Member Info for MIKESM

Amigo has since its foundation provided its customers who would like to borrow some money but, for whatever reason, aren't sufficiently credit-worthy to be acceptable to mainstream lenders, with an extremely valuable service. The importance to the public of having mid-cost loans available was clearly stated by the very thorough report commissioned by the FCA - "The Woolard Review - a review of change and innovation in the unsecured credit market" - that was only delivered to them three months ago.

The Executive Summary and recommendations on page 5 says: "Access to credit is a major consideration in the market, including the RELATIVE LACK OF MID-COST OPTIONS FOR SUB-PRIME CUSTOMERS".

Woolard confirmed that there AREN'T ENOUGH LENDERS LIKE AMIGO, and whilst the FCA are playing a very strange 'PR game' (that IMO casts the organisation in a very poor light) they would not want to see the outcome foreseen in their own Woolard report that without mid-cost lenders like Amigo people would be forced into the unscrupulous and far more costly arms of loan sharks over whom, along with the CMC vultures the FCA have no control whatever....

I have held shares in Amigo through all the ups and downs since mid-2020 and am confidently looking forward to an ever more successful future for the company...

I have abiding faith in Amigo, and the service it provides to its customers, most of whom would have no genuine, justifiable complaint without the scurrilous activity of greedy CMCs. If the FCA want to do something worthwhile they should tackle the self-serving activities of those companies that create huge amounts of unecessary work and the false impression of discontent where it rarely exists.

I believe that Gary Jennison has proved himself to be a capable, visionary CEO who will lead this company to ever greater success. My 172,000 shares averaging 14p are safely tucked away in anticipation that they will become infinitely more valuable within the next twelve months.

The FCA don't think that shareholders are contributing towards the compensation due to complaining customers. Do they not think the four years 15% payment out of our profits is sufficient contribution? The FCA should be ashamed of themselves, and I fully expect that Amigo's barrister will easily overcome their objection in the High Court.

Amigo only became so successful because of the friendly, helpful way they dealt with the enormous numbers of customers who aren't able to obtain loans from mainstream banks. So PLEASE, when talking about people wanting to be 'spiteful', 'resentful' or 'angry' let's not forget that in every case they CHOSE to borrow money from Amigo as a willing lender, and had all the benefit and pleasure of spending it on the car, the holiday, the clothes, the wedding, the home improvements or whatever else they needed it for.

The blood-sucking CMCs have created a fictitious illusion that Amigo should have refused to lend to a large proportion of their supposedly 'gullible' customers, however the claimants of supposed 'compensation' would rightfully become very angry with THEM if, on the next occasion they need to borrow some money, they find Amigo, as the result of the CMCs' greed, have gone out of business!

I believe Amigo's customers are clever enough to be aware of the reality of this situation, and with an opportunity to get something for nothing, will vote YES. They will undoubtedly want to keep Amigo around for the next occasion they may need to borrow some money....

That youtube link is VERY funny Vinson. Thanks - made my morning....

Ahha, I can think of no logical reason why someone as talented as Gary Channon would wish to take over as Dignity's CEO unless he can see where the company has fallen short of its full potential and has a clear vision of the steps required to take it to the next level. With 30% of the shareholding, Phoenix has a vested interest in maximising Dignity's success and there is no doubt in my mind that as CEO Gary will very soon create considerably more value here both for himself and all the other shareholders. I have full faith in his abilities, and have backed his judgment with a chunky top up ;-). GLA...
.

This is more like the kind of PR that Tiziana should be presenting. Surely it would have been worth an RNS?

https://www.youtube.com/watch?v=_S1mS9thG38&t=4s&ab_channel=RedChipCompanies

I believe you will find the results showed that 50% of the trial patients were treated with a combination of Foralumab and Dexamethazone and the other 50% Foralumab alone. In both cases the results were favourable but by far the best results came from the patients who were given Foralumab in isolation...

As a LTH I understand that biotech can be frustrating when scientific trial processes take longer than anticipated, and the potential benefits Tiziana's products hold for so many awful diseases are undoubtedly worth waiting for.

Nevertheless, the initial results announced by Tiziana of its phase 1 Brazil trial that concluded in December apparently verified that nasally administered Formalumab proved highly effective in rapidly preventing the cytokinetic storm (the body's extreme overproduction of T-regs that attack its own healthy tissue as well as the covid virus) that is the primary cause of death in covid patients - and with no adverse side effects. With the pandemic killing so many people in India and other locations around the world I cannot fathom why the phase 2 trial hasn't yet been accelerated in order to get the treatment approved with all the urgency that it would appear to demand. Surely anything that has proven to be beneficial in significantly reducing the devastating effects of covid should, along with preventative vaccines, be at the top of the world's treatment priority list.

Why this wasn't raised yesterday and in other recent virtual discussions is baffling me.... It would be the first subject I would be eager to talk about!

The word 'NO' was of course missing at the end of my post....

The discussion about the SOA vote should focus solely on the reality of who will be voting and why. As I have posted here before, Amigo’s success – going from nothing in 2005 to a company valued at £1.6 billion in 2018 - was founded entirely on the fact it provided a friendly, helpful service to its rapidly growing number of customers who were extremely glad to have a lender willing to serve them when mainstream banks would not. People knew very well how much they were borrowing, and what it was for. They also knew what the interest rate was and what their repayments would be before they took out the loan. Nobody was forced to borrow – it was their choice, and they were happy to be able to do so.

Amigo clearly had a very large number of satisfied customers and received very few complaints – according to the table in yesterday’s “This is Money” article, in total there were only 53 in the first half of 2016. Then, all of a sudden, for no apparent reason, there’s a sudden avalanche of complaints – 15,052 were being dealt with this February. Why did this happen? The CMC’s. As reported in the “This is Money” article – quote - “Seven in 10 of the cases open at the end of February were brought by third-party firms like Claims Management Companies, the FOS said, which are looking for a new payday after the payment protection insurance gravy train ended in 2019”.

And logically most of the other 30% are people who thought that they would take the lead from the CMCs and do it themselves rather than pay them out a chunk of anything they might actually receive.

But do these people really have a grievance against Amigo? Rather, they were simply taken in by the spiel fed to them by the CMCs following their success with the PPI claim repayments, choosing to believe that they might as well have a go at gaining some financial advantage, for there was nothing to lose... The truth of course is that PPI was genuinely a massive out and out scam where borrowers were forced by banks to buy an insurance policy that was both unnecessary and worthless and that provided them no benefit whatever. Unlike the money Amigo's customers borrowed that enabled them to pay for the new car, the wedding, the boob job, the holiday, the extension….or whatever else took their fancy…

And when these same people find they would like to borrow some more money in future they will in all likelihood want to go knocking on Amigo’s door again. For the Woolard review commissioned by the FCA made it clear that mid-cost, FCA-regulated lenders like Amigo are badly needed to serve the large number of people for whom mainstream credit isn’t available.

So will the majority of the people who have lodged complaints in the hope of getting some financial benefit, whatever it may be, vote in favour of the SOA? Of course they will, because standing to effectively get something for nothing is in reality what submitting a ‘complaint’ was all about. It would make zero sense for them to vote ‘

My thanks too to ISA-Investor for your court reporting. It is much appreciated.

wrsl. You are right - nobody was forced into borrowing - it would always be a matter of choice. The reason why the guarantor - be it family or friend - would prefer not to make the loan themselves is both practical and psychological. Even with the best of intentions the borrower would often not feel the same sense of obligation to repay someone close to them as they would the loan to Amigo... They are also less likely to want the guarantor to have to cover their payments, so would treat their obligation seriously.

To put interest rates into context... Apart from overdrafts and credit cards, it's relevant to again refer to a couple of statements included in the Woolard report regarding such socially-motivated lending organisations such as Credit Unions and CDFIs that puts into perspective the rate Amigo charges.

"Legislation caps the amount of interest Credit Unions can charge on loans (equivalent to around 42.6% Annual Percentage Rate (APR) ... There is a question about whether the cap on rates allows credit unions enough room to fully serve the sub-prime part of the market. CDFIs (Consumer Development Finance Institutions) aren’t subject to the same cap and so reflect the risk in the cost of credit they provide, with loans offered typically in the high double-digits, but also at rates above 100% APR, and in some cases over 200% APR….."

I rarely post but occasionally feel it necessary to do so. I have owned 165,000 shares in Amigo since mid-2020 and believe that this company has since its foundation provided its customers who would like to borrow some money but, for whatever reason, aren't sufficiently credit-worthy to be acceptable to a mainstream lender, with a very valuable service. It is relevant to note that the importance of that service is recognised in "The Woolard Review - a review of change and innovation in the unsecured credit market" - that was commissioned by the FCA and delivered to them a month ago. The Executive Summary and recommendations on page 5 says: "Access to credit is a major consideration in the market, including the relative lack of mid-cost options for sub-prime customers".

The report also confirms that the Mid-Cost interest charged by Amigo is appropriate, and may be considerably less than the rates of interest often charged by socially-motivated lenders. Page 16 of the report: "In practice, this means having available forms of credit outside of the mainstream, including sub-prime and near-prime credit markets. Inevitably, the more risk associated with a customer the higher the risk premium attached to the cost of credit. Even when socially-motivated lenders are engaged, such as Community Development Finance Institutions (CDFIs), rates of interest can be in the high double digits. Chapter 3 discusses access to credit and ways to encourage growth of alternatives to high-cost credit".

Just think about it. Amigo has had incredible success. This is a company that grew from its inception in 2005 to being valued at £1.6 billion in 13 years - due entirely to the principle of providing excellent service to its rapidly increasing number of happy, satisfied customers who were grateful to be able to deal with a helpful, friendly lender. Its returning customers and referrals were what contributed to Amigo's growth.

Unfortunately as soon as the PPI claims industry shut down the CMC vultures that made their fortunes out of it sank their claws into Amigo's customers. There is, however, a significant difference between the PPI scam and an Amigo loan. PPI was unnecessary insurance that bank customers were required to pay for even though it was worthless to them, whereas Amigo helps customers with loans for things like cars, holidays, weddings, home improvements etc. But suddenly previously happy customers were lodging complaints, convinced they may as well have a go at getting their loan reduced at no cost to them!!
So now Amigo has to deal with those 'complaints' the SOA will benefit people who previously had no reason to expect anything at all, - and for whom any payment is a windfall. That is why I believe it will be passed.

The new executive team now running the company is outstanding and will implement an FCA approved procedure for future loans. JPM and Bybrook, GJ and the team are all invested in the company's future success. So am I. Are

It's amazing to think that a company that started from nothing in 2005, lending money at interest rates not dissimilar to credit card APRs, to customers who couldn't otherwise access loans, could become a £1.6 billion company within 13 years without having HAPPY, SATISFIED, REPEAT CUSTOMERS. The Amigo brand has tremendous market awareness and a positive image, and despite the post-PPI CMCs turning customers on lenders, Amigo's will, once the compensation nonsense is over and done with, be very pleased to once again be able to knock on Amigo's door for more loans.

For the Woolard report made it clear that there is a pressing need for mid-cost loan companies to serve the needs of the public who are otherwise excluded from main stream lending and, with new guidelines agreed with the FCA in place, Gary Jennison and his fantastic team will once again be flying high. As will the company's shareholders who stayed the course....

Thanks for the link TradePhoenix. And Plan, it is clearly the broad range of diseases that Foramulab and Milciclib are capable of treating - including chrone's disease, liver and other cancers, multiple sclerosis, as well as Covid - that makes this company such a potentially valuable investment. The $1.9b price paid for the stock in Five could pale into insignificance if Tiziana's assets prove as successful as they are likely to be. As I have said previously, when the CEO owns 40% of a company it stands to reason that he will do everything possible to ensure its success....

Bubbles, I know the Guardian article isn't talking about vaccines - what it is referring to is a monoclonal antibody that is, quote "specifically engineered to target the virus", and the mutations appear to prevent them adhering to the coronavirus spikes which render them less effective.

Foralumab's monoclonal antibody DOES NOT TARGET THE VIRUS. It works by preventing the body's immune system from attacking itself as well as attacking the invading virus, the cause of extreme illness and death, and it is therefore irrelevant what mutation has infected the patient.

As a Tiziana investor it is vital to recognise that any failure of a totally different type of drug such as Regeneron must not be confused with Foralumab since inaccurate, negative comments can only be harmful to our interests.

The Guardian report isn't relevant to Tiziana's Foramulab monoclonal antibody. This isn't a vaccine, but a drug that works by preventing the body's immune system from overproducing the 'T' cells that naturally attack the virus but can, when uncontrolled, also attack the cell structure of the host's own lungs causing extreme illness and death.

The initial results released after the Phase I trial in Brazil indicated that the Foramulab monoclonal antibody was highly effective in moderating the body's production of 'T' cells and thereby appeared to significantly improve the outcome for Covid patients. We are all awaiting an announcement regarding Phase II trials that will hopefully replicate the Phase I findings and lead to Foramulab being a valuable early treatment for those suffering from the Covid virus, regardless of strain.... The announcement of Phase II Covid trials and the IPO of Accustem will surely create a strong bounce in the share price. May I suggest that for TILS shareholders patience will prove to be a worthwhile virtue...

I have emailed a couple of times about the Accustem situation over the past two weeks without a response. I decided to make a call today and spoke to Hana Malik who I have to say was perfectly charming. She told me that regrettably there is very little the company is allowed to divulge in specific terms about the IPO progress, but was able to confirm that Tiziana and Accustem has provided everything that is required as part of the floatation process and now the timing of the next stage is out of their hands. Having said that, she does remain optimistic that the Q1, 2021 timescale may be met.

I then enquired about the Phase II trial of the nasally administered Foramulab covid treatment that appears to have been so effective in Brazil, and was not surprised to hear that she is not at liberty to divulge any specific information other than, as has previously been confirmed, they anticipate the trials will take place in more than one country.

For what its worth my instinct is that this is a company that has people with tremendous professional knowledge and experience behind it, and the potential applications for Foramulab and Milciclib are truly huge. From the impressive results of last year's Royal Marsden trial, StemPrinter/ Accustem appears also has enormous potential. My conclusion, frustrating though it may be, is to just be patient and sooner or later, exceptional rewards in increased shareholder value will arrive. Of course Gabrielle Cerrone has most to gain if and when that happens, a fact that also fills me with confidence....

I have been following the Amigo chat page for several months, having invested in Amigo shares in the expectation the company will be as successful in future as it has been in the past. The situation in which the company isn't currently lending is an anomaly, and I am confident that commercial activity will return to normal sooner rather than later. The highly experienced directors and senior management team (look at their CV's) who have recently been appointed would only have joined Amigo if they believed the company has an amazing future ahead of it, - they would certainly not do anything that would damage their established reputations. If investing in shares is a gamble, I am happy to back the new Amigo team of winners to deliver outstanding results for the shareholders in 2021 and thereafter.... At 9p the share price clearly has much more upside than downside.