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Oops posted the wrong quote:
"The directors should also be considering the possibility of a restructuring or recapitalisation under which the
Scheme Creditors would become entitled to a share of the equity in the Group in
recompense for agreeing to write down their debt. "
SP will rise from sentiment...could be 40-50p+ if this was part of the restructure.
Holders can sell if they want and at this point when SP is at 50p-ish, a debt equity swap can be introduced for say 50% discount = 20-25p. Still up from now but of course a haircut/dilution for those who buy in at 25p+.
Would align all goals if Amigo buys from a set pot, from the main market just for creditors. As SP goes up, creditors and shareholders will all benefit.
"We expect there to be around five committee meetings over the period of a month, likely to
last around an hour each time - although please note, details of timings will be confirmed in
due course."
https://www.amigoscheme.co.uk/docs/SchemeCustomerCommittee.pdf
Interested in becoming a voice for Amigo’s customers?
This inbox is not monitored, please do not reply. We are experiencing very high call
volumes and please ask you not to call or email us if you have a question regarding
this email. You can find all relevant information about the Amigo Customer
Committee, and general information on our dedicated Scheme website, here.
Hello,
Would you like to help shape how Amigo customers could be compensated?
Our first Scheme of Arrangement was not sanctioned by the High Court. The Judge asked
us to increase customer involvement in deciding how a potential new scheme could work
and defining what options are most attractive. As a direct response to this feedback, we are
putting together an independent Customer Committee.
What is a Customer Committee?
We will select 8 people at random to form a collaborative 'voice' of our customers. The
selected individuals will provide a representative customer opinion on Amigo’s potential
options; including the possibility of a new scheme.
A new scheme would define how (and when) we pay customers any valid compensation for
loans which were mis-sold, for example due to affordability reasons. We would like your
voice to be heard as there are alternative options, which include not doing a new scheme
and Amigo filing for insolvency.
We would like to have a mix of customers; past and present borrowers and guarantors, to be
a part of the committee. The Financial Ombudsman will also be invited to attend, as the
largest creditor of Amigo.
What will it involve?
Group meetings will be held virtually over zoom (or similar) where an independent advisor
will provide a detailed overview and any relevant information on Amigo’s options. This will
include the possible outcomes of the options, primarily focusing on the outcome for our
customers, but also for other stakeholders. As a committee member, your responsibility will
be to give thoughts and opinions on the information that you are given. You and other
members will discuss and provide feedback.
We expect there to be around five committee meetings over the period of a month, likely to
last around an hour each time - although please note, details of timings will be confirmed in
due course.
Interested? Find out below how to register.
If you would like to be involved in the Customer Committee, you will need to register your
interest before 5pm on the 27th July 2021. Click here to register.
Everyone who registers their interest will be put into a ballot and selected at random. If you
are selected, we will contact you to let you know.
Thanks in advance,
Gary Jennison
Chief Executive - Amigo Loans
This inbox is not monitored, please do not reply. We are experiencing very high call
volumes and please ask you
Franky - yes, agreed but there are two potential points of return here.
1. The inevitable rise in SP when SOA is approved.
2. The sustained rise in SP once the hype has settled and a new bull trend starts.
I'm guessing here but:
1. Could be 30-50p+
2. £1+
Amigo are now creating a customer Committee as advised by the courts to aid in the SOA 2.0
Yes, a lot of SOA have failed from other companies in recent but Amigo is the only one genuinely listening to feedback and making changes to their approach and that is why their SOA 2 WILL pass.
They’re not using it as a free get of jail card but actually building and paving the way on how to structure and create a scheme that will not be objected by FCA/courts whilst continuing to trade afterwards.
https://www.amigoscheme.co.uk/
Depends what time frame you are trading. A swing trade daily moving average confirmation has more slack than a day trade moving average. Ie if you’re investing for say 6-12mths, hourly moving averages don’t matter as much - it’s noise.
When volume increases on News, Sp will be back at the highs. Just noise at the moment with good top-up price :)
# Trades 71
Vol. Sold 323,560
Sold Value £29.10k
Vol. Bought 757,408
Bought Value £68.13k
A new SOA will not take as long as mentioned on the q&a section of the Amigo Scheme site. There’s no reason Amigo can’t get the SOA done BEFORE the waiver.
Share dilution - rather than a dilution, perhaps Amigo are looking at a Creditors Share Pot using additional redress funds? As SP rises creditors benefit but only if the company performs well and sell at an agreed price over an agreed time. Yes, the amount is unknown but it aligns creditors to company goals…
Will be interesting see terms of the new agreement. Either way, Gary bought in and is a shareholder too.
- - Amigo Scheme Website - -
“ How long could a new Scheme take?
We are currently considering our options. There is a possibility that a new Scheme may be processed faster, meaning it would not take as long to manage this time. Due to a Scheme being a legal process that has to be passed by the Court, Amigo will abide by the duration terms set out by the Court.”
https://www.amigoscheme.co.uk/faqs
And obtaining more voting rights. They have not sold following court judgment yet PIs are selling at the lows…follow the money not the fear.
https://www.asktraders.com/analysis/amigo-holdings-shares-unmoved-on-j-p-morgans-minor-changes-in-shareholding/
Prolee - Again, a pointless comment.
He thinks SP will at least get to 17p by his own admission but trash-talking Vinson and balls of steel holders who all bought way before 17p.
At 17p I would have made 103.4K so good thing I’m not listening to your de-ramping eh? Feel sorry for anyone getting sucked in to your games and selling on the lows currently.
ProLee - don’t talk nonsense about “steels now Jelly”. Have you seen his home in Lake Constance? I’m not a multi-millionaire but in this for six-figures+ and can tell you still accumulating.
Perhaps if you weren’t deramping on BBs all the time you’d get as successful as to having people wondering what you’re doing. But you’re not so no one cares - just pointless dribble day in and out. Horrible existence to be spreading a constant negative slant to situations…