Member Info for Maverick12

Look at the experience of these two individuals at the UKSA looking at this currently:-https://www.uksa.org.uk/page/dean-buckner
https://www.uksa.org.uk/page/sue-milton
But your probably right Greatcrested....sometimes it better to sit on your arse and do nothing...

G2030
There has been controversy over the 500k+ requirement but unfortunately we can’t have endless amount of people in the WhatsApp Group, which could dilute conversation and influential posters. Time is also of the essence, as we need to focus on setting this up asap and getting correspondence out via UKSA, which would be in the public domain anyway.

Ideally to give the group as much impacted / impetus as possible with the FCA, Media & the likes, we would require a high percentage of shareholders on board....
If the interest / uptake is low, it will become a pointless exercise for everyone concerned...

Surely giving the shareholders a voice, can't be negative !
If the FCA, media outlets, debt camel, etc have they way we could lose everything to creditors as we’re perceived to be the bad guys in all of this. It’s important we put our side of the story forward to the FCA, media, treasury and MPs for them to take notice.....
At the end of the day it's your money and your choice..

Does this statement seem ethical :-
Smith: AMGO is largest riser across the index in the last 3 months of 272% (or something). The market quiet correctly perceives the scheme to be hugely beneficial to the shareholders and this is creating a greater value to the shareholders than to the creditors [the FCA]. There is no proper justification for the shareholders keeping all the equity. Why isn't AMGO giving some or all of the equity to the creditors. AMGO could do a debt to equity swap against the wishes of the shareholders but AMGO appear not to have considered it at all. Judge: what would happen if that [debt for equity swap] happened? The company could then carry on with new shareholders? FCA: EXACTLY [ouch]. Wipe out existing shareholders and make the redress creditors the shareholders [this just got crazy].

Thanks Stevie will do....
AMIGO SHAREHOLDER ACTION GROUP (ASAG)
Amigo Holdings is a guarantor loans / subprime lender and is listed on the London Stock Exchange. On 1 June 2021, it was reported that Amigo faced possible insolvency after losing a High Court case to sanction a scheme of arrangement (SOA) to cap payments to creditors for mis-selling loans.
AIMS AND OBJECTIVES OF GROUP
The ASAG was set up to help protect the interests of 8000 retail shareholders representing around 75% of the ownership of Amigo Holdings.
OVERVIEW OF THE SITUATION
Amigo’s current market cap is around £40m and the share price is trading at around 7/8p but was as low as 5.8p on 27 January 2021, which was a couple of days after the scheme of arrangement was announced by Amigo. It recovered to a post SOA announcement high of 29.5p because the FCA notified Amigo on 23 March 2021 that, having completed its assessment of the terms of the Scheme, while the FCA does not support the Scheme, it is not currently proposing to take any additional regulatory action that might stop the Scheme were it to be agreed by the Scheme creditors and sanctioned by the Court. The share price was 12p before the FCA’s announcement.
In response to the FCA’s decision in March, many shareholders acquired further shares in Amigo as they took comfort from the fact they didn’t object to the scheme. Due to them changing their position, many feel like they have been robbed by the FCA as they behaviour has been nothing short of criminal.
Amigo management and shareholders believe the scheme of arrangement was fair for all parties including the scheme creditors, shareholders and bondholders. The company set aside up to £35m plus 15% profits for the next four years – this showed that CEO Gary Jennison and the rest of Amigo’s board were committed to their obligations when they decided to take the challenge of turning the company around and doing the right thing by creditors. It’s worth bearing in mind that Amigo’s new Board only came in recently to fix its predecessors mistakes.
The FCA played a massive part in the current mess. Amigo had a solution that would’ve kept it in business but more importantly, would’ve allowed it to pay compensation to creditors and start to lend to individuals who cannot access mainstream lending. Without the scheme, the company said that it would go bust – leaving 400+ people without jobs and no- one gets any money.

Amigo Shareholders action group (ASAG)
Significant holders need to declare :- Names, Mobile numbers, City, Number of shares held, please e-mail details to :- amigoshareholders@yandex.com
A WhatsApp group link will follow..

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.

I look forward to hearing from you soon.

I also heard a rumour about a shareholders action group, possibly being set-up ?

Hi Vinson could you pls check your private messages on twitter @prmansell, many thanks.

Whats Amigo's next steps ?
https://twitter.com/prmansell/status/1400458024154636303/photo/1

https://www.fxempire.com/forecasts/article/as-if-the-credit-crunch-in-2008-was-not-enough-here-we-go-again-736400
"A city trader today commented “A sad tale for everyone involved, more so vulnerable customers who will be forced down the route of extortionate pay day lenders charging 1000-1500% APR. Amigo charged a little more than credit cards. Market capital and shareholder value has been stripped. The only option is insolvency or a modification to the SOA to factor a larger slice of the profits for a longer period.”

6 years ago Lady Rose gave judgement in Welcome FS in relation to a scheme of arrangement. This SoA was approved. This related to the treatment of PPI liabilities. Lady Rose has since been promoted twice and is now a Supreme Court judge and her judgments carry a good deal of clout. Her judgement references other cases on Schemes of Arrangement. However Miles J's judgment makes no reference to Welcome FS.

https://www.ft.com/content/7d7c76a8-5127-42cc-9aa6-13fd233a51ec

After the court case, I am sure everyone is now fully aware that the FCA, Judge & Bod member are reading this LSE chat board, the below headline is taken from 'This is Money' this morning which is clearly associated to outcome of the FCA's actions :-
Amigo shares crash as it teeters on the brink: Struggling firm's stock plummets as much as 53% lower....

“Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes… the ones who see things differently — they’re not fond of rules… You can quote them, disagree with them, glorify or vilify them, but the only thing you can’t do is ignore them because they change things… they push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world, are the ones who do.” Steve Jobs

https://www.youtube.com/watch?v=gMH7M3zff54&t=1s

Well worth watching again...

The only thing investors need to concern themselves with, is passing the court case next week....this takeover rumour is nothing but noise which has been fabricated to psychologically unsettle holders as we approach 19th and the potential major rewards.....

When you are confident in your research & full appreciate & trust the experience & ability of the BoD....relax & ignore the noise.

Well done Vinson, never in any doubt....

Great things, never came from....comfort zones !