Member Info for Novice82

Jonathan Roe mentioned that he is concerned about how the FCA Consumer Duty legislation will impact the future of companies like Amigo, given the lack of control of CMCs. Am surprised he mentioned this so openly..he's basically saying that today's Rewardrate model (in terms of affordability checks) doesn't work at the moment but may work in a few years.

Not exactly a ringing endorsement of the business.

Here is where the BOD are falling apart. On one side Danny says that they haven't found a keystone investor (or a group who can fund 45m) and cannot give any guidance as to when they will obtaint it but when questioned as to why they are not going back to the FCA to inform them that the 15m is not possible, Danny now says that they believe that they can secure the 45m. They dont look good here at all.

This guy is asking for Scheme 3 - i.e. removing the 15m from the redress. Not sure if that is legally possible, but awaiting comments from the BOD

He is on 335 - Maria has mentioned he has taken a paycut from 600. Apparently the previous salary for the CFO was 335 previously, the new one is on 200 odd (cant recall exact figure). So basically, Danny is on what he was as CFO

The BOD are like rabbits in headlights at the moment...this guy is ripping them apart. He's trying to quantify how the 45m will be spent, the BOD are struggling to explain here.

There's a shareholder named Daniel who is ranting at the Board - he's not entirely wrong here. He is basically saying go back to the FCA and say that we cant raise 15m and retain the 19-1.

He is now asking how much of the raise is going to directors salaries......Hmm!

I'm on it.
Timelines look very tight (according to Danny) but achievable.
After confirming interest (i.e. converting those 10-15m potential offers into firm offers and raising the necessary 45m) they then need to issue a prospectus which needs to be approved by FCA. No idea how long that will take.
14 days are needed for shareholder vote (75%), hence, at the latest, vote needs to be sent out by 11th May I believe.

The key here is getting firm offers for the equity and getting that prospectus out in the next 4-6 weeks tops (my opinion).

No real surprises here, The BOD seem very relaxed and jovial, despite constantly alluding to the tight timeframes. Either they know that they have something in the bag, or they don't care. Frankly its hard to tell which it is.

Interesting note re guarantor loans - it wouldn't surprise me if this product was shelved permanently. I'm somewhat surprised that they have still not managed to find a cornerstone investor however, all the boxes are ticked with respect to the legal side and no FCA fine either. They need to get this over the line now.

That 60p short doesn't appear to have worked out well for him thus far....

Steve - then why didn't wait until now to short instead of shorting at 60p? Glass houses and all that...

Are you still short at 60p Steve?

SIH - I think the media issues are already well documented in terms of false articles. Pokerchips and AS previous posts have delineated the difference in attitudes towards tech in UK/US.

I think you're right however in terms of his own (and the BODs) shortcomings however, in terms of stating things that don't actually happen on time (Golden share, spin-off etc) as well as missing targets. I still think the situation with Iain Mcdonald is a disgrace. THGs BOD certainly have not been perfect and neither has the media. It's a perfect storm really., opportunities for traders and investors alike, short and long.

ROFL @ oculus

Cant tell if you're being sarcastic or genuine steveinhull? I'm all for positive news, but CitySpy seems like a bit of a spiv. Yeah he called the bids correctly, but that rumour was on betaville too. All the rest...well....hasn't come to fruition yet.

Looks like the rioters sent them back to their sty....

Agree Franky. Which is why I think the article is just a hit piece - he's an easy target .

No, the take away is that there were other people in charge here that got off scot-free and were (and are) allowed to go to other firms without any penalty or censure. Nothing gets said about those individuals. Oh, and those individuals were authorised by the FCA to take up high profile positions thereafter, yes, the same FCA who also have stated that the practices employed by Amigo were poor. The whole system is diabolical.

Erm...I guess its easy to blame Benamor but does anyone remember Hamish Patton? The CEO? Who presided over this failure..and many more failures in subprime lending in positions before and after Amigo? My feelings towards Benamor are pretty ambivalent, but its obvious that this is just a hit piece.

I remember Benamor wanting a judicial review whilst this whole saga was unfolding. He also criticised the board on multiple occasions. Do I think he would have been successful in a judicial review? Probably not. However, he wasn't willing to just roll over and accept FOS and the rest constantly moving goalposts.

Agree VC - its the price that has always been the primary driver for me, secondly the actual quality of protein.

Err Franky you may want to check twitter. Good ol' debtcamel has posted a screenshot of your comment