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Commentary History
Commentary On Amigo Holdings PLC
Title: Amigo – The Board 2 – 0 Richmond Group
Company: AMGO - Amigo Holdings PLC
Share Price Then: 12p
Author: Ian Smith
Date: Wed 17 Jun 2020
Comments: The Amigo board have seen off the challenge with roughly 91% voting against the Richmond group motions to remove and replace the board.

The Richmond Group said that if this happened it would put its shares on the open market over the next three months, so will they?

If this does happen then someone who was interested in the company is going to be quite happy to buy them at a price that is even lower the 20p per share offer recently rejected.

Looking at it now the market cap is around £60m.

So does this mean that the small shareholders will have 3 months of a depressed share price and then nothing, or a new owner or group of owners and the option to stay and see what happens?

Clearly if the board was willing to sell at 20p then there must be issues that were not well disclosed, but if a new board has the confidence of a new owner then there might still be value.

Especially if the new management adopts the attitude of look both the borrower and guarantor looked at the agreement and signed it, you can’t blame us to the extent that even the amount borrowed doesn’t have to be repaid.

Towards the end of today around about 10 million shares have been traded against an average of 1.5 million, so it may be retail panic or it may be Richmond getting out.
Read Count: 106

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