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Hasty. I did try to find out if the Sami pay taxes in Sweden-there is very little info, but it does seem to be the case that they are only obliged to pay taxes in either Norway or Sweden, not both. The Sami parliament is paid for by the Swedish State. The point of this comment is that if the Samis are not contributing to the areas they rely on for their livelihood it must be doubly frustrating for areas such as Jokkmokk which are experiencing financial hardship but can't get investment and income due to Sami intransigence.
Yuri. Its lucrative for the secure lenders and for a while the directors and shareholders. Look at Wonga in the early days, splashing the cash on sponsorship and advertising. Heady days before it all went wrong. No shortage of credit companies offering short-term loans to those who can't get loans for main stream lenders. And don't forget those who provide direct credit facilities for purchases with excessive interest rates.
If Amigo goes bust another subprime lender will take its place, like the Hydra of Lerna. The sector is so lucrative there will always be another player until that one gets into trouble. I can see no value in Amigo being pushed into admin as everyone loses.
CMCs badly need regulating. A friend of mine responded unwisely to an accident claims co. When they saw his claim was unlikely to be successful they dropped him like a hot brick and left him to face a court case on his own. He was very lucky to avoid massive costs. Imo it's an appalling industry.
For uninitiated, like me, how is it possible to raise £80m against a co with a mcap of £13m and if so how do you set the price/share. Most equity raising is at a discount to the sp. I genuinely can't make sense of the BoDs announcement.
Woodstock-where do you get your figure of 36% refusenics? Nearly 60% of the total (inc all ages) population have been vaccinated and a much higher percentage of adults. Your figure seems questionably high. It is important we do not play to the conspiracy brigade, this issue is too critical.
Many thanks, not a helpful report. Wily Swedes on the run.
Looks like the wily Swedes were on the ball. GLA
We seem to be well behind the US based on a 1.42 exchange rate, by my reckoning we should be 10p higher. Lets hope we catch up in the next couple of days.
Prolee. Absolutely correct. Administrators are only there for the creditors, with the secured creditors at the top of the pyramid. The assets will be liquidated and the company wound up, with a lot on money going in insolvency fees. Unsecured creditors and shareholders will get zip, but those with loans will still have to pay up and the administrators will chase them.
On a more positive note the sp has been moving steadily north in sweden and we are now lagging based on a 11.73 exchange rate. Hopefully the wily swedes know more than we do!
If we pass the emissions tests this should motor nicely. GLA
If this goes the same way as Wonga, everyone, except possibly the secured creditors, will lose out. Unsecured creditors will get a minor percentage of their claim (if anything), borrowers will still have to pay back their loans to the administrator and shareholders will be wiped out. As we saw with Wonga, no company can withstand an indeterminable liability-there has to be a ceiling to the liability that allows Amigo to trade. A lot of the claims against Wonga were encouraged by CMCs as is the case here. The CMC's insure against their losses to the detriment of the claimant. This is an area the FCA should also be looking at. Amigo's future is in the balance.
Are you sure? Showing down, albeit 15 mins behind real time.
The BoD have dug themselves an uncomfortable hole. If I was a creditor I would no longer trust the threat of liquidation if they go back for a second agreement. Allowing creditors to benefit from an equity stake so they are encouraged to support the company going forward looks to be the best solution. As a threat it has played badly with the FCA and judge.
This saga and today's RNS is acutely embarrassing for Vald and Mrs Vlad, having owned a third of the company they now own less than 20%. I trust they will learn to manage things better or employ people who can. Hopefully the company can now concentrate on the clinical side and start to regrow the business. One for the long term hold now, methinks.
Ninja. Sorry to hear you've no spare money for a top up. Why not ask Amigo for a loan?
Sporty. In fairness to the Fierce article is does imply that BSM were guilty of buying into a product, in late stage trials, that would give them a speed advantage in a very high value market. I assume that if there had been any impropriety on the part of Inhibex they would have been after the co or its directors. Invariably in these sorts of deals, directors have a duty of honestly clause. Unfortunately it was a damp Squibb ! PS where are our Accustem shares?
Absolutely right at 7.21am. Where do some people get their ideas from.
Yes. That is the only marginal positive from a very poorly managed funding. At least Vlad, via his wife, owns 1/3rd of the co. so this hurts him as well.