RE: FCA Provident Letter - FCA contradiction12 May 2021 02:21
So a further contradiction in the FCAs letter today, the FCA didn't attend the Convening Court Case (Where they could help the court and possibly make a material difference to the scheme - the Judge listened carefully and considered the representations of the the people that bothered to turn up)
They now write to Amigo and say
"The FCA considers that a fair compromise could have, but in this case has not been, proposed to Scheme Creditors to vote upon".
The FCA failed to step up instead it seems like they set Amigo up to fail!
As for the bit about share holders in the letter. We have taken a huge hit:
The share price has collapsed from what it was. Someone investing £10000 several years ago has lost maybe £8800 (90% ish)
No dividends have been paid.
The company has not grown because it decided to stop lending to concentrate on resolving this issue
Future profits will be impacted by contribution to the pot.
Future share prices will have the costs of the scheme and lower dividends factored in, so share price appreciation will be less than it could have been.
And finally 95% of the creditors have voted in favour of this scheme, the company has a strong mandate for a way forward.
I have lurked on these forums for a long time, had to get this off my chest!
K.
p.s. Holding onto my shares even if they fall to nothing!