Amigo Share Discussion Threads

[ddbsba] 05/10/2020 11:08

Does any one think the math here just does not add up ? in the good X,s they seem to have far greater margins than industry standards or am i missing something ? I know this sector charges far greater % for it,s loans any fool gets that but when you compare them industry wide % seems to good even with all the shenanigans that have gone on .

[abcurtis] 05/10/2020 10:59

Reading between the lines is a bit like looking up your symptoms on google when your ill and self diagnosing the worse outcome

[diferent world] 05/10/2020 09:57

Good Morning.Hope you had a good weekend!:)

[samsung2020] 05/10/2020 09:09

Some interesting selling so far today, starting to think Glen has began selling...

[cyberbub] 05/10/2020 08:48

Soup, look at the AGM statement. Despite most loans being on hold, they still managed to pay back £29M of their debt!

[milanr] 05/10/2020 08:07

Cash is needed and will be used to restart lending, by the year end.

[soup de jour] 05/10/2020 08:04

I'm just trying to read between the lines of what the company have told us.

As per the last agm update, complaints are still sky high, I don't believe the company anticipated this, thus the provision is likely to be to small.

If you look on social media and look for what people are saying about amgo they're all saying the same thing - people are still claiming in droves, payouts are being delayed but still being paid out in the end (indicates staff can't keep up with work load), most worrying of all though, customers are being offered a discount on their loans if they settle now.

This is effectively the company writing down the loan book.

Why do this when they have £145m in the bank?

Is the company still desperate for cash, or are they just desperate to settle with certain customers who will likely win a claim?

Either way its desperate stuff and indicates things are worse than we're led to believe.

Another point being, why will the company not give us all the information on claims numbers?

This just adds further suspicion.

The bod could do the company a massive favour right now - go and buy a chunk of the company's bonds back.

This would save millions of pounds and makes so much sense in this environment.

But the bod are not doing this, why?

Can the company not afford to spend any of the £145m?

It just adds more suspicion to what the BoDs are thinking.

[diferent world] 04/10/2020 22:18

Ruff ruffMeooooow

[911999] 04/10/2020 22:02

Make sure no marks ! It would be insanely embarrassing ! Stop pulling it

[diferent world] 04/10/2020 21:16

Taru ma de fudi lundChuse maderchaud

[911999] 04/10/2020 20:20

Arrest warrants! about time !

[wulber] 04/10/2020 20:16

Leoneobull, the silver lining here is that when this chapter is all wrapped up part of the cash provision will got straight to the bottom line!Quite a nice bonus for shareholders in light of the share price turmoil over the last 6 months-and longer.

[911999] 04/10/2020 20:14

I worry you , are you mentally insane ? Sounds like be careful my friend, the board worry you gingers !

[kirk 6] 04/10/2020 18:53

Sutton Erection was buying in recently so he's obviously sold are looking to get in cheaper

[leoneobull] 04/10/2020 18:43

Thanks. I checked the same guys' posts on LSE. Previously he posted the complete opposite in early October...sutton erection indeed!!! "Thanks Jimmy, an excellent post. Simple calculation says the overall payout would be in the £80m area which is comfortably within the £116m provision. This explains why the company didn't increase the provisions from fy results to Q1 results, so there's still plenty of headroom left should complaints increase.HounddogMK2Posted in: AMGOPosts: 42Price: 9.86No OpinionRE: New FOS figures out today30 Sep 2020 14:04Jimmy from 266 to 1163 doesn't seem like a bank breaking amount. If claims upheld are say 60%, then that's not really all that bad in the grand scheme of things. Don't suppose you know what the average redress payout per claim is?"

[wulber] 04/10/2020 18:27

The guy on LSE is correct and Sutton is not.

[leoneobull] 04/10/2020 18:23

Sutton. Are you sure 8% per.year?What about this post from LSE? You can't both be right:"Loans that ended before 2018 are not forming part of this investigation and the loan book is unlikely to default that's what the revised performance triggers with RBC are all about. Until the December revision on that you can't say it is likely to default as we don't know what the triggers are going to be. 135m is deffo set aside plus we have 145m at the last count "unrestricted" cash that's 280m before any requirement to fundraise etc etc. Now given that the Everest research group put the whole guarantor sector max redress figure at 306m after the fca multi firm review I'd say we've got it covered".

[sutton erection] 04/10/2020 18:14

Claims can go back as far as 6 years and the 8% interest charge is per every year since to loan was taken out.

The company's £145m means nothing, they've simply taken that value away from the loan book, it's not even amgo's money, it's the bank's money.

They HAVE to start lending ASAP or the loan book could very well default (probably inevitable anyway), even if the macro factors are not in the company's best interests, they HAVE to start lending soon, it's desperate stuff.

Take into account the company is writing customers's debts off to raise cash at a fraction of its original value, would indicate the company is in a much worse position than its letting on.

Thus why they don't release any numbers on complaints.

There's a seriously real chance amgo will be bust in 6/12 months time.

[sbb1x] 04/10/2020 17:20

JB is no mug at some point i can see him buying back some stock. Everyman and his dog knows this will go back to cash levels at some point. Im expecting bod to do a share buy back in October or November because cash per share is 30!

[samsung2020] 04/10/2020 13:47

Good points... Half yr results out 26th November

[wrestlingmad] 04/10/2020 13:36

Think the base line 10p now is our springboard and can see a steady climb back to 20p in terms of a stabilisation in proceedings.

JB may even make a bid, who knows, but things back on track IMHO with good progress with the FCA and a cash balance at £145mn that should be rising circa £5mn pm since last update, plus lending hopefully resuming next month.

[samsung2020] 04/10/2020 11:01

Agreed Brocks, to normal folks earning 50k per annum this sounds alot, to folks who are millionaires this amount of spend is nothing major. From what I understand Gary net worth is about 75m, I'm sure 50 k spend isn't goin to break the bank esp as he know the price of amgo today is super low and he will look the hero trying to get it back up, and making personal profits too.