REG - Amigo Holdings PLC - AGM Statement

Amigo HoldingsAnnouncement

27/09/2023 07:00

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RNS Number : 7408N  Amigo Holdings PLC  27 September 2023

27 September 2023

Amigo Holdings PLC

("Amigo" or the "Company")

 

Annual General Meeting Statement

Amigo Holdings PLC (LSE: AMGO), a provider of mid-cost credit in the UK that
is currently in an orderly solvent wind down will hold its Annual General
Meeting ("AGM") today. At the meeting the following statement will be made:

"The situation facing the Company remains challenging for all stakeholders.
The Company continues to progress the orderly wind down of the business,
ensuring we are able to maximise payments to redress creditors, under the
Scheme of Arrangement approved in May 2022 (the "Scheme"), whilst continuing
to provide the best level of service possible to our customers and support for
our staff.

The Company is solvent as a result of the arrangements put in place following
the sanction of the Scheme and by virtue of the fact that it is supported by
its subsidiary, Amigo Loans Ltd. Amigo Loans Ltd is required under the Scheme
to liquidate once it has returned all net assets to its creditors. After the
liquidation of Amigo Loans Ltd, Amigo Holdings Plc, the ultimate parent
company, will be insolvent as it has no resources of its own. We anticipate
this will happen in the next few months. Under the applicable rules the
listing of Amigo Holdings PLC on the London Stock Exchange would be
automatically cancelled upon the appointment of a liquidator to Amigo Holdings
PLC.

Since the Group started to wind-down the Company has been open to any
expression of interest from third parties in all or any assets of the
business. The Company continues to be open to viable expressions of interest
in all parts of the business. However, in this context, should there not
emerge, very soon, a viable alternative solution, the Company will need to
hold a separate General Meeting, in which shareholder approval will be sought
to delist the Company from the London Stock Exchange and to enter the Company
into a Members Voluntary Liquidation. In such a situation there will be no
value remaining for to shareholders."

Access to the Annual General Meeting

Amigo Holdings PLC will be holding the Company's Annual General Meeting today
at the Bournemouth Highcliff Marriott Hotel, 105 St Michael's Road,
Bournemouth BH2 5DU at 13.30. A live webcast will also be available via Zoom
using:

Join Zoom Meeting
https://us02web.zoom.us/j/86485387012?pwd=ZGM1YUFGclJoY3Ftc0h2Y0RlVXVzQT09
(https://us02web.zoom.us/j/86485387012?pwd=ZGM1YUFGclJoY3Ftc0h2Y0RlVXVzQT09)

 

Meeting ID:        864 8538 7012

Passcode:            533423

 

The person responsible for this announcement is Roger Bennett, Company
Secretary.

ENDS

 

Enquiries

 Company
 Amigo Holdings PLC
 Roger Bennett              Company Secretary

 Media enquiries            Amigoloans@lansons.com
 Ed Hooper                  07783 387713

 Louis Wilson                07950 970366

About Amigo Loans

Amigo is a public limited company registered in England and Wales with
registered number 10024479. The Amigo Shares are listed on the Official List
of the London Stock Exchange. On 23 March 2023 Amigo announced that it has
ceased offering new loans, with immediate effect, and would start the orderly
solvent wind-down of the business. Amigo provided guarantor loans in the UK
from 2005 to 2020 and unsecured loans under the RewardRate brand from October
2022, offering access to mid‐cost credit to those who are unable to borrow
from traditional lenders due to their credit histories. Amigo's back book of
loans is in the process of being run off with all net proceeds due to
creditors under a Court approved Scheme of Arrangement. Amigo Loans Ltd and
Amigo Management Services Ltd are authorised and regulated in the UK by the
Financial Conduct Authority.

Additional Information

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation, or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell, or otherwise dispose of, any securities, or the
solicitation of any vote or approval in any jurisdiction, pursuant to this
announcement or otherwise.

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