Member Info for Maverick12

Techno have you followed me on Twitter ?

Ash if you follow me back, I can add you, your experience will be valued in the group...

Add me on Twitter Tdyork @prmansell

Great to see sensible conversations returning, remember there is a private twitter group available for LTH

So its the final creditor committee meeting today...any idea on the outcome ?

https://appgonpersonalbankingandfairerfinancialservices.org/call-for-evidence-about-the-fca

A very competent performance / presentation by Gary & Mike....

I believe there is a ASAG meeting scheduled for tomorrow with the company...

Provident Group financials

For the first six months of the year, the Group reported an adjusted profit before tax of £5.8m (H1'20 restated loss before tax (LBT) of £32.7m), which improved year-on-year as a result of lower revenues, following lower levels of lending, being offset by a reduction in costs and impairment. Adjusted profit from ongoing operations, excluding CCD, was £63.5m (H1'20: £4.9m) reflecting an improvement in profitability from the Group's credit card and vehicle finance businesses. The Group reported a statutory loss of £44.2m for the period (H1'20 restated LBT: £28.1m).



Group receivables ended the period at £1,637m (H1'20 restated: £1,865m) split between credit cards of £978m (H1'20: £1,174m), vehicle finance of £602m (H1'20 restated: £516m) and unsecured personal loans of £16m (H1'20: £28m). CCD receivables stood at £42m (H1'20: £147m) at the end of June.

The Group's balance sheet remains appropriately and adequately capitalised to execute the Group's strategy. At the end of June, the Group held total regulatory capital of approximately £585m (H1'20: £705m), equating to a total CET1 ratio of 32.5% (H1'20: 35.4%) and a surplus above the minimum regulatory requirement of approximately £210m (H1'20: £215m).

£585m and FCA let them wind it down.

They offer 9% of group cash.. so did amigo at the time of the SOA
Amigo is basically symmetrical to Provident, in every way apart from the wind down, this is taking the P-ss

Sub-prime lender Amigo has hired crisis experts to assist with winding down its business.
The London-listed firm is working with PJT Partners on contingency plans if it is unable to restart lending to customers, according to City sources.
Amigo, which serves the estimated 15m Britons who cannot borrow from high street banks and building societies, has suspended most new lending since March 2020.
Like its peers, Provident Financial and Non-Standard Finance, Amigo has been hit by a historical mis-selling scandal over high interest loans.
In May a High Court judge rejected the company’s plan to cap compensation payments - a strategy that it said would allow all claimants to receive partial redress rather than only a proportion of customers securing full recompense.
Last week, the company was forced to delay the publication of its financial accounts after receiving a letter from the Financial Conduct Authority that “raised some issues which could impact on forward looking statements”.
It now has a deadline of September 2 to get a sign-off from auditor KPMG. The lender is also working with insolvency experts from PwC.

Amigo's share price collapse

From 23 July '18 to 6 Aug

201920202021-100.0%-80.0%-60.0%-40.0%-20.0%0.0%

? Amigo Holdings PLC: 254.7 ? 8.98-96.5%

More share information on

Amigo owes bondholders more than £200m. Its shares, popular with retail investors and worth almost 300p each two-a-half years ago, are now trading at just 9p, leaving it with a valuation of £42m.
Hopes were raised last week that Amigo could yet secure a deal to cap compensation. Rival Provident Financial received the backing of the High Court over its scheme despite the FCA raising “serious concerns” over the move.
Although the cap was backed by customers, the regulator said borrowers were in a "take it or leave it" position and would only receive a fraction of the redress that they were entitled to.
Amigo declined to comment.

Sub-prime lender Amigo has hired crisis experts to assist with winding down its business.

The London-listed firm is working with PJT Partners on contingency plans if it is unable to restart lending to customers, according to City sources.

Amigo, which serves the estimated 15 million Britons that cannot access loans from high street banks and building societies, has suspended most new lending since March 2020.

Like its peers, Provident Financial and Non-Standard Finance, Amigo has been hit by a historical mis-selling scandal over high interest loans.

In May a High Court judge rejected the company’s plan to cap compensation payments - a strategy that it said would allow all claimants to receive partial redress rather than only a proportion of customers securing full recompense.

Last week, the company was forced to delay the publication of its financial accounts after receiving a letter from the Financial Conduct Authority that “raised some issues which could impact on forward looking statements”.

It now has a deadline of Sept 2 to get a sign-off from auditor KPMG. The lender is also working with insolvency experts from PwC.

Amigo owes bondholders more than £200m. Its shares, popular with retail investors and worth almost 300p each two-a-half years ago, are now trading at just 9p.

Hopes were raised last week that Amigo could yet secure a deal to cap compensation. Rival Provident Financial received the backing of the High Court over its scheme despite the FCA raising “serious concerns” over the move.

Although the cap was backed by customers, the regulator said borrowers were in a "take it or leave it" position and would only receive a fraction of the redress that they were entitled to.

Amigo declined to comment.

The financial results for the year ended 31 March 2021 must be published within a 30-day period, on or before 2 September 2021 (WITHIN 19 WORKING DAYS) then Q1 results will quickly follow....

The Amigo Bod are an entirely new executive team, packed with talented, vision & dynamism whom have been assembled with a common goal of delivering a transformed business redesigned to deliver positive societal impact. they'll be looking at new business opportunities, products & markets with a view to driving the company forward & returning it to former glories...
They are an entirely different animal to your typical stale AIM Bod's.....

Totally agree Lloyd, anyone who believes the Provident SOA approval has no affect / impact on Amgo shouldn't be investing....

Question - has Provident's SP increased in the run-up to their SOA approval, have the PI's taken a hair cut to ensure that the creditor are treated fairly....

Fantastic news.....
Provident Financial plc

Scheme of Arrangement update



Provident Financial plc ('PFG' or 'the Group'), the leading provider of credit products to consumers who are underserved by mainstream banks, publishes an update on the Scheme of Arrangement ('the Scheme') proposed by Provident SPV Limited ('Company'), following the sanction hearing which took place at the High Court on 30 July 2021.



Scheme of Arrangement update



The sanction hearing for CCD's proposed Scheme was held at the High Court on 30 July 2021 and PFG is pleased to report that the Court's judgement was received today sanctioning the Scheme, following strong creditor approval.



PFG will now move forward with implementing the Scheme. The Scheme is expected to become binding by 5 August 2021 and to be implemented towards the end of August. Therefore, the deadline for the submission of claims is expected to be towards the end of February 2022. It is anticipated that all payments to creditors would have been made, and the Scheme will close, towards the end of 2022.



Malcolm Le May, Chief Executive Officer, commented:



"The Court has approved the sanctioning of CCD's Scheme, which is a positive outcome for CCD's customers with valid claims under the Scheme, as it provides access to a redress payment which would not have been possible had the Scheme not been approved. We believed from the outset that the Scheme was fair and that it offered the best outcomes for customers.



The Court sanction enables us to move forward with the Scheme and we expect that creditors will receive redress payments in the second half of 2022. As we have stated previously, the managed run-off of the CCD business is progressing well and we will provide the market with a further update as to how the Group is positioned for the remainder of 2021 and beyond with our interim results on 11 August 2021."

We have Provident's SOA results today & our first committee meeting for the SOA2....great news

You may to fight a battle more than once to win it....

Who mentioned Amigo's new mortgages ?
Here's an article from a couple of week ago about guarantor mortgages but no mention of Amigo !
https://www.confused.com/mortgages/guarantor-mortgages

I am going to leave you with Jake Ransons comments :-
Why join? Put simply, for the chance to be part of an entirely new executive team, assembled with a common goal of delivering a transformed business redesigned to deliver positive societal impact.

The 'Amigo 2.0' product suite referred to in the article will be unrecognisable from the historic model. New loan products, Open Banking enabled journeys, dynamic pricing and customer value features are being built to create a ladder out of exclusion into mainstream. It's an exciting project to be a part of and thanks to the team for such a warm welcome.
The potential is really, very really......
As for Vinson, like any experienced investor, he's probably keeping his head down, confident that progress is being made by our management team.....he certainly has nothing to prove to anyone..