HB Tweets on point16 Sep 2020 15:41
Last year Goodbody estimated a ‘worst case scenario collect out’ value, after debt would yield 90p/share or £~450m MCap.
goodbody.ie/assets/Goodbod…
Since then Amigo under Hamish provided over £100m for composing redress, but only actually refunded a fraction of that.
Amigo’s price today reflects investors concerns that the current board are:
1. Unable to execute an efficient collect-out without gouging by board members and their city friends.
2. Unwilling to take advantage of low bond trading price and cash in hand to reduce interest payments and cover the hole in the balance sheet Hamish caused.
3. Unwilling and probably unable to give a clear picture of current trading to investors, consistently hiding behind the lie that such information has ‘competitive sensitivity’.
4. Unwilling to commit to use any powers at their disposal, including legal action if necessary, to challenge complaints from customers who were lent to under processes approved by the FCA during the 166 report and Authorisation.
All Amigo shareholders today are paying a huge ‘rogue board discount’ on their investment. No one will trust Amigo as an investment until the board members who have misled and mismanaged so badly are removed and replaced by a board that openly commits to working for shareholders.