Member Info for magmanus_49

Seamus12 - who are you> what are your credentials then..? do ever do any own DD. I usually put my cash where mouth is and dd/insights.

watch the next one.

update said 60% dealt with (paid out) and 10% on hold for reason, and 10% due to improper/ dodgy CMS's - the later my observation, and abut 2k to deal with - best get these out of the way, amend process before starting new business. This task of complainant management will also give AMGO management team to put in place proper process for claims against new procedures.

They have plenty of cash and cash coming from exiting good loans.

Short term i can see 505% for every one - in the long term - AMGO will be one hell of turnaround by end of 2021 - I can see them trading 100p. That's based my dd/ value judgement

sorry yes!

(sorry re-posted used old thread - which was rather bland :) )

Now the business is perfect and operating profitably for 8 years - just claims issues that needs resolving and new process/ procedures put in place to reduce claims (80% done)..and below update was missed .....

As of 30 October 2020, Amigo had reviewed and reached a decision on all 25,571 of the complaints included within the VReq. Amigo has yet to issue the final responses to customers on 2,517 of those complaints.

We are in regular contact, at a senior level, with the FCA and the FOS to agree a way forward. We have continued to increase our internal resource capacity to manage the volumes and we are taking a robust approach to dealing with the CMCs, including reporting our concerns about the behaviour of specific firms to the FCA.

So CMC's being reported to FCA - and there some very dodgy rims out there. Hence best to amend process/ procedures to stop these CMS's using any loose loop holes etc. JB did not want to work with FCA, and that woudl have been bad for AMGO and shareholders.

Given the low volumes currently being lent to key workers and owing to the challenges presented by the imminent second lockdown, we have decided to focus our resources on collections and complaints until we return to more meaningful levels of lending in 2021. Very prudent move.

Cash collection remains robust and we have unrestricted cash of c.£140m held within Amigo Loans Ltd, as at 30 October 2020, and adequate liquidity to continue to fund operations and support our customers.

While operationally we have turned a corner with complaints, the sustained volume we are seeing will have an impact on the complaints provision going forward. We have placed the provision under review and a full update will be provided at our half year results. Working with our regulator to fix the complaints situation is our number one priority and this is non-negotiable.

We will be back lending to our customers that need to access an Amigo loan as soon as we can, but do not envisage this being before 2021. We are fully aware of our responsibilities as a lender and the important role that we play for the millions of people in the UK that are unable to get a loan from a mainstream bank."

And they comfortably collected the monthly payments - circa £23m per month. that will leave them with around £160M cash end of 2020. And time to put in place procedures for clean re-start to lending. By that time, it will be 7p....no sirs, may 16p and rating by then.

Any we move push up for nice 30/50% from here now.

Glen Crawford - played it well so far. Stability before start clean - no point lending now people will just lie and abuse the system to get loans for xmas spend. Whats the point - if the come back to claim on the old system.

In the meantime, we have 50% discounted stock to pick up now. Glen has give share holders xmas present to buy here, no need to buy anything from the high street. :)

Tomorrow or Thursday we rally much higher. Many buyers in today and more tomorrow. See you later AMGO fans.

where is fear mongering buy hard and big

tomorrow/ this wewk we head up to 8.5/9p and test if held we settled at 9p until nest update - which will be claims dealt with and lending can now resume with amended processes. And then 13/14p. so that's 100% for doing virtually nothing, apart from occasional top ups - if needed. All the BS will not change a thing here. AMGO does what AMGO does - remember it is well known for 100%+ rises in 1 or 2 days.

Many had already sold at 12/10p, and were waiting to top, and now back in - so shorts are a bit late to the fear party. lol - and stock was sweeped up today.

Some of my biggest gains have come from AMGO. Great story stock and hugely followed.

14:04:37 5.05 350,000 Buy* 4.50 4.60 17.68k O
03-Nov-20 16:04:17 4.55001 122,353 Buy* 4.50 4.60 5,567 O
03-Nov-20 16:04:06 4.70 47,127 Buy* 4.60 4.70 2,215 O
03-Nov-20 14:01:37 5.00 311,239 Buy* 4.60 4.80 15.56k O
03-Nov-20 14:00:35 5.00 316,875 Buy* 4.60 4.80 15.84k O
03-Nov-20 15:58:46 4.75 147,200 Buy* 4.60 4.80 6,992 O
03-Nov-20 13:58:42 5.00 360,625 Buy* 4.60 4.80 18.03k O

did well here today - hope you all bought ta 10/11p as mentioned this morning.. :) up 40% here.

AMGO next ...oversold position now, update we knew about/ new management and £140m cash, and collecting about £20m per month. :) 50/60% there to be had now.

RMS long term now..

Also people/ shorters are quick see the delay, but not the positive progress made and cash of £140m and focus on monthly collections. That is all there is to this business. Even my dog can see value here, when it comes down from 13p - based on the information we knew

hmm no. they have £140m cash and collecting monthly's from about 28000 customers.

I wonder why some people, don't make it here! ist the running business, who has to resolve the complains, which 80% doen, and thee update process and start lending again to ensure - poeple can't claim willy nelly.

They are resolving old JB mess, who allowed this to happen in the first place as the founder - and getting crappy people to run the show - the new maangement / ceo knows what he has do to, Trust him, or go home.

Try - have seen and been here. Lats time netted 160% on the same short stupidity. They can even cover now.

the new management is actually saying here. 'we want to resolve this properly and 80% there), before start lending in Jan.

In Dec , every man and his dog will want money and abuse the system, as not vetted proper or something stupid like that.

Hope you get this?

have grown over 20 years...

management is making prudent judgement calls here. and now they have £140 cash and co0llectiosn are coming in - so bother with too much ****e right now. Lets osrt out the main issue lending/ vetting process.

here are my balz, added 100k down here :)

beat that tomorrow.

no in the company bank account.

NT to buy! surprise surprise.

sometimes, the market moves, takes your balz for auction, and that's what will happen to the shorts now for ginging out cheap shares ha!

always buy exaggerated fear - you need balz though :)

if you can't buy here, then you should not be in the markets.