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The FCA just does not get it: a £72.9m fine that is nothing of the sort for Amigo

The FCA has today published its final report into the wrongdoings at loan shark Amigo (AMGO) and it is damning but, other than a public censure, there is nothing it is going to do about it.

NEWSFLOW

Amigo (#AMGO) – notes conclusion of FCA enforcement action, ‘seeking to secure the capital required for the future’

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Amigo looks more friendless by the day, more bad news!

Oh dear, oh dear. Loan shark Amigo (AMGO) says that its restarting of lending is going well. Fab. The only problem is the balance sheet and on that we have more bad news today.

NEWSFLOW

Amigo (#AMGO) – capital raise support currently below the required £45m, “discussions are therefore ongoing”!

NEWSFLOW

Amigo (#AMGO) – AGM update, expects to propose an approx. £40m capital raise and a debt raising

NEWSFLOW

Amigo (#AMGO) – appointment of MHA MacIntyre Hudson as auditor after KPMG didn’t participate in tender due to “recent changes to the size and nature”

NEWSFLOW

Amigo (#AMGO) – Q1 results, continuing to engage with FCA ahead of a proposed capital raise

NEWSFLOW

Amigo (#AMGO) – appointments of Peel Hunt as financial adviser and broker and Ashcombe Advisers as a financial adviser

NEWSFLOW

Amigo (#AMGO) – initial details of a proposed “new lending proposition”

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Amigo shares back and spiked: still a monster short

Yesterday, Amigo (AMGO) announced that the High Court had approved its revised business scheme. Since the FCA had withdrawn its opposition, that was no surprise at all. Seeing the shares fly to 9p was also no great shock, given the utterly insane ramping by Bulletin Board Morons. But the shares are now back at 7.5p, and are a fabulous short.