Member Info for Senator1

Bit annoying that they wrote off 27.2M of Loans in Q1 and doesn't even get a mention, that's 4.1% of the starting net book and thats why claims provision didn't move really. If they keep going like that and don't start lending again then its a bit like the naked swimmer when the tide goes out. Lucky their lending rate is 49.99% but they need the borrowers to pay interest and not just keep accruing and then write it off

no way, the figures are not wrong in the accs, they reconcile.

yes p.14 Mgmt Presentation -52.5M interest ACCRUED not paid, the clue is in the label! The reason it is negative is because it is a cashflow statement that started at 3m PAT which inlcudes the interest accrued. Because this is a cashflow statement you have to take out the amount accrued but NOT PAID IN CASH and hence a negative.

Also if you read the heading it SAYS INTEREST ACCRUED not Interest paid. It cant be clearer.

The simpliest way I can think of to show you that you are adding gross and net figures together and getting the wrong numbers is as follows.
The provision at 31/3/20 is 106.8 add the 18.9 = 125.7M BUT the provision at the 31/6/20 is 98.1M. Under your methodolgy of adding net and gross numbers together wheres the 27.6M? Note 9, page 27. Your not accounting for the utilisation of the provision account with write-offs attributing everything to principal repayments.

The point is, Amigo is still in a tricky situation. There is £103.5M of profit to be stripped from the secured bond if it stays at a price of 55p in the £. That alone is more than what JB is offering at that's clean profit £103M alone if they can work with RBC and are left to focus on that. Of course they wont realise 103M because the bond price will move if they are seen buying, but say they got £50M. This whole JB thing is a dangerous distraction its all based on well if I cant make it here lets go over there. TOTAL CRAP.

You back JB and he off lending it to Eskimos.

What I'm saying is that of £49M credited to P&L net after the 12.9M, £8.7M was collected in cash. Anybody can credit the P&L with an accounting entry but it only really means something to me when its followed up by cash, in Q1 it wasn't but added to the loan balance. So to put it simply if I lent you a 100 at 50% for a year and you paid me 10 in interest and asked me to add 40 to the loan balance how much would you say I made? They have included the 50 in the P&L, if you pay me the 40 thats fine but if you dont then I will have to reverse the 40.

not countered but it adds to BV by amount of discount. This is THE most profitable trade Amigo can do but they cant as I am sure the SF lenders wont let them, YET

53 was accrued to P&L but never paid

I said only 9 of the interest accrual collected in cash, FACT

wrong, the 53M is negative in the cashflow because the cashflow starts from net profit which includes the credit of 61.7M from interest pre the PV provision. The 52.5M is taken out of the cashflow because it isn't received but added to the loan balance you can see this clearly in the cashflow. Your loan book calcs are totally wrong as you start from net loan balance at FY take off the increased prov, add the accrued interest, take off the principal element of collections which is P+I and then take off the write offs to reconcile to the Q1 net number. Your calcs are totally wrong, 100%

Without doubt at 103.8 if I remember right, its a huge poison pill, that alone would cost £130-140M

So that means cash interest is 8.7M in the Q on £663M net loans or a cash yield annualised of 5.2% (8.7/664*4). The secured bond pays 7.625% on £230M every 6 months so that is destroying shareholder value by 2.425% p.a. (5.2%-7.625%) on £230M. The Bond has to go but they cant do anything as I am sure the securitisation lenders wont let them buy it back. The securitisation is at 2% so that's valuable. This needs to be sorted and JB coming back is a problem as I cant see RBC working with him. They are won of the most conservative banks in the world who really value their AA rating and they wont work with JB, of that I am sure. Be very careful supporting JB unless you know he is also going to refinance the SF. This is the biggest short term risk I see for Amigo and nothing you heard today solves that.

Interest Booked: 48.8M (P&L)
Add: PV provision: 12.9M (notes)
Total pre provision interest=61.7M (maths)
Interest accrued and not paid 53M (always in the cflo statement), cash received in Q from interest 8.7M. Don't listen to that other idiot, he is clueless.

Totally wrong, Cash Revenue as you call it was £9M because they accrued most of the interest booked. The operating cashflow was £96M because of £121M of collections which was mostly principal. Pre the loan repayments the business used £31M. That information is FACT.
You have no idea what you are talking about, none.

This thing generated £96M CASH in 3 MONTHS (those 3 months were tough for all UK businesses) and JB will buy for up to 20p. Thats the man many of you want to follow and want back running Amigo. I can see why he didnt put himself forward as FD. With all his inside information I think he is financially illiterate.

There isnt one single person or corporate entity with a net short position greater than 0.5% of the share capital of Amigo. All this shorters are f...ed stuff, total utter rubbish. the shorts are not playing in this stock to any material degree because if they exist they are tiny, less than a couple hundred grand. This is good news for all you bulls because if they exist in size they are normally right as they pay everyday to hold their position, a cash cost not the theoretical opportunity cost of the longs. When you see the shorts in size run like hell. So you should be thanking the shorts for not playing because if they did they would cause havoc here and then you would know what it is like to be really scared.

i like feng shui, I like battering the rampers and I find it soooo easy

ah screamer how the hell are you, like i said before never been called small in my life, EVER