Member Info for Specialonek

As Vinson noted the SOA needs to be seen as fair. Neither side had a great day in court but the judge needs to make the right decision for both FCA and Amigo. Assuming it gets the go ahead the FCA will learn lessons from what it did and didn't do. Amigo will going forward be fully compliant with FCA. What needs to change is companies need to feel protected from FCA constantly moving the goal posts. FCA also need to find a way to regulate the CMC's. CMC's need some very tight legislation as they are the unscrupulous ones who are damaging the financial sector. Everyone pays more because of these cowboy no win no fee type businesses. FOS, FCA should replace CMC's and cut out the middle man.

Will it close as low as 5p if Judge says no?
Will it close at upto 50p if Judge says yes?
Will it be somewhere in the teens if we hear nothing? Less than 3 hours to find go. All the best for 40p would be a great close price.

They will keep hoovering up your cheap shares and no doubt they will have a buyer lined up. This will bounce into high teens later ahead of any announcement.

They will keep hoovering up your cheap shares and no doubt they will have a buyer lined up. This will bounce into high teens later ahead of any announcement.

Mark1973, you are correct as noted on the rns yesterday prior to court case starting. "Pending an announcement of the Court hearing's outcome, the Company will request the suspension be lifted." However the FCA by removing the suspension are they not then in a roundabout way saying they are allowing it to trade as shareholders are safe?

FCA if they feel we are going belly up should in reality retain the suspension. If they allow it to be removed are they not then saying all is fine??

Restoring a listing that is suspended ..................................................................................................... The FCA may restore the listing of any securities that have been suspended if
it considers that the smooth operation of the market is no longer
jeopardised or if the suspension is no longer required to protect investors.
The FCA may restore the listing even though the issuer does not request it.
Requests to restore ..................................................................................................... (1) An issuer that has the listing of any of its securities suspended may
request the FCA to have them restored.
(2) The request should be made sufficiently in advance of the time and
date the issuer wishes the securities to be restored.
(3) Requests received for when the market opens should allow sufficient
time for the FCA to deal with the request.
(4) The request may be an oral request. The FCA may require
documentary evidence that the events that lead to the suspension are
no longer current (for example, financial reports have been published
or an appropriate announcement has been made) to process the
request.
(5) Even if restoration is required urgently, it will normally take up to 30
minutes to be effected.
(6) The FCA will issue a dealing notice on a RIS announcing the
restoration.
Refusal of request to restore ..................................................................................................... The FCA will refuse a request to restore the listing of securities if it is not
satisfied of the matters set out in ¦ LR 5.4.2 R

They have requested to remove the suspension. There is a strong likely hood the suspension may not happen until Monday at the earliest.

FCA where looking for more from Amigo. My take is they wanted Amigo to do a cash raise to put more in the pot or they wanted bondholders to take a percentage hit. Example if they offered 100 million shares at 25p this could raise 25 million to go in the pot. Amigo however do not see any value in doing this at the moment due to there being no real business operating presently. Amigo could I guess offer to add X amount extra if the SOA is approved and they can start lending again etc. They may then do the cash raise to put an additional amount in the pot as well as extra for business purposes. Amigo felt they covered this by offering 15% of pretax profits for 4 years. This clearly is all about interpretation of whether the proposed scheme is fair and adequate. The judge will hopefully engage with Amigo to see if any adjustment can be be made to the SOA in the best interests of the creditors. More money initially or in the near future could sway this hugely. FCA I am sure would welcome something along those lines. The judge will ultimately make one of three decisions, 1.yes, 2.no, 3.yes with the following adjustments as agreed with Amigo. I can see a strong case for the third option but would clearly prefer number 1. I do not want number 2 under any circumstances.

JWD79 October RNS.

Asset Voluntary Requirement with the FCA



Amigo Holdings PLC (LSE: AMGO), the leading provider of guarantor loans in the UK, has entered into an Asset Voluntary Requirement ('Asset VReq') with the Financial Conduct Authority (the 'FCA'). The Asset VReq does not impact the day to day running of Amigo or its ability to continue to pay down debt. Amigo has a new Board in place and is in regular and productive dialogue with the FCA to restore confidence following the events of recent months.



The Asset VReq will mean that prior approval by the FCA will be required to permit the transfer of assets outside of the Group in certain circumstances, including discretionary cash payments to the Directors of the Company and dividends to Shareholders.



Amigo has adequate liquidity to continue to fund operations and support its customers. The Board continues to be focused on addressing Amigo's legacy issues, restoring confidence in its corporate governance and building a sustainable business for the long term.

JWD79, you clearly do not know all the details. Amigo is under a voluntary asset Vreq with FCA. FCA can block any assets being moved or any director bonuses etc. Please read back on the October RNS for further details. There will be no relaunch if the SOA is not approved as there will be no assets to move. The company will be wound down with bondholders getting first dibs on any money that they have or that can be raised. Amigo loans is a fully owned subsidiary of Amigo holdings. If Amigo loans sinks then so does Amigo holdings. The Asset Vreq protects the consumer from Amigo playing those sort of games. It is all or nothing on the SOA approval.

Insiderknowledge, the RNS did not lose you money. Your gamble lost you money. Your decision alone. Everyone is gambling when buying shares and that includes me. Why anyone would over extend in one share is beyond me. If you are going to gamble then ensure you can afford to lose it all and if not simply do not do it. This could be at 60p next Monday or at pretty much zero. It could well be like changing for many hence why they take the gamble and see it out.

Amigo have not mentioned the letter because it is not appropriate to do so. FOS are not against the SOA and ultimately voted for it but Amigo do not want to be seen as bragging about it. Amigo are acting totally professionally at every step to show they are the real deal in delivering on their promises going forward. As they say you play nice and we will also play nice. Amgo2 will be 100% squeaky clean following FCA guidance to the letter. FCA and the government need a company that will lend to those who the banks won't touch. There would have to be an horrendous skeleton in the closet for this to fail at the 11th hour. I still think talk of a takeover is a few years away. The business needs to grow and evolve first for others to want to take it on board. The big hitters will stay on the sidelines and watch their investments grow in the same way we will. All IMHO. Buying this business now is high risk. Buy it in 5 years time when hopefully it is turning in a healthy profit will cost more but it removes the vast majority of risk. They have built a decent stake at low cost but some I believe had these shares at over £2.50 mark so potentially still under water over all and they will want their money back plus some.

FCA changed its approach in 2018-2019. This was discussed with companies and Amigo ignored this. Hamish Patton did not do his job. FCA moved the goal posts to look after existing and former customers especially those that had been given top up loans. FCA information attached. For most borrowers, credit performs an important function, smoothing income and expenditure, which, if affordable, can be beneficial. However, unaffordable lending and borrowing can cause real harm to individuals and society. Vulnerable consumers are disproportionately affected, with some business models benefitting from consumers struggling to repay in full and on time.

We will continue to look at those areas where we believe there may be continuing harm such as in the volume of relending and firms’ affordability checks. Examples include our work on motor finance, guarantor loans and the Credit Information Market Study.

We are concerned that the business models of some retail lending products, including some subprime credit, are designed to benefit from consumers not repaying their debts in full and on time. We will carry out diagnostic work, including consumer research, to identify these business models and consider what action we may need to take. The above us why Amigo got into trouble. Gary wants to clean up this mess. FCA however must also take responsibility for its own poor management as they approved Amigo loans business model before it was floated. FCA created this mess along with Hamish Patton not adjusting Amigo loans business approach. This is why JB was so irate when he returned. FCA owe Amigo loans a huge sense of injustice as they moved the goal posts and hung them out to dry. It is time for them to repay the mess they created. Hamish Patton should be the target not Amigo loans.

Tiger, it will be the bond holders I would imagine. The bondholders get first dibs on the pound notes if the company goes belly up.

There is zero chance of a takeover anytime soon IMHO. There is no way the court would sign off on the SOA if there was serious talks of a takeover. Companies are likely buying up shares to have a strategic partner or see great longterm or short term value in Amigo. I imagine a company that has a SOA like this in place would be left to get on with things. Once the SOA expires then that would be a different story no doubt. I do not know how all the legalities work but I doubt Amigo would be seen as a takeover option with the SOA in place.

Please do not respond to the troll. If you are on this board then it would be assumed your interested in the share in a positive sense. If your not interested in a positive sense then no reason to be here. Trolls want a reaction if they don't get one they move on.

Imagine the desolation some are feeling today having sold in the 17p range yesterday and seeing it at the 27p range today. You should not be in shares if you are panic selling everytime some negativity is thrown in.

Let's be honest this share keeps the adrenaline flowing. It is not one for the weak hearted or mentally unbalanced. It is no doubt the greatest Share ride in history. Still a few episodes to go along the way and the dramatics keep on delivering day in day out. Beats Corrie, Emmerdale, Eastenders etc any day of the week.

This has not been mentioned. The scheme of arrangement was altered from the first proposal. This no doubt was influenced in the background from FCA.
First proposal was £15million pot plus upto an additional £20million plus 5% of pre tax profits for 3 years.
This was later updated to same cash values but 15% of pre tax profits for 4 years.

Why would the FCA not want this to work. FCA have already been influencing this SOA from the very beginning in my personal opinion.

Don't be mugged of your shares on the cheap.

The FCA are no doubt in the background making suggestions and discussing formalities with Amigo. FCA need to be seeing they are doing something hence the letter which no doubt was hand delivered over a table as it arrived on the day it was written. Dated 10th and arrived on the 10th. Perhaps Gary was having a chat and drink with someone from FCA and Gary confirmed vote result and the FCA buddy passed the letter over. Its called networking and business.

Look into the information on SOA if you don't believe me on the detail.