RE: JB or GC25 Aug 2020 16:09
Please read and understand why JB want certain members of the board out..
What the Amigo board did next was neither of those things. Instead, they began refunding almost all complaints received, but continued to lend on a virtually unaltered basis, hoping no one would notice. When I came back to the board at the end of 2019, it was because I could not understand how Amigo seemed to have such high redress rates, but was still paying out on target. My first action as a Director was to personally audit the most recently lent and refunded loans. I found that Amigo had, for six months, been lending almost entirely in a way that matched their own complaints team’s definition of ‘irresponsible’. I thought that proving this would force the board to take adequate action. It did not.
During my short time back on the Amigo board, I have witnessed a company committing slow motion suicide, whilst playing out the script of Brewster’s Millions. Within one year of my stepping down from the board, the most efficient company in the FTSE 250 had become a cash cow for consultants, lawyers and suits, all of whom had an interest in keeping the gravy train running for as long as possible, but no interest in the company being honest with shareholders or customers about the situation it was in. The recent formal sale process, which I voted against, is in my opinion nothing more than yet another handy excuse to delay necessary action, and to further restrict the flow of information to shareholders. I could not, in good conscience, remain on a board that is so thoroughly mismanaging a company that I love.
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