Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Part of the genius of the current narrative here is the fact that JB and the rest of the board that were in charge while these bad practices were happening are no longer around. It makes it much easier for the FCA to approve relending and the SOA in general because the guilty parties are not going to benefit from the business getting back on its feet.
I believe this is also why Glen left. He tried to distance himself from the past by saying he wouldn't work with JB but that was never going to be enough for the strategy Gary had in mind. All my opinion and no facts or inside knowledge claimed.
Ask yourselves these questions...
Will a skilled and experienced board be able to agree something acceptable with the FCA to take the SOA to court?
Will a skilled and experienced board be able to muster enough support from customers to vote in favour of the SOA, as has happened in previous similar cases?
DYOR, but I answer yes to both and believe this will see the share price double from where it is now within 3 months. Hold strong Amigos.
I'm holding my 600k for now. I must admit to a big wobble over the weekend. Reading the Trust Pilot exchanges worried me about the possible outcome of the vote. Having read some of the feedback to my post yesterday and looking at how easily Moneyshop SOA vote was passed I am now sure this will get through in some form.
Thanks for the reply LTH but the more I read about this the more I think I disagree. If I've been missold the loan and am still paying for it then the adminstrator won't be able to sell that debt on at the same level. My right to a reduction in balance still applies. Amigo/administrator won't need cash to give redress, they just have to "off set" i.e. write the debt down.
Anyone else care to share an opinion?
For clarity I am a shareholder not a customer. My main concern is that most of the current customers with balances will vote no. They will see a debt reduction and Amigo go bust which will feel like a win win for them.
Please correct me if I'm wrong...
If I'm a current customer with outstanding loan balance any complaint redress I get will be taken off that balance whether the scheme is in place or the company goes bust? That's the way I read this from the AmigoScheme website.
"As a result, Amigo is not making enough money to pay all of its creditors. Usually, this would mean that Amigo would have to go into an insolvency process such as administration or liquidation. If this happened, then in broad terms:
a
the significant amount of debt that is owed by Amigo to its secured creditors would have to be repaid first;
b
a liquidator or administrator would continue to collect your loan balance;
c
if you had both a valid Redress Claim and an outstanding loan balance, 'set off' (described below in paragraph 15) would apply to reduce the amount of your loan balance by the amount of your Redress Claim; but
d
unsecured creditors after 'set off' has been applied - including past or current customers who were owed compensation for a Redress Claim - would, based on our calculations, receive nothing due to the lack of available money after paying, for example, secured creditors."
Someone above asked about Telegram
If you are a user search for AmigoShareChat
I set it up a while back but no-one is using it yet. You are all welcome. Hopefully the fact that it is a private chat will mean fewer rampers / derampers and better exchange of honest views.
I'm with Frank on this (with half the stake). The camel lady might give you the hump but she does make some valid points and some of the comments also reveal the danger of taking this scheme AS IT STANDS to a vote.
The truth is that the scheme as proposed is not demonstrably fair or transparent, I've made the point before but offering 15% of an unknown future profit is just not going to work without being more specific or ideally committing to a minimum annual contribution.
Amigo also seriously need to consider the possibility of a punishment vote - customers voting against the scheme to force administration when the alternative is an unknown but smaller compensation than they deserve. We Brits hate perceived unfairness and can act illogically when subject to it.
I hope and pray that GJ and the team are working on these issues and come up with some improved clarity before the end of March. I really don't want to go into another vote where the outcome could swing the SP massively either way.
I can't see any director buying happening until after the SOA is sorted. What would it look like when the SOA argument depends on the alternative being administration? Cutting off claims to make big profits for themselves could be a PR disaster in the short term and invite a tighter squeeze on future profits for the scheme pot.
Yes, I see that point.
Part of the RNS mentions FCA not approving scheme in current form. I believe the above is why and that Amigo will have to state some forecast for what the profit will be if the scheme is approved. This will give the FCA something they can approve, and also give a boost to the share price as we will see what future profits might be. This will bounce the price before the court date in my opinion.
Exactly. How can FCA give the ok to the scheme in its current form when its current form doesn't state clearly what the likely level of profit going in the pot is likely to be. Could be nothing, could be another £20m
Surely they will need to be more specific on this point to satisfy the FCA / court that it is a fair offer. e.g. a minimum £5m per year . I think that is when this will get moving because it will give a strong indication of what the planned profits look like going forwards as well as giving the FCA some proper numbers to work.
**********************Mx6afhkqgQwuRu_bI-Tt4g
Above is an invite link for a private Telegram group I've set up for Amigo related chat.
Let's be honest there is some right rubbish posted on here so perhaps this will be a better option for those who want to share thoughts and ideas about what might happen next.
No rampers / we'll all be millionaires / £2 next month messages please (until we are at £1.90 ??)
Jimmyg, great post, most sensible view I've seen on here.
Fact is that close to 60% of the business is owned by people who will want to sell at the first sniff of 20p... no way it sticks above that level without new news on lending or claims.
Irrevocable order is to buy at UP TO 20p, not 20p or more
https://www.google.com/url?sa=t&source=web&rct=j&url=https://twitter.com/jamesbenamor/status/1301916517261549569&ved=2ahUKEwiA68rkyvPrAhWEsHEKHUrLC7QQjjgwAHoECAkQAg&usg=AOvVaw2Z2OQRqck1TiExAWOHMaAB
Agree with above. I took a bit of stick for comparing the JB sales to Tesco selling baked beans at discount prices for 2 months and asking who was going to pay more after the sale ended. We've all stocked up and the truth is most of the 60% sold was bought by people who now want to sell at a profit and there are no new buyers.
For me there will be no new buyers until JB wins and then he only wants to buy half of his stock back. I think he will get it for much less than 20p because there will be a rush from the 60% PI buyers to be in the queue to get paid out.