Amigo Holdings PLC (lon:amgo)
Amigo – Does BrightHouse’s Closure Also Spell The End Of Amigo?

Amigo Holdings PLC Financials

ItemCurrent PeriodPrevious Period
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Period12 Months12 Months
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Commentary History
Date Title
  Show All
Wed 03 Mar 2021Amigo – Odd Price Rise.
Thu 28 Jan 2021Amigo – Management Up The Stakes?
Tue 22 Dec 2020Amigo – Looks Like The Management Have A Plan
Thu 26 Nov 2020Amigo - The News Is No News
Thu 12 Nov 2020Amigo – New Directors And An Important Lesson For Me
Wed 14 Oct 2020Amigo – Will Gary Jennison Push Back?
Wed 30 Sep 2020Amigo – The Board 3 – 1 Richmond Group, No JB Onto To Board
Thu 24 Sep 2020Amigo –The Board Must Be Worryingly Close To Misleading Shareholders
Mon 14 Sep 2020AMGO – JB Still Seems To See Himself As The Good Guy
Fri 28 Aug 2020Amigo – The Board 2 – 1 Richmond Group (Their Strategy Becomes Clear)
Mon 24 Aug 2020AMIGO – Another Comment From James Benamor
Wed 19 Aug 2020Amigo – Is It About To Double, 10p To 20p?
Tue 21 Jul 2020Amigo – Annual Report, Smug And Insulting?
Thu 09 Jul 2020AMGO - Reappointment Of Glen Crawford
Fri 03 Jul 2020Amigo – Now Seen As Genuine Public Company?
Mon 29 Jun 2020Amigo – Richmond Are Carrying Out Their Sales Threat.
Wed 17 Jun 2020Amigo – The Board 2 – 0 Richmond Group
Fri 05 Jun 2020Amigo - The Board 1 – 0 Richmond Group
Thu 21 May 2020Amigo – EGM Notification Was Really Disappointing
Fri 01 May 2020Amigo – Replace The Board EGM
Tue 31 Mar 2020Amigo – Does BrightHouse’s Closure Also Spell The End Of Amigo?
Wed 29 Jan 2020Amigo Loans – Is It An Example Of Looking Fair Better On The Outside?
Tue 10 Sep 2019Amigo Loans – I Am Sure That Everyone Else Is Wrong!
Amigo Holdings PLC Share Price
Grade:The Pink Grade - A Pure Slightly Informed Gamble, The Market Doesn't Like The Company But I Think That I Understand Why.
Title: Amigo – Does BrightHouse’s Closure Also Spell The End Of Amigo?
Company: AMGO - Amigo Holdings PLC
Share Price Then: 14.8p
Author: Ian Smith
Date: Tue 31 Mar 2020
Comments: Amigo has recently said they are suspending new loans to all but key workers. Taken at face value this sort of makes sense as making credit worthiness predictions has to be difficult if you have no idea about the effects of the government’s COVID-19 measures.

But does it indicate anything else?

Recently there has been a big spat between the founder James Benamor and the board, the basis of this seem to be that the board has set in place a policy to make loans that Amigo knows are unaffordable and does not care, simply using the business to get money while the “going is good”.

Of course the board denies this.

It is possible to see this no new lending as the start of winding the business down either to nothing or to a loan book of known good and bad loans to be sold.

The confusing bit for me is that Benamor is still believed to own 61% of Amigo’s shares, so he stands to lose a lot.

Brighthouse, the store that sell goods at very high interest rates has just gone into administration and many of the payday lenders have gone as well. Although Amigo’s model is different they all share the same very high cost of borrowing and a regulator who seems to be starting to side with the borrowers.

At 15p it seems pretty clear that nobody is sweeping up any dirt cheap shares on offer prior to making an offer for the business.

The only saving grace that Amigo has is that it has the ability to file with credit reference agencies non payment records against the guarantor if they are required to make payments and don’t.
Read Count/ID: 750/10119

Buy/No Buy In A Nutshell
NegativesA combination of making risky loans and an unwillingness to tell complainants and regulators that the borrower and guarantor has the majority of the responsibility as they asked for and accepted the loan. Claims companies have joined tge bandwagon.
PositivesNew management could get much more aggressive with people complaining that they asked for and were given loans but they can't afford them.
Initial Review Price7p
Last Review Price9.3p
Last Review Date20-Nov-2020
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