Member Info for Malpenn

JB is Mr Brewsters Millions... I want to buy your vote !!!

Managed to get some at 15.40 this morning. I was very lucky and thought my chance had gone after selling last Friday.

Come on !!!

Very clever to buy the vote !!

And a buy order of 20% up to 20 pence a share... That what he values it at !!

It's a vote

Anyone have any logic why JB sale has been split into parts for the past couple of days, prior to that it's been the full 1% in a single trade.

Jimmy, JB's blogs are here

https://medium.com/@jamesbenamor

The FCA seem very much against top up loans, so I couldn't be taking those to FOS/FCA and it seems Amigo are refunding top up loans but not upholding the first loan complaints.

If they can prove their process does meet FCA policy then maybe they will get some breathing space.

I keep checking companies House for updates or new files being posted.

That will show quickly the direction of travel and how our assumed knowledge connects.

Never have a seen a share play out in public like this but that elements worries me.

Remember the saga with Meldex ? All played out in public, ex-owner wanted control again. Company built on hype and lies, didn't end well..

Fig, totally agree. Ideally both of them go..Then I think GC will shape his team and then we see some action.

Rob, but they had external consultants in to complete a paid job to analyse where the lending faults were, the consultants couldn't identify a section of the loan look which was at risk. Therefore a large section of the loan book could be at risk.
I posted the Q&A about if the last 12 months lending was okay, again nothing in their answers said it was.
Just matches up with what JB said perfectly.

Fig, I totally agree but he wants the other two out as well. The job isn't done yet..

The manner that they didn't act upon the information that JB gave them when he investigated some of the claims being upheld by the business and the continue to lend without changes was awful. Who would have thought performance targets would impact potential behaviour of the board..

At this moment in time I don't believe JB needs to put any money into Amigo. If the results are bad tomorrow and the SP drops back to the level it was on the last results day then JB calls a vote and says surely Shareholders are fed up with the lack of action from the board and win the vote, then he makes his moves and secures GC (once FCA approved).

It doesn't cost him anything and if he gets to be the one that saves Amigo ?

John, with all the facts known buying out Amigo carries a massive cost and risk. Look at JB proposal and blogs, if the company doesn't win a JR or make serious inroads with the FOS/FCA then it's a leaking bucket. JB will no doubt call a vote and if he wins then make in roads to offer finance from RG to Amigo but make sure fighting the FCA is agreed. Will GC work with JB in a role I power, we don't know. GC I am sure will fight for Amigo unlike board members who have left or will need to go. We get to see as it unfolds...

Last one for today..

Rajat Mittal;BlueBay Asset Management;Analyst, [46] -------------------------------------------------------------------------------- Okay, fine. And then in terms of these more recent loans that you've made over the last 12 months or so, is the complaints experienced on those loans very different from the older book? ---

Nayan Vithaldas Kisnadwala, Amigo Holdings PLC - CFO & Executive Director [47] -------------------------------------------------------------------------------- So we have -- Rajat, we have looked at -- we have done detailed cohort analysis, and we've seen no particular concentration in any cohort or any category of complaint. So it's -- there's no specific trend. And that's why we've said that even when the external advisers looked at it, there's no systemic risk at all. -

As a business they will have no idea how many complaints they will receive. But my sticking point on the last call was that they had 9,000 complaints and factored £35million. Then the redress value for complaints increased to £115million with an additional pot of money for future complaints. Now if you increase the pot of money then surely know base this upon something... Didn't sound like it.

And just a follow up to the other questions on the call in terms of the complaints experience in different parts of the book and I hear your line that there's no specific trend. How then -- when you come to look at what the level of provision should be at the year-end, how do you do that if there isn't a particular cohort of loans which are seeing most of the complaints or there is no specific trend? How do you use the data that you have to estimate what that GBP 117.5 million should be if you're saying everything is case by case, and there isn't anything specific that you can hang your hat on.

Nayan Vithaldas Kisnadwala, Amigo Holdings PLC - CFO & Executive Director [54] -------------------------------------------------------------------------------- Yes. It's -- that's exactly a very difficult question for us to answer. But what we do is we use a combination of statistical analysis and some judgmental analysis to ensure that we put our best foot forward and build a prudent provision with the data we have at the end of the fiscal year. ---

JB has been very clear he is selling down to 0% so I don't expect that to change.
He needs to be very careful he follows what he told the market. I don't think he is favoured by the FCA so needs to follow the line.

James has just said after hours today

Because they cut and paste them from the companies House report which was available yesterday morning, not checking the report clearly says up to 31st March...

https://beta.companieshouse.gov.uk/company/04841153/filing-history

As I mentioned my main concern is the volume of complaints. On the last call they didn't want to disclose the number that was a red flag for me and I decided the date I would trade out, after JB said he was going to release his statement last week it brought the date forward and I kept a small holding until today.

If I am totally wrong and Amigo announce a lower number of complaints received or that the redress fund doesn't need to increase I may buy a small holding back in.

Good Luck, will look out what happens in the next few days with interest

Exactly they choose to apply for the loan, ask someone to be a guarantor, complete all the paperwork. Spend the money, make repayments and now some lady on a website says you can have all your interest back or taken off, then who is really going to say no. That is why I totally agree with JB thinking but he needs a measured approach. Hopefully the board have this in hand..new find out on Friday.