George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
For me the FCA manipulated the market, the letter of no objection sent the SP climbing to 25p, they knew the judge wouldn’t approve at that price as the shareholders would make millions as the creditors lost out…
On 15 March 2021, PFG notified the market of its intention to launch a Scheme of Arrangement in response to the rising cost of CCD customer complaints based on historic lending. Today PFG has updated the Scheme creditors, taking into account the judgement handed down in relation to the Amigo scheme. The key updates being announced to the Scheme's creditors are:
Jon Yorke has been appointed as customer advocate in respect of the Scheme. He will respond to customers' questions about the Scheme, attend the Scheme Meeting, and provide a report to the Court on his findings. The customer advocate has hired McCarthy Denning, a law firm, to provide advice through him to any customers who require it; and
The Scheme will be amended so that if CCD generates surplus cash between the Scheme becoming effective and completion of the wind-down of CCD, that surplus will also be paid to creditors with valid claims under the Scheme. However, PFG believes it is highly unlikely that there will be any surplus cash resulting from the wind-down of CCD.
In addition to these actions, PFG has appointed Ernst and Young LLP (EY) to undertake an independent valuation assessment of CCD. The assessment undertaken by EY further supports PFG's position that CCD has no value and that if the Scheme is not endorsed by the Court, it is highly likely that the CCD companies would commence insolvency proceedings and CCD would not be in a position to make any compensation payments to customers.
PFG is under no legal duty to fund the CCD companies, and has to act in the best interests of all its stakeholders. PFG believes it is right to support customers, employees and other stakeholders in CCD through the managed wind-down of the business and the Scheme, and that it should contribute £50 million to the Scheme and cover the related costs (but no more). This needs to be seen in the context of PFG having made a net contribution of approximately £450 million to CCD between 2007 and 2020 (including provision of £65 million for the Scheme) and of the ongoing losses for the division.
As a result of the additional extensive communication plans PFG has put in place to explain the Scheme to CCD customers, and the extended duration of the Scheme process, Scheme costs are expected to be approximately £20 million, £5 million higher than originally announced.
PFG will continue to communicate and encourage creditors to vote. Part of the increased administration cost of the Scheme has been to achieve a high voter turnout, which PFG feels is important for the Scheme. The increase in Scheme administration costs, as previously stated, will be met by PFG, and will not reduce the £50 million allocated for customer redress.
CCD was put into managed run-off on 10 May 2021 and is going to plan. PFG received one potential offer for CCD but this offer was only to wind up the division. PFG rejected the offer as it was less attractive financially than m
Well done Jackaroo, we are all still holding, long and strong.....its just a question of time & patience...
Mmm Brian Clough only lasted 44 days at Leeds United...did that make him a bad manager ?
Morning Vinson you may not entirely agree with principles of the shareholders action group (ASAG) but adding your share holding would really help the cause. :- Names, Mobile numbers, City, County, Number of shares held, please e-mail details to :- amigoshareholders@yandex.com
Great to see the number of share rising in the ASAG, the more shares the bigger the impetus....
amigoshareholders@yandex.com
SHARES HELD BY MEMBERS OF ASAG: 28,081,013
AMIGO SHARES IN ISSUE: 475,333,760
ASAG PERCENT OF SHARES IN ISSUE: 5.91%
Numbers are rising....
SHARES HELD BY MEMBERS OF ASAG: 28,081,013
AMIGO SHARES IN ISSUE: 475,333,760
ASAG PERCENT OF SHARES IN ISSUE: 5.91%
Could I please urge all Amgo shareholders, to add their amount of shares to the ASAG list, as this gives us far more impetus.
Please don't feel its imperative to leave comments.....
Name
Mobile Number
City
County
Number of shares held
Comment on the scheme (up to 300 characters)
E-mail: amigoshareholders@yandex.com
Good morning Bransonbull, great points, you are being encouraged to give their personal feeling / views of the last month.
The UK Shareholders Association (UKSA) has agreed to circulate the letter on our behalf after a lot of convincing – they will add a lot of weight to our cause.
The initial communication will be aimed at the FCA’s conduct in relation to the scheme of arrangement.
Name
Mobile Number
City
County
Number of shares held
Comment on the scheme (up to 300 characters)
E-mail: amigoshareholders@yandex.com
Please e-mail your details to the below, the 500plus shares requirement has now been retracted....
Name
Mobile Number
City
County
Number of shares held
Comment on the scheme (up to 300 characters)
E-mail: amigoshareholders@yandex.com
Senator1 you make some fantastic points, we could really do your knowledge / involvement in ASAG.....
Dear Sir or Madam
Thank you for making contact to join the Amigo Shareholders Action Group (ASAG). We currently have details of 37 shareholders who hold 22.7m shares in the company representing 4.79% of equity.
We hoped to set up a WhatsApp group initially to have private discussions around Amigo. The intention was to help with correspondence to send out to protect shareholder interests but based on the poor comments on bulletin boards lately, we could end up wasting a lot of time and effort without getting anything done.
We have agreed on an alternative plan that will save time and effort as we need to focus on getting something out ASAP. We aim to send a letter to the Treasury and copy this to members of the TSC, the FCA and Amigo. The UK Shareholders Association (UKSA) has agreed to circulate the letter on our behalf after a lot of convincing – they will add a lot of weight to our cause.
The initial communication will be aimed at the FCA’s conduct in relation to the scheme of arrangement. If needed, we can focus on writing to Amigo directly at a later date to make proposals on a future scheme.
As co-chairs of the ASAG we will prepare the draft letter and sign this off. We intend to email this to all members of the ASAG for comment and ask you to suggest any changes, we will make these if we feel they’re necessary and then send this to the UKSA to circulate to all parties and upload to their website.
We’re also requesting shareholders to email us their comments on the current situation, which will be added on the letter.
Once the letter is uploaded on the UKSA website, shareholders will be asked to email their MP’s to apply further pressure.
Please note that ASAG member’s personal details like mobile numbers and email addresses will be omitted from the letter – only surnames, county and comments will be shown. Individual shares held will be omitted but the total number of shares held by ASAG members will be shown at the bottom of the list.
If any shareholder has also been a customer of Amigo, please confirm this and make comment as this will be very useful to add as it adds another perspective.
Please note that only the shareholders who have provided the following information will get future correspondence from the ASAG:
1. Name
2. Mobile Number
3. City
4. County
5. Number of shares held
6. Comment on the current situation (limited to 300 to 500 characters).
*Please confirm that you’re happy for your surname, county and comment to be added to the draft letter. Details of individual shareholders will also have to be provided to UKSA who will keep them securely.
In response to a few comments and emails, please note that we will not be taking any money from anyone and legal action is not being proposed by the ASAG.
To reiterate, ASAG’s intention is not to go against what the Board are trying to achieve & we won’t be a hindrance to them but want to help them and ensure that our equity is not wiped out through
Just for record Jono Hurricane was a small trade but appreciate and value your opinion...
Things are now progressing with the ASAG & Amgo shareholders are now being encouraged to give their personal feeling / views of the last months proceedings, I just want to make clear, that we have full faith in the Bod & will certainly not jeopardise their position/ progress in anyway, but believe that the shareholder, should have a voice.......
Name
Mobile Number
City
County
Number of shares held
Comment on the scheme (up to 300 characters)
E-mail: amigoshareholders@yandex.com
Vinson full copy in your private message on twitter.
Its a PDF Vinson not sure I can, I can post it to your private twitter message...
Just a quick update on the ASAG numbers after the weekend, Vinson & the BoS would really appreciate your support....e-mail :- amigoshareholders@yandex.com
SHARES HELD BY MEMBERS OF ASAG: 12,413,576
AMIGO SHARES IN ISSUE: 475,330,000
ASAG PERCENT OF SHARES IN ISSUE: 2.61%
Amigo announced that the High Court has not approved the Scheme despite the overwhelmingly positive creditors' vote. A copy of the Judgment can be found here:
https://amigoscheme.co.uk/docs/AllSchemeltdJudgement.pdf
In response to this decision, I’ve been working on setting up an action group for Amigo shareholders with a fellow shareholder. The objective of the Amigo Shareholder Action Group (ASAG) is to protect the interests of shareholders.
The FCA, media and the likes of Debt Camel are making out that the creditors are being unfairly treated but there’s no consideration for shareholders at all. Amigo can’t be seen biased towards shareholders hence the need of the action group to give a voice to protect our equity.
The judge suggested debt for equity, which could essentially wipe out shareholders.
We’d like to set up a WhatsApp Group for shareholders with 500k+ shares. These discussions need to be held privately and other platforms are not very practical to send documents and attachments.
We have a plan of action that can be discussed via WhatsApp that we believe will benefit us. These discussions can be conducted via WhatsApp only.
Please note the intention is not to go against what the company are trying to achieve and the action group would not hinder any discussions Amigo is having with the FCA.
If you’re interested in joining, please email your name, mobile number, City, County and number of shares held. The email address is amigoshareholders@yandex.com.
Behind the clouds, the sun still shines.....