Member Info for schalfenplanet

It come down again.

I believe there is two shorters out there at present waiting to come back in

There was a change of stock major holdings... basically a company bought more. If you shorted ....Best wait until things calm down

I believe its a sad reflection upon a person's character when they take pride in injury others.

With Amigo, I am positive but not greedy. I have like you all lost extensively (£19k)

But the great thing is we have road map in front eof us and the journey has began.

We have three hurdles to cross . Believe me when I say we are in a better position than other companies because we have a destination to reach now.

Be safe, be wise , see you all on the other side.....be ..prepared for more torrid days ....the shorters are in due to the volume of trades

Best wishes schalf

Fantastic comment thank you , that's just made my day :)

I am sorry but that woman complaining on BBC radio was a bit of a joke. Do we have to really come round and do her finances for her.

Has this country become such a nanny state.? Unbelievable and that radio interviewer was bias not challenging the complaints.

Well done to Gary though, made a sterling effort as always

I think amigo will bottom to 5 pence now at least but won't fail in its endeavours. Be wise ,only lose what you can afford

No we are OK .. just people trying to short from yesterday

thanks thaw...............cold be the reason why the board withdrew the letter and decided to opt for constructively working with the FCA over concerns

Sorry to ask but what is the woolard report ?

These are the hurdles we have to jump with our leader Gary

RE: FCA could not give it unqualified support26 Jan 2021 20:21

Looks like we have three hurdles

1/independent person believing the scheme is fair
2/FCA concerns taken care of (and minimum threshold met)
3/ Everyone votes yes(be helpful) a majority votes yes (Necessary

its great to see such faith , don't look at your share price till after March , I am expecting to drop again another penny

seamus 12 we have all been there buddy, I believe tomorrow be another day of a dive but , but if I was to go on Amigo data it be only by a penny or just over. I think it be 5.5 maybe 5.2 ..

Reading the scheme of statement , when I think of it , if the board has done a dry run through with an outside consultant addressing the issues and non compliances before being official .....this will be easy.

I believe you got a couple of weeks maybe more depending on rumour control and erroneous data being fed in the forum

keep safe and good hunting

Absolutely Frankys1971 :) Its all down to compliance . so Amigo board would of got an independent auditor in to assessor their proposal first. There was probably some minor alterations .

They then hired a independent skilled person to look at compliance with the FCA and fairness and other things .This skilled person will then write a report (intensive) to the court and FCA whether the scheme is in compliance.

They ran out of time with the FCA over the letter of non objections I think its called (there are time scales between letter and court hearing) so they withdrew it but actively constructively working with FCA with any of their concerns ,if they do not resolve any FCA concerns then the scheme will fail.

If they succeed then court on the 30th March and then if compliance is met and fairness achieved VOTE

Who things Gary and co will fail ? I don't !

Seamus 12 sorry buddy I agree with you all the time including that you have double the stock I have.

Its down to Amigo to work with the FCA if it does not then Amigo loses its licence I think that's correct or restriction of lending will be imposed

theluckyguy the stock you have bought in, you need to ask yourself the financial impact its going to have on you if this goes south? I have got nerve?

Personally if Gary Jennsion was NOT running the show, I would NOT of invested.

In March its going to be a crucial time (30th March 2021) There will be a court hearing to make a judgement hopefully that the scheme of arrangements that Amigo Loans are proposing (compensation) is fair.

Before they get there, they will/have appointed an skilled person to report on the fairness and other points . So they will need to listen and work with him/her

Although they have withdrawn from a non objection letter from the FCA ( I think over time scales) they are working constructively with the FCA to readdress any concerns. Important point if FCA has an objection the scheme will fail

If Amigo past those 2 hurdles then the judge will rubber stamp it providing everyone is in agreement that its in compliance with all regulations.

Then you got the votes
.
My advice is, if you not going to request the assistance of the F.S.B to throw you out of the 5th floor window that is probably locked if this stock fails stay but keep a weather eye out on the news at 7am on the two points I have raised . If the court stamps it on the 30th March I believe it will fly ............but stranger things have happen

last point if we cross the first two points court hearing on the 30th March,2020 then the vote if successful

I wish underscore the important points but seriously a big thank you to Jimmyg56 .

Looks like we have three hurdles

1/independent person believing its fair
2/FCA concerns taken care of (and minimum threshold met)
3/ Everyone votes yes(be helpful) a majority votes yes (Necessary)

ok, first of all we all have missed something in this report . So a special sincere thank you to Jimmyg56 for making me read the report(and that's a sincere thank you).

Important : A skilled Person must be appointed and the skilled person has been appointed to review the redress methodology, to subsequently review its implementation, and to comment on the fairness of the Scheme. The skilled person will also assess the extent to which Amigo is meeting threshold conditions

1/ Most importantly Amigo has addressed the general data protection regulations by putting out advert in the media for all ex amigo borrowers.....so maybe not all will be applying for redress.

2/Amigo has withdrawn the letter but it believes it can work constructively with the F.C. A to resolve any concerns prior to the Court convening hearing listed for 30 March 2021

3/If ultimately the FCA decides to object to the Scheme or take any other action, SchemeCo will have to consider the viability of the Scheme and Amigo will have to consider what the options are at that stage

4/Further, the FCA continues to assess whether Amigo is failing (or is likely to fail) to satisfy the FCA's threshold conditions (minimum standards all authorised firms are expected to meet) and its proposed approach to future lending.

5/In light of the further analysis that the FCA can be expected to complete, the FCA has informed Amigo that there is a risk that the FCA may impose a requirement on Amigo's regulatory permissions which restricts it from continuing its business and which affects SchemeCo's ability to implement the Scheme

So its not bad but its not a bed of roses .....If the F.C.A says No then we are in Poo Poo Strasse without a doggy bag.
However an independent person has been appointed above all to report on FAIRNESS that's a big help but that comes under sect 2006 and Amigo is WORKING Constructively with FCA over ANY concerns

Jimmyg56 I am studying the scheme of arrangements at present and yes I have read the withdrawal part .. but I fear you are not reading the full facts and some are very dangerous to us shareholders .

It not going to be an easy ride , I grant you . I will get back just trying to understand the relevance of the woolford report..any help would be gratefully received negative /positive /don't care

jimmyg56

That was helpful ,I accept you are not a troll. I am just struggling that's all. Are you worried this going south and its all going to drag us down with it, is that what you are trying to tell us?

Could I ask for help about the woolard report .

Questions why is it so important?
Is it recognised by F.C.A ? or is it a claim for precedence?

many thanks in advance for your trouble
Schalf