Morses Club Share Discussion Threads

[smithie6] 24/3/2021 14:29

the Schemes of Arrangement , Amigo & PFG

Seems strange, or wrong, to me that a co. putting forward a scheme can decide what terms to offer.
Whether they offer 10%, 20%, 50% of legally reqd. compensation seems to be left up to the company.

[ultimatewarrior] 24/3/2021 12:37

usually starts as america opens at 2

[bostik17] 24/3/2021 12:36

Anyway on a much lighter note the share price has ticked up this morning ready for the afternoon fallback!

[bostik17] 24/3/2021 12:29

I wonder if the conversation will go along the lines of, you have done all this bad lending and don’t want to compensate your customers for doing so. Whilst doing so you want to start lending again elsewhere and if you pull this off the directors cream it on the share options they have. I think these schemes usually need 75% of customers by value to agree to them which sounds like turkeys voting for Christmas either way. From Amigo’s perspective must feel like heads We win tails you lose and we can have another crack at it

[smithie6] 24/3/2021 12:21

if you want to buy some Amigo

its ticker is AMGO

not for me

[bostik17] 24/3/2021 12:21

Think the hearing for the Amigo scheme is next week. PFG has theirs 21st April. We just need some bad news from MCL as the current share price has that already factored and then it can start rising again as these shares seem to be doing

[ultimatewarrior] 24/3/2021 11:55

Amigo now worth more more than Morses on a market cap basis

[bostik17] 24/3/2021 08:32

Indeed although I’d be more interested if they used that to buy something digital

[smithie6] 24/3/2021 08:18

...& note that MCL has a lot of unused headroom
so it could buy parts of loan books from Amigo/PFG if their schemes of arrangement dont go in to application & they have to sell off their business

[bostik17] 24/3/2021 08:17

Yes, they wouldn’t want the bad loans - let the administrators process those and make their coin! But you would have thought there are good loans to collect out

[smithie6] 24/3/2021 08:10

if Amigo & PFG go in to administration if their schemes don't get voted thru

then surely it would be good for MCL, less competition.

& I assume that the loan book would be put out for sale, so maybe MCL could increase its loan book at a cheap price. (the FCA would probably only allow sector companies to buy any chunks of the loan books of Amigo & PFG if they go in to administration)

[smithie6] 24/3/2021 08:06

...it was interesting to see that the FCA will present at the court hearing

also interesting to see that 700,000 past clients are also taking part in the vote....giving a total of 1 million people being able to vote.

[bostik17] 24/3/2021 07:43

Update on Amigo is that the FCA don’t support their scheme and whilst they won’t step in now have reserved their position. Will seemingly allow it to go to court where I think it needs a high 75%? Of customers to vote for it so perhaps they hope it fails there rather than the FCA being seen to cause it to fail

[ultimatewarrior] 24/3/2021 07:09

FCA not standing in Amigos way with scheme of arrangement - v positive for them

[smithie6] 23/3/2021 19:35

note that the % for repayments in Q3 & Q4 was almost identical to 2019

& that the amount of lending was reduced since the company was prudent because of the Covid crisis, & selecting the better applications

so, imo it's all good.
(while yes, for the future profits to grow the lending needs to increase & that needs the economy to open up again, & for that we have to wait a bit. Not many weeks to go now.
(& if instead we can't beat/control Covid & civilisation ends then buy pasta, toilet paper, orange juice, tinned protein, a shotgun & a Rottweiler ! je je)

[bostik17] 23/3/2021 17:15

Their results come out mid May I think. As per note below if complaints are an issue they have to say something. If they have not materially changed then they won’t say anything - they don’t have to. I would then expect it to be covered in the year end update. As the saying goes - no news is good news other than we know the CMCs are active!

[ultimatewarrior] 23/3/2021 16:52

For context, the number of complaints to the Financial Ombudsman Service (FOS) across the home credit market increased by c.200% in H2'20 vs. H1'20

The comment from the provident results that did the damage.

[ultimatewarrior] 23/3/2021 16:30

red finish - two odd trades through, will finish either 52p or a ut at 51p

[its the oxman] 23/3/2021 15:28

Would of thought Morses might of issued a statement by now to reassure the market. Seems strange to make no response and leave everyone guessing about any implications.

[sphere25] 23/3/2021 15:27

Price currently 53p +1.7% on the day.

Just going to re-post the position from back in early Feb (posted shortly after saying that a few were taken) below this post because it is back to the same playbook. Nobody was interested back then but they were buying like crazy up toward that 75p peak!

Didn't catch the top or get anywhere near - too embarrased to say where I sold. Hey it was a profitable trade ok. Leave me alone! ;-)

Anywho, seen as MCL got sold on the back of PFG and there is some form of recovery in PFG (with a bounce from the mid 180's to 216p currently +7.6% on the day), it does make you wonder whether MCL (though apparently less susceptible to claims but clearly still susceptible because when the bandwagon rolls through town...well it rolls through town) might follow suit soon.

So as per the post below, it is all about watching that key 50p support level. We have some decent demand sat at price points from 50p up to 51.2p at the moment. Ideally, want to see the chart flatten out more and form a base with that 50p support level holding before having another go.

Noted a seller in size at 55p. A break above there would be bullish but it's just a watch at the moment.

I don't know how these posts get this long, but seen as I have been told off for posting too long, better be careful.

My bad! :-)

All imo
DYOR





-------------------------------------------------------------------------------
Sphere25
2 Feb '21 - 12:39 - 769 of 1069 Edit
0 0 0
It looks well bid this with 10k@50.2p, 100k @51p (don't often see that size on this share) and a few orders ahead of that at 51.2p.

Could be a sign that the price has found a floor at these levels. The technicals are playing out here with the price now bouncing off support levels which acted as previous strong resistance so alot of the moves are chart based here.

Purely a technical play this one, it's been really good for short term trades. Just been watching for a while but today's book looked interesting and worth a mention.

Noted that sellers come in slightly above that resistance of 60p so IF at some point it breached and closed above that, the chart would look very interesting - another possible trade above there.

There has been caution in the updates here recently but the market appears to be looking through that and with some decent director buying, perhaps some form of signal for long termers?

As per previous posts, abit too risky to hold for me. It's just a nice one to nip in and out.

All imo
DYOR

[ultimatewarrior] 23/3/2021 14:38

its also being manipulated by the bot

the bot trades are taking it down and up

why im not sure

[bostik17] 23/3/2021 14:36

Might suggest they come out with some bad news, even if there isn’t any, and then they can see the share price rising alongside the lame ducks

[ultimatewarrior] 23/3/2021 14:11

Wheras provident continues to motor, as does the rest of the sector

Looks morses specific

[ultimatewarrior] 23/3/2021 14:10

Looks likely to end day red now

Sigh old adage PIs cant hold water

[smithie6] 23/3/2021 13:23

looks like the traded price is now

54.2p to sell
&
55.0p to buy