Amigo Share Discussion Threads

[the canadian mounted] 04/11/2020 10:10

Yes time to switch off,I know the derampers on here done that months ago.
Lights are on but nobody in 😆

[sbb1x] 04/11/2020 09:59

All eyes on the November update

[jibba jabber] 04/11/2020 09:53

Gonna switch off until new year now, i won't be able to but that's the plan at least.

[brocksford] 04/11/2020 09:49

Mountie, I know that you are now filtered....

[samsung2020] 04/11/2020 09:48

Maybe price will rally how's this may have been holding it down a tad

[sbb1x] 04/11/2020 09:46

A tired Private investor is my bet.

[samsung2020] 04/11/2020 09:36

Just saw that...blimey, Glenn?

[sbb1x] 04/11/2020 09:34

4m a sell ?

[zxie] 04/11/2020 09:15

20% again?

[sbb1x] 04/11/2020 09:07

Be interesting to see whats the loan book is valued at in the November update

[the canadian mounted] 04/11/2020 09:05

All a bunch of ignorant twits ,sad little girls wristing one off in front of a monitor screen

[brocksford] 04/11/2020 09:02

So 25527 complaints have been dealt with, requiring provisions of over £200m.

With an average customer base of circa £200k customers they have maybe dealt with 10% of customers....what happens if the other 90% are persuaded by the claims companies to put in a claim?

[the canadian mounted] 04/11/2020 09:00

😆😆😆 justtrying,try harder you gimp

[cosh285] 04/11/2020 08:52

Down and out. This company is finished. That's all folks.

[samsung2020] 04/11/2020 07:59

Morning folks, looking like a Trump win so markets will rally back.Just came across decent read posted on LSE board by MurphyTales, I've copy pasted here for you review. It's a long post but some decent sense :Hi everyone, just been thinking about the situation and thought I'd share to get your take on things and see if it makes sense, so please feel free to chime in!So provision-wise, obviously claims are a lot more than the market and I were expecting (I was clearly wrong in thinking Amigo were being relatively prudent with their provision, but could only make a judgement based on what I knew before). I thought it was originally prudent given in Q1, only £8.5m of the provision was utilised. Annoyingly big jump to £47m in Q2 (60% in cash which is around £28m).Running through some of the numbers in my mind here... Provision at June was £116.4m, £47m in redress in Q2 should bring provision down to £69m. However they are saying "actually complaints are going to cost us at least £85m more than we thought before" (this increase in provision will flow through the P&L and is the charge they mention). This will bring us to about a £154m provision at Q2 end remaining for the second half of the year.So me being more prudent than what the RNS says, I would say maybe they will opt for somewhere between £150-170m of provision remaining as of Q2 end. This means that in H2 2021 (1st Oct to 31 Mar), let's say that £170m "worst case" will be required to be paid out in redress, so £85m per quarter. This is £38m more per quarter than Q2 (£47m). In FOUR months we only had £5m less cash, I would say this time we will probably lose £25-30m of cash per quarter because of the higher complaints. So I think a reasonable worst case would leave us in March 2021 with £80-90m of cash remaining, and in a position where we should've already started lending. I'm quite happy with this position - it's based on a downside case, gives us headroom for any (further) bad surprises (complaints and/or FCA), and doesn't take into account any positives from restarting lending.I know we have some other potential problems to sort out, namely the securitisation facility and bond refinancing, but for me these are not as immediate issues as the complaints problem. They kind of go hand in hand, but I think once complaints are managed appropriately, the debt will take care of itself because the business will be in a finance-able position.The main positive for me that I mentioned before, is that after servicing debt (amortisation and interest), and of course all the other operational aspects of the business - over the last four months our cash balance only went down by £5m (from £145m in June to £140m in October), so this isn't a problem at all in my view. AND btw just so we are all aware, this would include the redress paid in Q2 which was larger than expected AND one extra month (October).Anyway, those are my two cents for what it's worth, would love to hear your thoughts on the above!

[stabilo123] 04/11/2020 07:58

We have next quarter results to look forward to.
Oh yes big fat loss. CEO says provision may have been over done. Think he hit it hard to look like a turnaround specialist! But that will be into next year. In meantime poor results.
Provision hit is 3 years of profits ffs

[leoneobull] 04/11/2020 07:25

Jubba, not gloating over at HUR now AMGO is a similar sp???

[jibba jabber] 04/11/2020 07:20

Don't forget Glen Crawford bought shed loads at 30p