If he holds his 10% then its BS and he could have stopped the sale at any time.

As at year end, we had equity of £167.4m after making the £117.5m provision for complaints, and as at 30 June 2020, we have unrestricted cash of over £135m.

I think the loan book figure is marked lower as part of the provision