The new CEO of Amigo has penned a letter to Amigo shareholders in which he has vowed to make Amigo great again as he looks to unite shareholders of all sizes.
In the open letter, Gerry Jennison acknowledges that many investors have lost money from being an Amigo shareholder but noted:
“My job is to make sure that we engage with all types of shareholders, whatever your size of holding. I want to get involved and listen to what you have to say. I am here because I am motivated by achieving results. I want to turn this business around and get it back on track.”
As he emphasised the relevance of the Amigo value proposition in allowing people to ‘buy a second had car to get to work’ or a ‘deposit to rent a home’, importantly he noted that many of the claims they are working through are not genuine:
“I have seen a lot of evidence that we do things properly. We ask a lot of questions to really understand our customer’s outgoings and income. Where a customer has a valid complaint and we have done something wrong, we are going to do the right thing for the customer and put it right. There are undoubtably cases where we have done the wrong thing, but a significant number of the claims that we are getting are not genuine claims.”
The share price of Amigo is currently trading at 11p with an 8 percent gain following the letter.