Member Info for Specialonek

JB tweet 3 hours ago.

If a buyer wants our shares, they can buy them at market value, 1% a day.

In a couple of days we will no longer be a majority shareholder, so we would not be able to unilaterally agree a sale anyway.

We were clear this was what we would do.

JB tweet yesterday. We were contacted again on Tuesday of last week by the buyer. We told them what we’ve told everyone. We have given non-cancellable instructions to sell 1% a day.

If the same buyer has bought the 1% daily and it is the same one who bid 20.9p then I think they bough the first 1% at 11p. If that was their first buy then I guess 11p is the minimum they would have to offer for your shares. If however it has been different buyers for the 1% then you still will not know what the potentially bidder may offer.

JB reckons he could have got share holders £500million a few months ago.

Customers where 232,000 on Q3 2019 results. Where does 300,000 cone from? 42,000 customers on payment holidays due to covid. Materially higher than 9000 customers making claims. 95% are typically being paid out. That does not indicate 90% are upto date on payments now. Only customers that have been signed up since end of March are Keyworkers under exceptional circumstances. I would hazard a guess total customer numbers have dropped at least 10% over these last 3 months as they have cleared their balance or decided to put a claim in.

Durham. There turnover is drastically reduced due to covid. Their turnover could be down by 50-60%. £100million will wipe out the Companies liquidity. What about another 10000-20000 claims and another £100million pay out then what??

Holders and buyers, and those waiting to get in - Answer these questions honestly, for major gains next week and beyond.

And do you think management and shareholders will sell to JB/Richmond after what he has done and what he was about to the business.? Yes if it is to their benefit

Do you not think there will be bidding war if this happens? Yes if this happens why I do not think it will.

Do you think the baord / shareholders voted him out to their detriment or their benifit? why, whats the catch here? Detriment as he would have fought FCA to find a workable plan whilst also protecting the longterm business.

Do you think, JB cares about other people apart from himself, why did he not work with the baord/ Shareholders?, and why did he not agree to the sale? What would have he done had he got this chimps on baord - would he have dealt with fca new rules or taken it off market by refusing to do so as a responsible business? Yes, he tried to work with board, we do not know why but perhaps he wants to shaft the board by devaluing their shares to financially hurt them. Glen Crawford has over 10milliin shares I believe. Gone for judicial review with FCA to protect the business. He may have considered taking it private who knows.

Do you think fundementals of business (£150M liquidity, PE of 0.23 1/10th of what it should be), needs to be ignored? Yes ignored due to present trading conditions and claims.

Do you think that board working with FCA volunterily is a bad thing or good business and in the interest of the shareholders customers (they have alot of cash)? Should have been good but BOD have allowed FCA to dictate everything by sound of it.

Do you think that all 9k complaints are legit, and not based on affordability and signed agreements? There will be dodgy claims however that is not the issue. The issue is FCA are upholding upto 95% of recent claims.

Do you not realise AMGO only approves 20/30% of the loans and most are rejected due to affordability at the outset or due to non acceptance by garuantors? Yes.

Do you think FCA allows bogus claims, and people can lie on their applications etc? Have you done that on say, Car Insurance what happens when you make a claim and it is found that you mislead the company to get a cheap quote? There will always be bogus claims with potential for financial gains.

Do you think, AMGO alllowed people to take loans more than they can afford (that is main reason FCA supports), when 70% applications are rejected, and on the trust pliot people are complaining they can't borrow more from AMGO? Is that good or bad? Is AMGO being responsible? There have been clear examples of Amigo accepting loan applications despite affordability issues and even putting pressure on friends to be guarantors etc.

Do you think JB is selling to me you and joe blogs? I do believe he is selling his shares but like anyone else I do not know if anyone is buying them or not or who.

Do you think de-ramp

Calamari, in my view they need to find a way to stop the claims snowballing anymore and JB wanted to bring FCA to task for continuing to move the goal posts. BOD response was no problem FCA come and take all our money your welcome to it. That is where it is at. JB reckons there could be upto £1billion in claims and because he could not get any level of control to fight FCA he likely things his baby is going belly up in a sea of claims. If he is in cahoots with some other minor parties who are buying his shares up then to me that is the only hope for Amigo in the longterm however JB does not need Amigo and if he wanted too he could just start up an all new loan business from scratch.

If you want to gamble then do so but at least buy in at the lowest available price. The lowest could easily be in the range of 3-4p by Friday afternoon if not before. I still think this will fold but it is an individuals choice.

I expect this to move up slowly from next week. Average 2-3% up weekly should see most holding long term.

Hellyeah, based on latest RNS I believe results have been pushed back.

Amigo expects to publish its full year results for the year ended 31 March 2020 on or before 23 July 2020. The additional cost of complaints received subsequent to 31 March 2020 is expected to be material, as a result of the substantial increase in the rate of complaints received.

Invest Share, what is the business going to be if Guarantor loans have no protection from FCA?? You talk all this tripe about the past. The past is upwards of potentially £1 billion of claims incoming. So what's the business going to be like in the future that you think is worth 75p a share despite the grim reaper in the back ground? The only way this business can survive is to have FCA on side with the existing business model. That was JB intention to get that clarity and assurance. This BOD has rolled over instead and has likely made this business no longer viable just like Wonga. You really need to give your head a serious shake if you think this would ever realise 75p again.

The BOD should have followed his advice. Article about FCA.
https://www.ftadviser.com/regulation/2020/06/26/mps-step-in-after-troubling-concerns-at-fca/

Pauldola, lol has your account been hacked. 75p would be dreamland for anyone holding these shares. I think there is more chance of picking all the lottery numbers.

Itsagame, if that theory was correct the subsidiary company would have already declared its holding by now if he was contemplating using it as a tax payback through Richmond Group. He has stated Richmond group are selling up so how could he contemplate buying back into the same group anyway. You can clearly see from Richmond's accounts that they do not need Amigo in their portfolio

You can pick two options.
1. 1-4p
2. 4-6p
3. 6-8p
4. 8-10p
5. 10-14p
6. 14-20p
7. 20-40p
8. 40p+
9. £1+
10. Bankrupt or Suspended

Stating only 20-30% of claims are upheld despite it being 94-95%. The reason I know this type of information is that I have actually read up and studied the company a lot recently before I made the decision to sell my shares at 16p. It did not make good reading for future and I guess that has proven to be the case regarding share price as well as continued poor news.

The regulator declined the opportunity to comment when contacted by This is Money, but the announcement said the investigation covered Amigo's lending from November 2018 onwards, when new rules designed to protect borrowers came into force.

It has seen an increase in new complaints made about it to the Financial Ombudsman Service over the last few years, with the FOS siding with complainants 94 per cent of the time in the second half of last year.

A decision published by the ombudsman last May found it failed to carry out 'reasonable and proportionate checks' before providing five guarantor loans to one borrower and ordered the lender to refund all the interest she'd paid and wipe three of the loans from her credit file.

The decision highlighted issues seen in multiple cases involving Amigo borrowers who took their complaints to the FOS.

Guarantor lenders like Amigo, which charge a representative APR of close to 50 per cent, target those who cannot obtain credit from other lenders due to their poor credit history.

Just for information 95% of complaints made to Amigo in 2019 regarding Guarantor loans where upheld. That would equate to 9500 out of every 10000 will be compensated.

If I see any sign of their being a potential takeover or FCA changing its stance etc I would gladly buy shares in this. At the moment there is nothing to be positive about. It is presently a huge heavy weighted gamble. 1% daily dumping is as you can see reducing the SP value and will continue to do so. DYOR.