'Reserved the right to object at a later date'....... How convenient. If I behaved like that to employees, colleagues or family I would be labelled an a-hole. You either object, or you don't. They literally just sat on the fence, didn't object, allowed the vote to go ahead and gain 95% support from creditors and then, despite the terms remaining exactly the same, they decided to object. Tell your wife/husband that you 'reserve the right to object at a later date' and see their reaction.
I am not convinced that Simon is entirely genuine in his story and more than likely a troll. However; If he is genuine and had a gambling addiction then fair enough - I hope you receive the right support for that. I don't believe it is possible to sign forms for multiple companies and get through every one without having to bend the truth even slightly - if that is the case then the FCA as regulator has a lot to answer for. I am pleased that Simon voted yes for the scheme. Its the right thing for everyone.
Methinks Simon is trolling to get hits and his 10p per response. Bound to rile up shareholders at the current time. It seems Simon is smart enough to see the sense in both not gambling and not applying for loans dishonestly. If you feel the need to respond to him don't do it on his thread.
RE: I got over 100 payday loans and deserve compensation24 May 2021 08:47
The FCA approved the lending practices of these companies as regulator so I think you may need to look to them for compensation. If it was all too easy at every one of these companies then the FCA has dropped he ball in a big way. Amigo is not a payday lender.
If the FCA had gotten a grip on the CMC issue then we would probably not be in this situation at all. There might have been some claims (as there are will banks/lenders) but it wouldn’t have got out of hand as it has been allowed to do here. FCA approved Amigos processes at IPO and they haven’t changed.
Bond holders are in control here. I suspect they do not want to spend another £15m on another vote after 95% approval. What would happen again if a slightly bigger pot was made available - same result, but probably less will vote due to apathy. Therefore why not just make slight amendments if the Judge sees fit and move forward without the administration risk.
1. SOA accepted Very possible. If it’s decided it was lawful. The vote was almost unanimous. 2. SOA accepted, but with different figures, already agreed Also very possible - Judge can make amendments I believe as they see fit. 3. Neither accepted or rejected - go away and come up with something agreeable to both AMGO and the FCA Unlikely. FCA have shown no interest in getting involved in details of the SOA. They could have done this months ago and didn’t. Judge knows this. 4. Rejected - go away and come up with a share issue or a debt for equity scheme If the scheme was considered lawful (and it should have been with Freshfields advising) this is unlikely. If it is rejected SP will crash. What would we raise at? 1p? Because that’s where the SP would likely be. Wouldn’t make much money would it and £15m more wasted on another SoA vote that could have gone for redress. Administration may happen before a new scheme is approved anyway. Everybody loses, including creditors. 5. Total rejection - same as above.
FCA QC made a lot of noise and made shareholders uncomfortable but was essentially trying to deflect the spotlight away from FCA inadequacy in dealing with CMC’s and engagement with companies. Some say the FCA is a regulator and doesn’t need to advise. Well, that’s just utter nonsense and being difficult for the sake of it. How much more efficient would things be if the FCA actually showed some level of guidance. They don’t because they don’t want to be blamed for anything. Just want to be able to blame companies and take them down instead to save themselves.
RE: Price on Day when SOA approved23 May 2021 07:20
You will need to ask the Judge that question. Nobody here can answer it for you, other than give their opinion. My opinion is yes, though it may need amendments.
95% approved including FOS FCA did not raise any specific objections until the last minute. Still offered no viable alternative other than destroy PI's. 400 jobs on the line at Amigo BoD who seem to want to do the right thing and offer products to support financial inclusion. Majority PI shareholders.
The alternative is that everybody loses, administration, no redress, all of those jobs go and options for finance for those that need it are reduced. Loan sharks will be delighted.
I hope sense will see it passed in one form or another.
RE: Price on Day when SOA approved23 May 2021 07:14
Really!? So 150p or thereabouts! Utter nonsense. I will depend on the terms of the scheme and if any amendments have been made. I think someone said a spike to 42p then drop back into the 30's and that's probably not unrealistic IMO. Amigo 2.0 is where the real strength will come from (though this will be after a raise) and that is some way down the line given that the FCA will not engage about approval for this without the SoA being approved first. Immediate SP will also be dependant upon II's buying in and traders selling out etc