Member Info for itisagame

you missed the best part seamus, are you not a keeper of the light? :)

Humm, starts in August, is there for a few weeks as CEO, gets his 1.98% unlocked and walks away with £750k from selling the stock.

Yea, put it that way i can see a few potential red flags, again - better off with Gary :)

I think it will end up better in the end.
JB wouldn't have been able to move money out of the company as he planned because of the asset vreq so there would still be the same uncertainty, the only benefit would have been his "promise" to buy some of his shares back when x and x was met.

Give Gary and the new team a chance and some time, (Nayan will be replaced in time, i dont think anyone would want to walk in and put their name on his balls up accounts right now).

Obviously the best use for the £140m is to have most of it out in loans and bringing in 49.9% interest, and servicing the debts even as they stand is still very doable, 2018 they only had <£20m cash in the bank, as it was all out earning money.

It restricts the options that it can be used for (without FCA approval anyway) so dividends, acquisitions and new company ventures are a no go, but they can still pay down debts with it, and with the bonds at half price this should be an obvious use for some of the cash, even if its only with part of the cash and used to even out the profit / loss on the accounts.

Hopefully they can obtain (or do not need to obtain) permission to allocate ~£50m to new lending, fund new advertising, fund regular company day to day business, and fund back end improvements.

Everything is in black and white, they sign multiple documents, it was all approved by the FCA pre ipo, number of claims before PPI ended were in the dozens, amigo didn’t hold anyone at gunpoint and told them to take out a loan. Failing to read a contract is not a defence, if they didn’t understand what they were signing they should have questioned it or not signed it at all, everyone has a degree of self responsibility.

The reason only 10% of guarantors made payments is because of the stringent checks that amigo did before loaning out the money (again all approved by fca prior) what was it 95% of loans applications are declined?

Net assets are down £200m from ipo, Mcap is down >£1.3b, a bit of a discrepancy.

Gross loan book was >£700m and they have used ~£55m of the now >£150m provision made, increasing the provision potentially delays paying tax on some profits and preserves cash. if part of the provision ends up not being used in the end it comes back as profit, if you guessed an extra 50% in number of claims to date to include the 10% and the latest 8weeks of complaints we would be looking at ~£85m for the total cost up to present date. Although I would expect the number of genuine new claims to be dropping, most would have jumped on board the greasy gravy train that the cmcs have been pushing by now.

Start relending and it’s serviceable, still posted a £3m profit Q1.

I was referring to the 3SRR (or whatever etf it was) going bust, they should be on the ball with everything and play with the same rules as everyone else if they are going to offer the service that they offer.

“ At what point do we look more like toast??”
When the loan book dwindles to less than the debt plus cash.

< ( bust - the short ETFs)

I Was tempted with RR <70p today, traded it last week at ~77p - ~90p, was a strange capital raise day when it hit £1.01 with all the poor funds set up to short it screwing up, shame they didnt go bust.

Good luck Vinson, I think you will be very happy with that in a few months, if not before.

The world runs on circulating debt.
Think of how much new debt the government has taken to cover old debts because they wasted the proceeds of the prior debt raise.

Halifax isa ones popped up In the account yesterday, don’t know if that’s just me as i was messaging them yesterday about Them. But if they are not showing for you on Halifax I’d suggest using their live chat and ask them.

Not out of the woods yet and still have to start lending again to rebuild and refresh the loan book, but demand is out there for the product and improved service when we are ready. the £140m cash buffer is the saving grace at the moment.

And to put £5.5m a month in to perspective that would be the profit on £150m of the loan book (or ~£250m of the loan book when taking in to account impairments at the last reported rate in q1, at 37.9%). so worse case around half the existing loan book.

the half year results will surprise us all.

Also found the amortisation period details i mentioned earlier.

"Current funding structure RCF and securitisation amounts excluding capitalised fees; Securitisation is a 3 year revolving term with 4 year amortisation period"

4 YEAR AMORTISATION PERIOD. = the £199m (minus whatever repaid since Q1 results) would cost around £4m a month, that is the worst case for this facility, i think we are paying down more than that monthly as it is.

Add the bond coupon, 7.625% on £234m which works out at around £1.5m a month.

then the cost to service all the current debt is £5.5m a month.

PEANUTS and well in the affordability range for amigo.

No issues.

Glens vote could have been what kept nayan and roger in a job (well roger had a few extra weeks anyway)

Huge volume

When We are buying a once £1.3b Mcap company at £30-80m Mcap prices, did anyone expect it to be easy :)