Amigo Holdings PLC (lon:amgo)
Amigo – The Board 3 – 1 Richmond Group, No JB Onto To Board

Amigo Holdings PLC Financials

ItemCurrent PeriodPrevious Period
Year20192018
Period12 Months12 Months
Revenue£294m£270m
Earnings
Adjusted Earnings
EBITDA
Adjusted EBITDA
Statutory Profit(£27m)£89m
Adjusted Profit
Total Debt
Net Debt

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 – The Board 3 – 1 Richmond Group, No JB Onto To Board
Company: AMGO - Amigo Holdings PLC
Share Price Then: 10.07p
Author: Ian Smith
Date: Wed 30 Sep 2020
Comments: It seems that whilst many did support JB the results were roughly 58%/42% in the board’s favour despite the easy money potentially on offer to those who bought the Richmond Group shares with the promise of a buy back if JB became CEO.

It also seems that only around 30% of shares were voted which is odd, so what does this all mean for the future?

Does the Richmond Group start buying shares on the open market whilst at the same time apply for the necessary approval to acquire a controlling interest and have yet another vote in a few months’ time?

Even if they do the core issue of did the company make bad loans which seems to be a concept that JB struggles with or has the current board been overly compliant in accepting the blame remains.

JB has been posting a lot recently about how the FOS/FCA have been too much on the side of the borrower and guarantor, a position that I have fair degree of sympathy with, but that doesn’t make the problem go away.

However JB did the company no favours in a recent online rant when he seemed to say that guarantors stepping in make the occasional monthly payments is fine and to be expected.

This does suggest that some loans were made under the principle that the company didn’t mind if the loan would occasionally be a problem for the borrower as the guarantor will step in.

There are a number of web sites encouraging “it’s the lenders fault for lending, not mine for asking” attitude but there has to be a limit to this argument especially if the borrower admits to overstating income or understating expenses and blames Amigo for not detecting this.

With Richmond Group's large share holding gone, the company is surely ripe for a takeover offer, the current market cap is less than £50m, a tenth of a languishing Provident.

How many would now take the much derided 20p and remember that most of the complaints don’t dispute the obligation to repay the amount borrowed?
Read Count/ID: 489/14185

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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