Member Info for Malpenn

4million buy

Not sure how the FCA / MPs can be supportive of banks changing 40% APR for overdrafts but take a totally different approach to guarantor loans which are charging 49.9% APR. Certainly if there has been irresponsible Lending then that not right but why doesn't Amigo go more main stream with good credit guarantors/lenders to offer a lower APR rate and challenge the banks who are reducing their lending. Come on Glen gives us a direction update RNS..

Not going well for NSF this week, firstly FCA investigation into the guarantor arm and now HSBC sold out all their shares. No placing while the FCA are investigating, surely this presents a massive opportunity for Amigo to introduce new lending criteria including Open Banking, gain approval from FCA to confirm new processes and restart lending. If only it was that simple...

The guarantor arm of NSF are already paying out lending complaints, within the RNS it says "possible redress methodology and will make a further announcement in due course" One sniff that there has been a wider spread problem across the loan book of irresponsible Lending and this arm of the business will drain the cash pile of NSF or this arm will look at administration.

I've been looking at NSF with £60 million in the bank and a market cap of around £13 million, they need cash to expand. They don't seem to be hit by the same level of irresponsible Lending complaints that the current BOD have brought upon Amigo and then you have the new CEO coming on board shortly and believing he can turn the ship around but does it seem that Amigo going after NSF would not benefit both companies. NSF gets the cash to expand, Amigo gets a route to take their online product into NSF and demonstrate another way to the FCA about improving lending processes via in branch validation of customers borrowing ability.

Thoughts ?

Not rocket science to think that once Glen is back then the Shareholder agreement against JB will be removed. The old board put it in place to stop him voting them all out but this is plan C and everything looks on track so far !!

Hopefully lending will only restart when new technology is adopted, then they can be assured that claims from this point can be avoided.

The fact that the BOD have failed to adopt new technology as early as possible when they knew they were likely to be the next victim of the UK complaints culture absolutely shocks me.

Open Banking ensures that the lender has full access to a one off search of the guarantor bank statements, surely if Amigo adopted this technology and played a standard voice recording of what the guarantor needs to honour if the borrower could not pay we would have no issues.

Even a PDL called PiggyBank adopted this technology towards to end of their existence, they were even based in Bournemouth so likely they knew each other..

PiggyBank adopted this technology so the FCA/FOS could no longer claim their processes were not enough to check affordability, I think this was November 2019 and also LendingStream have looked at this and yet our board members continue with their method of lending, even though JB pointed out the risks and concerns..

Sack them all and bring technology in so the FCA/FOS can question anymore lending.

Market scanner site has been updated to show a closer value to JB current holdings and we still have the second MIC Capital Partners holding at 7.84% but no TR-1 yet, hopefully soon to show where some of JB's shares have gone.

https://m.marketscreener.com/AMIGO-HOLDINGS-PLC-44458576/company/

JB via his social media outlets and blogs has been telling the 100% truth and the current BOD should be ashamed of themselves, listening to them on the call this morning was a joke. Never again should these people be allowed to run a business.

JB wanted the board gone, one way or another. Don't forget he wanted shareholders support first time around but they trusted the BOD.

Fully JB is a few steps ahead and plans in place to rebuild this company again, with the correct people to challenge the UK culture of claiming refunds because they take no responsibility and the system (FCA/FOS) allows it.

Not during a closed period.. don't forget results out ON or BEFORE 23rd July

Always do your research and look at the raw facts. Lots of hints today that things were turning !!!

680K @7.3 pence BUY

Earlier than usual

NSF are screwed, if they go under then it gives Amigo a wider target market. NSF have EveryDay Loans and they are getting smashed with complaints for their general lending practices, I think their APR is around 90% so it makes Amigo and bank overdrafts look like a bargain !!

The results could come at anytime. We have been told ON or BEFORE 23rd July.

TR-1 to show where some of JB shares have gone, you can rule out they have been purchased by retail investors..

Update about BOD.

Any of these can shift the share price very quickly.

Seems the spread is being switched, when its wide all the buys are going through as sells. Now it's back to a true reflection of the buy/sell price but obviously the volumes buys and sells are telling a very different picture. If I was suspicious I would say they are trying to hide the true amount of buys !! Been going on all morning.

Why else would Glen be coming back, he knows liquidity can cover the complaints.
He can reset the business and start again with FCA , there is a market for guarantor loans. They are used for mortgage and cars these days.

Current price is built up with all uncertainty and JB dumping his stock but I think that is pressure on the board.
He gave shareholders a chance to back him, that failed. This method isn't going to fail and the board members that have caused this mess will be out.

Buys from at least the past hour are going through as sells. Buys are higher than sells but hidden by the spread.

I've been reading on some of the forums and it seems like the current FOS Queue is around 3-5 months, then they have to request the case file the lender so at least another 2-3 weeks, then investigation. After investigation the findings are sent to the lender to review and either accept, partial acceptance or reject. If reject it goes to Ombudsman which is a huge wait.

Let's say Amigo settle the cases themselves which they believe are irresponsible Lending, this shows FCA they are improving, the rest goes to FOS.

Looking at last month, +20 million. Given the time line above a case could be 6 months plus for FOS. This gives Amigo time to draw in the loan book and bring in around 120 million which could be added to existing cash for settlements.
As long as collections are not impacting within results then I think we have a route out of the complaints mess and Amigo to start again with new lending criteria approved by FCA.