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Shares of Amigo Holdings PLC (LON: AMGO) today fell 28.7% after shareholders rejected the return of James Benamor, the company’s founder to the board.
Benamor failed to win the vote to reinstate him as a director of the Amigo holdings as he garnered only 42.76% of the votes, which keeps the current board in place.
Today’s vote is the latest twist in the tussle between Benamor and Amigo’s board, which Benamor has previously accused of being unfit to run the company.
Amigo’s shares have crashed heavily from their post-IPO all-time high price of 314.8p to the current low of 10p as the guarantor lender faces intense public and regulatory scrutiny of its lending practices.
The company’s high-interest rates on its loans to people with poor credit histories have attracted the attention of the British Ombudsman amid rising customer complaints, especially during the coronavirus lockdown period.
Some legislators have referred to Amigo as a legal loan shark, which is part of the reason why the company’s stock has taken such a beating.
Benamor is likely to make another attempt at returning to lead the company given today’s vote results.
I don't get it why people are panicking ,ok JB lost so does that mean AMGO going bust NO , we have couple of hurdles FCA and making sure complaints backlog is down once these 2 are sorted we be lending again , I be adding if this goes to 8p or less
my chart is same as Share talk , hope it works out
https://www.tradingview.com/x/cyfawNPV/
can this move up from bottom channel , good support level
https://www.tradingview.com/x/cj3FqFMS/
Chart possibilities ,we are at bottom of the channel ,after voting outcome we may rise towards top line of channel who knows
https://www.tradingview.com/x/xISa8ul0/
JUST MY CHART VIEW
https://www.tradingview.com/x/3i6L8BK4/
Can this be around £3 in 12 months time