The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The results from the survey do suggest people are willing to commit funds for legal representation, which is a positive sign. Some people have said they'll contribute depending on costs incurred, which is difficult to calculate at this stage. Costs are based on time spent. We need heavy weight lawyers like Edwin Coe to back us and this means we need to set aside a legal fund, which will be tapped into as costs are incurred. This is how firms like this usually operate. I'm not willing to underwrite the legal expenses the group occurs then bill each ASAG member afterwards. The more funds we have in this pot the more leverage we will have dealing with the situation. If funds are requested then they will go straight to the lawyer's bank account.
Finally, Edwin Coe are unlikely to help us if our position is weak so its not just about the funds for them, our position needs to be strong and we need to have a clear legal route. Only EC can advise what can and can't be achieved. We will have to wait for them to liaise with us.
I'm probably getting ahead of myself but wanted to clarify these points.
Details of the investor call are below:
Join Zoom Meeting
https://us02web.zoom.us/j/84471110525?pwd=UDRHM3lSVE5tRmpkOUVsWmMxaHBGUT09
Meeting ID: 844 7111 0525
Passcode: 028390
+44 203 901 7895 United Kingdom
+44 208 080 6591 United Kingdom
Regards,
Mo
-------- Beginning of forwarded message --------
23.03.2023, 13:10, "Amigo Shareholder Action Group"
Hello,
I hope you're well under the circumstances.
I'm sure you must've read the update from Amigo this morning. It's a very sad state of affairs for long term shareholders.
The fallback option doesn't benefit anyone. The current investment climate especially in the lending/banking area is a good enough reason to explore a new scheme, seek an extension to the the current scheme or request amendments to it such as paying creditors from future profits.
ASAG is seeking legal opinion and exploring options. I will provide an update ASAP. This is not over by a long shot, we have 2 months to throw everything we have at this to find a suitable solution.
ASAG attempted to remove the fallback option off the table but we were attacked from within. Lets hope this update wakes shareholders up to take action now. We need to work together to ensure our equity is protected and all options are fully explored.
I have created a survey for you to complete, which is very important to help determine the best way forward for us. Please complete this ASAP and pass the link onto other shareholders to complete.
https://forms.gle/6CA3vTh9dCFfvS9p8
Regards,
Dear Sir or Madam,
Thank you to all of you for completing the survey. We’re still getting submissions and would encourage shareholders to complete this form if they haven’t already done so. A total of 125 shareholders have completed the form whose combined share capital in the company is 114,674,112 shares equating to 24.12%.
Thank you to the people who made pledges towards a legal fund. We’ve had the necessary discussions with Edwin Coe and are satisfied we’ve reached a position to request funds so that action can be implemented.
The initial plan is to formally request an Extraordinary General Meeting of the company be arranged at the earliest opportunity. We will be proposing a motion at the EGM to appoint a suitably qualified shareholder, Michael Fleming to sit on the board of Amigo Holdings PLC in order to be involved in all decision-making and represent the interests of the shareholders going forward.
Michael’s background, prior to his retirement a few years ago, he held the accreditation of FCCA additionally, he holds an MSc in accounting and finance and a Global MBA. He has held the roles of CFO, CEO and MD and worked as a business consultant for almost 30 years. Michael has produced financial statements under both US GAAP and IFRS for many years, with PwC as advisors and Auditors. Although he’s not a qualified lawyer, he has managed a significant amount of litigation as both Claimant and Respondent. In the UK this work has spanned the Vat & Duty tribunal, the Employment tribunal, the County Court, High Court, Admiralty, Court of Appeal and the House of Lords. Internationally, this has involved jurisdictions in the EU and Norway, various States in the US and as far afield as New Zealand. In addition, he has been involved in mergers and acquisitions, so looking at enterprise value and matters such as authorising, issuing and allotting shares, as well as transferring shares. The experience outlined means that he knows his way around a balance sheet as well as interpreting numerous Judgements. It is also worth adding that he has been involved in business turnabout, managing down businesses to closure, as well as the appointment of administrators. Michael has also owned and run several businesses.
The EGM will also enable shareholders to submit questions to the board regarding numerous concerns about the efficacy of the process that led the board to announce via RNS that the company is being wound down. The shareholders believe that the board members have failed in their duty to shareholders to explore every possible solution that would enable the company to successfully continue its operations.
Edwin Coe have already dedicated a lot of time looking into this matter. They’ve looked through court papers and documents released by the company, and responded to emails and conducted a zoom call with us. We haven’t paid a penny for the time spent to date but we’ve got to the point where we have to submit funds on account be
im gutted to the core
ive got £26 grand in for 2 years..whats the chance of some one buying the company?
55 thousand share
my sell showing as a buy...............skint so had to sell a few.
slowly but surely ...up up up she goes
12 to 14p
in my job we have over 3thousand on site and we are been tested every week now.15min turnaround 96% accurate im told.
125239 at 10.92 avg
really wish I bought some at 6p lol
Hi
Can I ask you why you sold 30% in eua ?
cheers
Hi
Monday 8th March for £2.22
been in this for only 2months and got every penny in it. Ive been on the share market since lock down and had a few crap companies. One thing ive learned is patience.
were do you think this sp will end up?
very quiet here considering the share price sooo high