Member Info for Senator1

He goes on Board, full stop

The RNS is saying the Board appoint the CEO which is then subject to FCA approval and so Board voting against his appointment to Board tells you that even if retail win the vote, the current board wont be proposing him as CEO and the contract is worthless.
I find the arrogance of the JB position extraordinary. The contingent offer of 21p to him was totally unsatisafactory a couple of months ago because he said it seriously undervalued the business BUT he thinks 20p should be accepted by PIs and be the reason they vote him on to the Board and make sure he is CEO (which is beyond your powers) to pursue a plan AMIGO cannot execute. And you want someone with this illogical thought process (demonstrated more than once) running your money? Stupid, totally stupid.

This sp revolves in the next few weeks revolves around JB, yet again. If his plan is backed he will get very cheap shares if he loses it will rise as on a fundamental basis and assuming a co-operative management to fix the existing situation it is worth a lot more than 20p, a lot more. But with JBs current plan it has no future. Who is going to take you out if JB wins, JB on 29% up to 20p, that's your lot. If they have a professional hard working team running Amigo who sort out the financing, fix the claims and agree a lending process this can fly and 20p will look stupid. To do that takes diligence, professionalism and care. Not characteristics I associate with JB by his own actions.

you dont realise how wrong you are

just read the accounts. If you know what you are doing you dont need to ask someone who wont answer you anyway

My point is if he cant work this out for himself then I dont wnt him leading the business. He should be able to work this out. He is either clueless or he knows exactly what he is doing and will watch the sp collapse and take it private and even end up making money on his 1% sells. Its one or the other, either way its not good for existing shareholders. This is so obvious.

I am invested, JB in is ruin and it doesnt need to be so

HH part of the dumb 2% club, try and stop being a clueless tit

he doesnt have the kind of money this takes

No it was not priced in as we only learnt a few days ago that all cash on £300M of loans goes to RBC until December. No WAY anyone knew this before AND nobody knew how little interst has actually been paid. So what you said is FACTUALLY WRONG

also him buying shares isnt a cash injection!

I dont care about him buying shares I just dont want him running things as he clearly has limited grasp of the current situation and the plan he proposed to support his return is stupid

plus most debt in a group is cross defaulted or at minimum has cross acceleration so one bit goes and you have a snowball

not if they dont have the cash for expansion which they clearly dont. Plus most regulatory authorities eventually end up following the UK so to think that by running away you solve the problem is total crap.

The sp is telling you the smart money is afraid that JB gets in. Every time he is involved it falls. The market is telling you loud and clear what it wants. It wants this circus over and the co. to get back to the day job. Fools second guess the market and dig their head in the sand, smart money listens

5% at reuest time thats all it says in Act

everything i wrote is in the accounts if you know how to read them. You and your attitude is what makes this very scary. To put serious money in to a situation you dont understand even though you have been told there is a going concern qualification is BEYOND STUPID

JBs plan is essentially to take cash outside remit of FOS and focus on international activities. Here's why that doesnt make sense and why he shouldnt be supported as the sp will collapse. As at Aug 14th we know the securitisation drawings are £199M. Note 9 of accounts tells us £297M of loans are assigned to these debt holders. Since August all future cash on these loans has to be used to repay the 199M (part of debt extension deal). That leaves about £350M of gross loans that have to generate the cash for all other uses. The main ones are the operating expenses, £40M p.a., the secured bond interest £20M p.a. and other cash expenses of playing with JB say another £5M so, that is a cash need of £55M from £350M of loans. We know that in Q1 hardly any borrowers paid their interest in cash and 90% plus of the cash Amigo got was because of accelerated debt repayments because the borrowers got loan write offs of £27M. They cant keep doing this. So when you look at the cash position of Amigo it is precarious and thats why there is a going concern qualification. They cant touch £120 of the £140M as that is set aside for claims. This is also why they havent bought the secured bond which is the obvious thing to do. This is why the JB plan makes absolutely no sense and suggests a man who is financially illiterate. He may be a great builder of businesses but he doesnt understand the numbers when things get big and complicated. The irony here is that if he is supported you will never see 20p as the plan doesnt make financial sense. That is obvious to me, it will be to RBC, it will be to MIC and the other big holders and to the Secured Bond holders who will then be trying to get their money back. Businesses go bust because they run out of cash and preserving cash and agreeing a deal with RBC where some of the cash on their portfolio is allowed to grow the business is the name of the game here. This reliance on a conditional bid from JB of up to 20p is silly. If he gets in god knows where the price goes as their will be a rush of sells because his direction will lead to ruin. This IS NOT a slam dunk where the sp goes, anything but. The thought that retail, most of which dont know how to read the accounts, are a big part of the decesion making process, is VERY SCARY. VERY SCARY.

If this were done, which I doubt he would find a broker to comply, it is a criminal offense. If he did this and Im not his biggest fan, he would have reached a whole new level of stupidity and his whole approach would be over if it got out and IF he did it which Im 100% sure he hasnt.

Sc 303 Cos Act 2006. Members need 5% at time of request. Board can decline and have 21 days to decide. When called they have to give 14 days notice. Board can decline if they consider resolutions frivolous or vexious. Havent ssen his precise resolutions but assume they are to remove directors and re-instate himself and his nominess. They cant use frvolous or vexious as defense for removal resolutions as this has been opined on before. Re the JD re-instatement they might have a case if they are aware that rule change is being worked on. In any event I would refuse on this latter one to ensure the issue gets further coverage which will spurn the regulators in to action if they are not already doing so. Either way it is doubtful he will be allowed back