Member Info for Soundsrisky

No plans to shoot you but lets just keep our feet on the ground until this time tomorrow. Hopefully there will be something to celebrate for creditors, shareholders and the 400 staff at Amigo.

I'm only replying because I would like to say 'Ivorbig1' but yes, I think you are mistaken.

Future sells?

Sarcasm.

I think we are all wondering 'what is the worst it can be that I would accept?' Franky - nobody wants to lose their investment, their hard earned money that they have every right to keep, just as much as customers who may or may not have been dealt with appropriately by Amigo. Many of us have families and have no desire to lose money that could be used to help support them, however much we have put in or put at 'risk' nobody wants to lose it. What we have is a new board and essentially a new company that wants to do right by customers going forward. Many others who operate in this sector do not have the same moral compass that Gary seems to have. I'm not sure a raise is entirely appropriate given the loss that many shareholders have already suffered, the commitment to sharing profits, no dividends and possibly alongside an adjustment to the LTIP for the BoD. Lets see what tomorrow brings. Hopefully a resolution that all sides can be happy with. I'm also sure that the judge doesn't want 400 Amigo staff members to lose their jobs because a fair compromise couldn't be reached or that customers would have even fewer options for credit available to them other than loan sharks or similar. Hopefully the FCA can see this too.

I would say when the judge is balancing the benefits to customers vs shareholders etc then posting things like 50p on Monday etc doesn't help our argument too much. Especially if he pops in for a quick look on the LSE board. The fact is nobody really knows that the SP will be. It will depend on MIC continuing to sell, JPM/Bybrook buying. Potential restrictions put in place by the judge, relending etc. Lets stop with the price prediction and just focus on Amigo 2.0 getting the approval to launch, as it should, and we'll see where that takes us. GLA

Well you would think, if creditors are being asked to vote on the amount of redress and % they would receive, then they would need to know that beforehand?! 95% agreed that they supported it.

The pot and percentage were approved in the first court case Jonno, the one that the FCA chose not to attend. I don't think they are able to force a change on that agreement. They could have stated those specific objections previously, but they didn't.

Yes, Ninja. I have wondered the same. To be fair though, if Gary and team manage this turnaround and have risked careers to get involved then they deserve everything they get IMO. Ultimately, its about being able to support customers with products that work for and support them and so I'm looking forward to hearing about Amigo 2.0. That should be the focus going forward now.

I may be incorrect (please do correct me if I'm wrong) but I'm fairly sure that the terms of the SoA have been agreed already by the initial judge and cannot be changed having been voted on and approved by 95% of creditors. The hearing tomorrow is to confirm that the SoA and vote has been carried out lawfully, which I believe it has. The FCA can object but ultimately it is a matter of law. The FCA may choose to fine Amigo, however, that money would then go to treasury rather than customers for redress so that kind of defeats the FCA's claim of wanting more for customers. The only potential change I can see is if the BoD LTIP is moves up higher than 40p , if Amigo agrees to that but my guess is that would be an out of court agreement in order to gain FCA support. All of the above is my take and IMO, not legal or investment advice.

All about risk reward. Get in now and potentially make much more in the long term if successful but slim chance (IMO) that things won't go to plan OR get in later at whatever the available price is, make less but less risk. Its entirely a personal choice.

Yes, @wiremead there are paid de-rampers who infest the boards like little sewer rats. Most typically live in their mums basement and clearly have no life other than to collect 10p per post. They try to put negative spin on every bit of news and spread false rumours. If you see several tedious posts essentially stating the same thing then it’s likely they make their living in this rather pathetic way - I suspect you can guess which current posters that might apply to?
Back to Amigo - I’m more positive about this final case than I was about the original one and the subsequent vote. Quietly confident. Best of luck to all genuine holders - it’s been a painful period of time for Amigo shareholders and customers unable to access credit but hopefully we will soon be through to the other side and the launch of Amigo 2.0 with a new team, new approach and great products.

Or JPM buying ….

Yes, there is a seller. MIC are selling, Bybrook & JP Morgan are buying.

Your shares are in Amigo Holdings, not Amigo loans. Amigo loans could, essentially, be closed down by the judge, no redress paid to anyone. Do I want that to happen? No, I don't, and I suspect nor does the judge, Amigo or FCA. Best to continue to build from here and launch Amigo 2.0. Amigo holdings could operate in other jurisdictions beyond FCA oversight if they chose too. Short term negative impact on SP if judge doesn't approve but long term, as shareholders, we would likely recover. All IMO.

The court case is on Wednesday ; )

Yes, excellent approach to developing a functioning and viable financial/lending system FCA. Ask your mates/mum & dad for the money. That will work! How about, instead, guiding and helping regulated sub-prime lenders to develop products which will support financial inclusion, encourage sensible borrowing and help customers to develop credit profiles which will allow them to move onto mainstream banks and greater financial freedom? ..,,,,,,, oh, wait a minute…. Didn’t Gary Jennison say something about that a while back?!

Red or black suggests it’s a 50/50 call and it’s not that. Whilst it’s possible the judge could rule against I think it’s 85% likely to go through - potentially with one or two tweaks but confident that Gary, the superb BoD and Freshfields legal team will get the job done and be able to continue lending to those that require the support of companies such as Amigo. Nobody (other than Sara the Camel) wants to see it go into admin - Amigo team, Judge, customers (95% supported the SoA) and yes, even the FCA - though they no doubt wish to show that they have done the right thing for customers.

That suggestion is utterly ridiculous from the FCA and highly dubious from a legal standpoint. It’s not going to happen.

Lol! Back up now. Patience.