Member Info for itisagame

Origo has sold its entire interest in Six Waves Inc., a Hong Kong based gaming company. The buyer was that company's majority shareholder. The cash consideration of USD 2,182,543 has been received. Origo had invested USD 240,000 in Six Waves Inc. in 2012 and had carried the asset at nil.

In accordance with Origo's previously announced strategy, Origo will return to shareholders all excess capital. Pursuant to the Company's Articles of Association, eighty per cent of any distributable amount will be paid to the holders of the Company's redeemable preference shares and twenty per cent of any distributable amount will be paid to holders of the Company's ordinary shares.

95% is just BS. It’s not a thing.

If amigo loans limited falls amigo has amigo Ireland and it’s tiny market to fall back on there is still a company, you just need to adjust management and staff costs to reflect this.

Worse case The bonds and other senior debt liabilities will be repaid before claimants and amigo loans ltd subsidiary shut down.

I’d pay £15m to retain amigo loans ltd if it were able to lend, but the idea of funding it at the cost of 95% dilution makes it not worth the time, shut it down, take the tax losses at plc level start or expand elsewhere or form a JV partnership with a company that can actually lend.

I expect that It’s *******s that the financier or proposed underwriters have told Gary. - shows that most won’t touch it at the moment and that the underwriters who will are robbing bastards.

BUT In a year with much of the uncertainty cleared up I expect other parties will express interest at better rates.

Currently The Whole market is a bit on its head at the moment with companies raising capital, no one’s getting good rates so that won’t help.

They had the chance to purchase bonds in 2020 off market and potentially save ~£100m (plus interest). If the fca didn’t block their funds that was potentially £100m plus interest on top of the £112m that could have gone to the claimants.

So your at 80p in the £ there now,

Then If amigo could have loaned £150m out the last two years that could have netted £30m a year, £60m total. - utilising the securitisation fund.

So there you go That’s £260m of the ~ £260m provisioned.

Claimants could have been paid in full. But wasn’t the path that FCA enabled.

The Company has done well to pay down the £600m debt last 3 years, claimants would have had nothing if they were not given the last 2 years to collect the book.

And the loan book would have just been sold off cheap for someone else to collect so every debt would still have had to have been paid. - probably with additional fees too if they didn’t make on time payments, and forget the 6 months grace amigo gave on their no extra fee model / and Covid protection.

Still it’s a shame amigo couldn’t continue lending with adjusted checks, as the claimants could have been paid in full. Fca have gone about this completely the wrong way for all parties.

Off we pop to sunflower loans for an 85% apr loan now….

This is the true picture of the options.

Gross loan book ~£200m
Impairments already booked ~ -£82m at last results.
~ -£20-30m at a guess added as set off loans.

So Net loan book good loans remaining ~£90-£100m

Value of that loan book if sold off in liquidation fire sale ~£50-70m

Current Cash ~£90m

Bonds -£50
Staff redundancies £XXm
Legal costs ~£10m
and other costs involved in winding down ~£20m

Total:
+£50-£70m loan book
+£90m cash in bank
-£50m bonds
-£10m legal fees
-£10-20m staff
-£20m misc wind down costs

Will Leave ~£50m to ~£60m for claimants if it doesn’t get passed.

About 23p in the £ for claimants if admin

Them saying 29p would be based on amigo collecting out the book.

Preferred scheme is the best option for claimants by far.

The 1/19 is just what Gary has been told by a party that has been willing to or advised on underwriting the rights issue.

Leaving existing shareholders with 5% is not a rule, it’s what debt and financing specialists have spun to Gary, just because a few have got away with it, doesn’t make it a rule of thumb, the market has today taken it as a given which it isn’t, it is complete rubbish.

Shareholders have never voted for 20-1 dilution.

Look at hurricane - different scenario as d4e not a capital raise but their 5% threat got dismissed in court and the company repurchased bonds at a discount to par instead.

If amigo gets to the point of a raise the. The money will be raised but not at 19-1.

Amigo will just need to engage with better financiers closer to the time the RI is needed, and by that time the soa would be approved on April, claimants would have been paid out £97m and there would only be the £15m liability to go.

Obviously If however the scheme doesn’t pass there is no rights issue, and it’s wound up.

Well, like most Ive been wiped out over the last few trading days.
The only silver lining was I “only” lost £40k Over the last year instead of £80k because I held spreads and not vanilla stock.

The Company and FCA could have done many things different and returned a greater sum to all parties but not to be.

Debt holders have had £600m returned to them over last few years, bonds trading at 50-65p in the £ last year we’re repurchased at par, lending never restarted, and shareholders Have lost 99.93% since IPO

I’m Lucky enough to have squirrelled away a few quid from 2020 trading and it’s locked up where I can’t touch it, or it too would have been lost here, but many others are not that fortunate.

The FCA prolonging the death has only caused more harm and loss for all parties, the few pence difference on table for the year longer that it will take in a best case scenario doesn’t help as many claimants have had to use other providers charging much higher rates and will have to continue to do so in the future with less access to lower rate competition in the future.

Amigo had a great offer and a great product for the market place it operated, it took people from the 100-1000% providers and loan sharks and was a stepping stone for many to conventional credit.

The idea forward can work if it gets the chance, with the lower rates it will have to be all equity driven as debt financing at the rates in market now will make the product unviable for amigo to supply. That’s why the dilution looks so hard.

I don’t buy the idea of keeping the share price lower, I don’t buy the need for wiping shareholder out even more, somehow speculative share prices were able to be used against the company and a regulator who attacks shareholders and makes the rules up as they go along has no place in the market so it’s impossible for me to justify any UK lending in the future.
Amigo met all the legal criteria in the first court session and the judge / fca span around it.

Reading the fca release today although it reads as if they wrote that material specifically for amigo I just can’t see the fca allowing amigo to lend again, not as the company we know, there is more to life then this.

There will be a chance to flip a few % in to bounces and rallies, there is a chance for more if all goes to plan, the risk vs reward is so high now it’s eye watering and would still draw me in.

Collectively shareholders have lost more than amigo has ever billed in interest, shareholders are the biggest losing party because the FCA approved the listing, approved the lending procedures, and enabled the whole thing. And to screw the remaining few just because a handful actually made money in 2020 / 2021 trading off the Covid relief frenzy? Just mad .

Hug your love ones, take the hit as experience, learn from
Others and don’t be ashamed, it was a good bet, it just didn’t work.

Good luck to all, and to all a good night.

Amigo will effectively be sold / taken over via the placing and rights issue, Gary and team are here to guide the ship through the soa then they retire again.

Maria already took up other roles elsewhere in 2021.
Mikes off.
Gary will retire.

If you think the rights issue is going to be at a lower price then you might aswell start forward selling your RI shares by shorting the longest date going.

But it’s a year away - if it even comes to the point of a rights issue happening. And who knows where it could be in the mean time.

5p with potential of >£1 in the future it was worth it.

It’s got to a point now where at
3p for a potential 10p- max 20p in future it’s not worth the effort.

Every ii and large holder from before the point of when amigo stopped lending has left. They took their £2.75 buys and sold all the way down to 5-20p, the shareholder base that benefitted at the time when lending was made have seen their up to 99% losses.

Collectively these shares have lost £1.3b of value.
And every shareholder apart from those buying today has lost way more than 58p in the £ invested.

If This scheme is not approved in April amigo will be ~£150m short of clearing the existing claims provision with the remaining book collected (minus impairments) and after paying remaining bonds, even more so if impairments and set offs are taken up with en mass..

The company wasn’t joking when they said the first deal was the best offer at the time, shame they couldn’t buy the bonds off the open market at the time when they were 50/60p in the £, that added with if it were left able to continue lending all claimants could have been paid in full eventually but we have now lost 2 years of income and the fca have destroyed a profitable company and many jobs.

And then there is the threat of the fca fine.

Some times you just have to say enough is enough, trying double or quits hasn’t worked so far.

It’s a bit like Matt at thg, JR at mode, and a handful of others complaining about markets pricing the stock, the market does what the market does and always will, you just have to make the company worth investing In, get it generating cash profits, keep cash burn to a minimum, and give people a reason to invest and feel that their money will still be safe there next year.

And if they really think it’s worth more just put their hand in their pocket again and buy the stock, don’t go wasting money from a dwindling pot on a FSP just as an attempt to spoof the market for an extra few pence in share price.

And why enter a fsp so soon after listing? Madness.

Yep, If they didn’t open the FSP they could have raised cash a long while ago at much higher just via book builds - what’s drayson playing at? A MBO would mean he’s got to buy out the hospitals providing the data, would they be so accommodating in the future if they didn’t have a % interest?

its pretty much closed the gap to that 17p sell the other day if that means anything

Darn, Yes it moved, but not in the direction I wanted lol

Will it move now?

20 trading days to go.

Bybrook will be officially gone before long if they are still selling, the low lying fruits that JPM shook to the floor are being picked up and more traders will come as the day draws closer for the market day parade.

Everyone will be watching.

OCTOPUS INVESTMENTS LTD
Ordinary 10p Sale 1,648,750 £0.20604

Two down?