Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Oh my gawd
I knew things were bad but they must be really bad if he’s sold out. If he had any faith in the long term viability of the company surely he’d have held on at least until new year. Too late for me now, I’ll just have to sit and hope. I just can’t see an end to complaints, surely anybody with an Amigo loan is going to come up with some reason, however far fetched as to why they shouldn’t have been approved for one. Oh well I’m off the pub to drown my sorrows before they shut down them as well
I’m worried as have average 15p and I was holding out for a positive RNS. Probably like many I’m so far down now I may as well keep hold. Statements like ‘in excess of 150m’ are very worrying. There’s very little you can do to stem these complaints and I fear it could be months before volume drops and do Amigo have months. I know they have adequate cash reserves but with no lending it’s only a matter of time before income reduces significantly as loans paid off.
I know they have submitted a complaint to FCA about complaint companies but you still have to process and answer the complaints even if not paying out and it’s all cash.
Wish I’d stuck to N Brown shares.
The bit I liked was the reference to a number of the complaints not being valid. I saw this as a hint that things may be heading in right direction.
I expect they will with FCA approval start to lend well before Christmas and the market will be huge since a lot of people will be excluded from mainstream lenders. They should be in a good position to lend cautiously. But let’s be realistic, the next year is going to be tough with millions struggling to pay so still risky but positive signs.
That’s the spirit. Only way is up....I am so much down now I have no option but to ride it out. I do still think this will rebound once they get through the complaint backlog and start lending again. I agree that there is a big market for this product which can only get bigger in next few years. And to be fair the big credit card companies charge 30% interest so I don’t think you can say Amigo is another Wonga.
I agree. I think their are thousands of PI’s like me who are just hoping they can break even or make a little profit. I don’t think many of them are in this for long term so there will be continuous selling pressure. I can’t see it going down much though, surely anyone lucky to get in sub 8 has sold by now.
I agree. There are no alarm bells in that RNS, and a reiteration of intention to start lending again this year. Personally I just want the company to do well and reward us PI’s. I’m not bothered who runs it as long as they steer it in the right direction in the long term.
I’d be happy to break even at 15p. We’ve had that many false dawns on the SP. once JB sells up be 40p etc. that I’m convinced the SP is destined to not do anything until the FCA have concluded their review and the complaints start to reduce - and I don’t see that happening any time soon. I think there’s far better prospects elsewhere. Saying that I’m not selling just yet....in case it rockets! But I just can’t see it.
I reckon I’m up there with World’s Worst day trader! So as well as buying Amigo at 15p and not selling when it reached 18p, here are another few beauties!
Marstons - bought at 43p, watched it steadily decrease for couple of weeks to about 34p when sold up. About a week later Carlsberg combined with them and stick went up 100% and briefly touched 80p.
Aston Martin - bought at 44p, watched it dwindle to early 30’s before selling and then watched it hit 60’s within weeks.
Intu - disaster!
Okay I’ve made a bit as well but always seem to miss out on the big rises.
Just thought I’d post this as lessons learned:
Don’t sell in haste
Don’t read these boards and get swayed with promises of the riches
Don’t buy when price is rocketing for fear of missing out
I’m sticking with Amigo now. Just thought I’d post this as you gets people boasting about making 100k (I don’t believe them), yet very rarely does anyone admit to losing and let’s face it for every winner there is a loser!
Totally agree. I thought I was buying a bargain at 15p. There is no knowing what will happen. I don’t buy this argument that Amigo will flourish because loads of people will want loans who can’t go to mainstream lender.
Anybody who works in finance knows that there is no shortage of borrowers, especially at the risky end. It’s whether they pay you back is the issue. And to say that Amigo isn’t impacted by second wave is not right since a large portion of the people they lend to will work in the very industries that will suffer in second wave i.e hospitality.
I sincerely hope Amigo does well as have shares at 15p but I’m less optimistic now than I was last week. Not convinced whoever wins will increase SP as the problems are far wider
One worry for me was 47,000 customers took a payment holiday. I don’t think they have any more than 200,000 customers do they? So that’s 1 in 4. You can argue that once these holidays come to an end that will be good news but only if the customer has ability to pay. The fact a quarter of your book is on a payment holiday is pretty worrying.
Yes agree. This was going to 20p once JB had stopped selling. I never believed it was going to happen and now I worry this is the next INTU. They either think they’ve won the vote or they are preparing an RNS next week giving us a progress update.
Personally I’m in at 15p so will have to ride it out but it’s fair to say I’m worried.
Complaints aside, the worrying thing for me is how many of these loans will go bad. The big banks have put aside billions to offset losses and they lend to people with decent credit scores. I’m not convinced a lot of these guarantors are in much better financial position than the people taking the loan. If they were they’d lend their family/friends a couple of grand without the need for them to pay 49.9%.
I fear the losses will be huge and it’s 50:50 whether they’ll survive, hence 12p SP. Put the FCA and complaints on top and it’s a big risky punt. That being said I’m invested and if it comes through it then the payoff will be huge...
I was always sceptical about SP rising once JB sold 100% stake. I still think the big question which will determine the SP is the FCA investigation and the volume of complaints. If it goes wrong then it could easily wipe out any cash reserves.
I’m hoping the board issue an RNS before the vote with a positive note on progress of working complaints backlog and FCA investigation. If they do I think we’ll see a spike in the SP. If no RNS can see it drifting lower until vote. I’m not even sure the vote will make much difference to SP without positive news on FCA/Complaints.
Seriously I was all for voting for the existing board until read that RNS.
Total focus on why we shouldn’t vote for JB rather than why we should vote for them. At least give some indication that working through the issues.
Unless there isn’t anything positive to report in which case 20p is looking a pipedream.
Does everyone else share the optimism that the SP will rise post JB down to zero? I think the SP will only go up with positive news re complaints, FCA review.
I am hoping that the board release a positive RNS in relation to complaints, FCA shortly. Isn’t the deadline for working backlog end of October? So I’d expect they will know by now whether on track.
Don’t get me wrong I’m positive long term but just think there is too much optimism on the JB sell increasing the SP.
Yeah I’d echo that. I’m in at 15.72p so want it to hit 20p desperately but then I think if it’s that much of a certainty why isn’t it already at 20p. So I’d be careful, this is still a big gamble and could be sitting her in 6 months time with it at 8p or worse. But then could be 30p+, all depends on FCA and economic climate.
This is a complete gamble in my opinion. Last week we were all one card away from Vegas with 40p predictions and this week we’ve got people saying it will hit 5p.
Personally think it all depends on FCA review. If we get positive update on Friday then think it could rise. But what worries me is a potential retrospective review were Amigo have to go out to entire customer base (including paid up) to ask whether they want to put a claim in. This happened with PPI and it was years of increased provision and wiped profits out. All this talk about telling the FCA to ‘do one’ is nonsense. They call the shots.
I have 6 grand invested at 15p so I am wishing for this share price to increase.
However, I do think the optimism of some of the posts a bit baffling. Last week all the large banks put large provision in place for losses due to economy stalling. The lending criteria for these banks is a lot more stringent than Amigo so I wouldn’t be surprised if Amigo use their cash reserves just to oversee loan losses.
To me there is every chance this company won’t make it and I would be extremely cautious investing now. A lot of these posts are very similar to posts I read on INTU with blind optimism and RNS announcements stating all was good before they went under.
I’m not suggesting that will happen with Amigo but I think people need to be realistic. A new chairman isn’t going to have this SP in the 30’s in August.
What’s the view for today? Last few weeks any decent rise has been followed by a steady fall. Let’s hope this continues to rise, I need 15p just to break even! Fell into the trap of thinking it was never going to hit single digits again!