Member Info for Malpenn

It looks like the current buy price is around 7.14 pence but all the buys are showing as sells because of the wide spread.

Looking for a loan?
If you’re currently in need of a loan our sister brand Provident are currently lending, subject to affordability. Provident loans are different from other loans because a Provident Rep would normally visit you in your home. Currently applications and repayments are all done online.

The brand which is Satsuma is currently not lending at all and pointing applications to its sister company within Provident.

If Provident can close Satsuma they will.

My view is the share price is currently priced to run out of money from these claims. It's a serious problem, as we have no idea of the total cost to settle almost all of them. If Amigo can challenge FCA/FOS and win then the share price rockets. Amigo have good history with creating their processes but I think greed within the business changed their acceptance policy and now they are paying the price. Can they reinvent themselves with some major backing, I hope so because there is a place in the market for them and they have an established brand.

This shouldn't come as a shock we know this is the biggest risk to the company and why the share price is so low, they have show the FCA they are settling ones with merit and hopefully when Glen comes in they will be stronger to challenge the FCA/FOS on those without merit or those who have lied on their applications.

He has just posted the wrong link, these are true but it seems that Amigo are delaying any cases which have gone through the FOS, cases they uphold are being paid. Not pretty reading..

https://debtcamel.co.uk/how-to-complain-guarantor-loan/

So many theories possible.. if he is transferring shares to another vehicle and along the way picking up shares sold but weak PI then he is increasing his ownership at low costs.
From what he is posting on twitter there certainly feels like he considers PI in the same class as the BOD, you all voted against me.

Certainly could be his plan to take the company private again with Glen as his CEO.

We don't know anything until the expected TR-1s are released showing where these shares are going to, it's around 19% now he has sold.

Exactly, get the results out quickly and begin buy back and hold in treasury.

Appendix I think, I am sure it's at the end of the report you posted the link for earlier

If we strip away everything else and look at the raw numbers.

I make it 466 is net debt, loan book value is 722 million and cash held is 135 million.

As per JB, stop lending, collect in loan book.

Challenge FCA/FOS , our share price is current not reflecting the raw numbers.

Even if we say that complaints will be £100 million

Which is where I have to agree with JB.

Amigo have to challenge the FCA/FOS.

The claimant does not benefit if Amigo fails and payments are pence in the pound.

The concept of taking a complaint to FOS with no merit and Amigo being charged £650.00 is a major weakness, this is unlikely but if the claimant could be charged would stop some of the complaints and benefit everyone because the FOS queues would be shorter and they could deal with the real cases.

I can certainly see how these complaints can scale but you have to factor in how many have already been settled in the past few months and how many of those are impacting the cash pile. We don't know any of these figures yet, if it's a current loan the interest is removed and capital is continued to be repaid. What are you including in your figures ? It makes a big difference.

I think our loan book at 31st December was 722million. Complaints in Q3 cost 16.2 million and Q2 around 10 million.

Guarantors will not want their credit rating impacted by not paying if the borrower can't make the monthly payments. Amigo approve only 15% of loans, so the guarantors must have the funds to pay. Last update told us the collections remain strong. Guarantor model works and this is why we will come out the other side..

We know that the company had £136 million in cash from the last update, this is likely to increase month by month. We know that complaints are being settled, where there is an active loan the interest is removed. Therefore with active loan complaints we are not eating into our cash pile, and the capital is being continued to be collected. Where the loan has been paid off and a complaint has been upheld the company is making redress payments from cash, assuming we are +20 million per month and we have 8 weeks to review a complaint that gives us a lot of breathing space before we really eat into our cash. The very large loan book is being paid off, very little new business but that good until we get a new fully approved affordability process with the FCA. We are converting the loan book in cash and potentially can make bond payments early.

Apart from the 1% sale by JB daily which is clearly impacting the share price I can't see the downside and looking forward to the end of year results.

No dividend at the moment. Two reasons I see, firstly hold all cash with in the business to pay for complaints and secondly, the BOD will not be happy to pay so much cash out to the majority shareholder when they consider his actions against the companies interest.

He clearly believed the sale price would be higher than 38 pence. So now we have JB and Glen, two people who know the business inside out and value the business far higher than the offer price and we are currently sitting at 10pence.

Interesting times ahead !!

Yes, the share purchase was on the 3rd of March and he came back as a consultant on the 6th of March. Those were the dates of the RNS.

4 months ago Glen purchased a very sizable purchase in Amigo and now he is back to becoming CEO in a few weeks.

In terms of recent announcements this is big, he is coming back to take care of his investment and boost the value, I would expect major changes within Amigo.

https://simplywall.st/stocks/gb/diversified-financials/lse-amgo/amigo-holdings-shares/news/trade-alert-glen-crawford-at-amigo-holdings-plc-lonamgo-has-just-spent-uk1-2m-buying-shares/amp/

On or before the 23rd July.