RE: We have a Line drawn in the sand now28 May 2020 23:15
JB on Twitter, the last para is the best he basically puts a 500m mcap value here.....£1 per share. That will do me nicely:))
————————JB tweet—————
If, like me, you’re unlucky enough to be a shareholder of Amigo, you’ll know that the board has finally released a statement and, at the latest possible date, called the board meeting for shareholders to vote on their dismissal and replacement. In their statement, they listed a number of reasons that shareholders should vote against their removal.
The board state that there is no need to remove them; we disagree. This board has managed the company in a negligent and haphazard way, but has been reliable and constant in their willingness to do or say absolutely anything to cling on to control of the company for as long as possible, at any cost to customers and shareholders.
Our best guess on their motivation is that they know that the proper unencumbered investigation which will take place after their removal will yield evidence incriminating them all, and lead to significant financial and regulatory action against them as individuals. Their primary motivation is to control the transition and hire a board that is friendly to them.
In the last few weeks that they still have control of the Amigo bank account, they will no doubt continue to spend hundreds of thousands of pounds of shareholders’ money to try to personally protect themselves. Expect there to be no expense spared on offensive, as well as defensive, legal action.
The board claim that shareholders appointing their replacements give RG, as shareholder, too much control. They neglect to mention that I personally appointed each of the current Independents. If they genuinely believed that an Independent appointed by a shareholder is unsuitable, then they should be happily voting for themselves to leave.
It’s also interesting that ‘keeping the board independent of shareholders’ is such a concern for a board which, together with their appointed ‘consultant’ Glen Crawford, are the third largest shareholder group. This is not a board with independent oversight; this is a significant minority shareholder consortium running a listed company for their own personal ends, at the expense of customers and other shareholders.
On the suitability of the proposed individuals, the board have chosen their words very carefully. Sam Wells has not previously been CEO of an FCA regulated, listed company precisely because he has spent most of his career as director and CEO of Amigo. His time away from Amigo was spent founding and running the world’s second largest guarantor lender, regulated by the PFSA in Poland, where it operates. They will remember that they themselves hired him as COO of Amigo, an SMF Role, in January and that he was the only executive who took action to bring lending and complaints polices into line with each other, an achievement which got him dismissed by them.
Sign In
Follow the stocks
