Member Info for Soundsrisky

@Prolee - you should watch the video where Gary talked about the forbearance and support Amigo gave to customers during covid. We are all sympathetic to covid related job losses I am sure.

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.

Didn't the Judge at the first hearing approve the wording of the SoA?

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.

Two more things to add;

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.

Let’s take them one at a time;

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.

https://www.ccta.co.uk/public_affairs/friends-and-family-cant-pick-up-the-slack/

Interesting article.

Agree 100% Chumba.

Amigo can lend when they like as far as I am aware. Approval has never been taken away. They stopped lending by their own choice to sort this claims mess out. They may perhaps need to gain approval for new products but not current ones.

Righto..... so if Gary had a good day in court, and therefore felt the SoA was in the bag, he would not have released the suspension?! That's what you are saying is it?! Lol! Ok then.

He said a couple of days Toe. Its now the weekend so Monday isn't really out of the range he specified. I suspect he is encouraging some negotiation or checking figures - which I believe will help Amigo. If it was a straight and clear no he could have release that news already.

Ok Yuri, the 20 trades ranging from 400k-600k after hours were all made up were they?

There was around 5 million in after hours buys, Yuri..... that doesn't include the UT.

No way 55p Timmy on SOA. Longer term, if business is doing well after the raise for Amigo 2.0 and products are approved by FCA possibly, but lots of bridges to cross before then.

Yes, whatever he did or didn't say on the day and whether or not it aligns with what people would have liked him to say, I don't think his credentials an be questioned.

Don't worry, it's a message board not a job application : )

Not a surprised and not unreasonable given some will have access to market sensitive information if they are on the call.

What they might need is approval for new products they are planning to launch (hopefully they are already ahead on this) but in terms of lending as they have done they can start immediately as far as I'm aware.

They have never been stopped from lending. Its their choice to stop. The FCA asked them to lend to key workers during the pandemic, which they did until there were so few applicants that they stopped. They have done everything the FCA has asked of them and more.