REG - Amigo Holdings PLC - Appointment of James McColl as a Non-Exec Director

Amigo HoldingsAnnouncement

30/08/2024 13:00

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RNS Number : 3678C  Amigo Holdings PLC  30 August 2024

Amigo Holdings PLC

("Amigo" or the "Company")

 

Appointment of James ("Jim") McColl as a Non-Executive Director

 

Amigo Holdings PLC (LSE: AMGO), a provider of mid-cost credit in the UK that
is currently in an orderly solvent wind-down, announces that Jim McColl will
join the Board as a Non-Executive Director. Jim's appointment as a
Non-Executive Director is expected to be effective from Sunday 1 September
2024.

On 28 March 2024, Amigo Holdings PLC announced that it had appointed Jim as
a Board Consultant to assist the Board in identifying potential strategic
opportunities for Amigo to continue as a listed company by way of a reverse
takeover ("RTO"). The work on identifying potential RTO candidates continues
to make meaningful progress, which would deliver some value to shareholders
that would otherwise not be possible.  However, there can be no certainty
that a reverse takeover will take place. As indicated in the March 2024
announcement, we are pleased to announce that Jim will now be joining the
Amigo Board, effective from 1 September 2024.

Jim McColl brings nearly 30 years' experience of creating investor value by
building businesses. Further background information on Jim McColl is set out
in the Appendix below.

 

Jim McColl is currently:

·   Chairman of Clyde Blowers

·   Founder & Non-Executive Director of Alba Bank

·   Chairman of Adam Smith Business School Strategic Advisory Board

·   Member of the Glasgow Economic Leadership Group

·   Member of the Scottish Energy Advisory Board

·   Member of the Scottish Apprenticeship Advisory Board

 

Jonathan Roe, Chair said: "Since March, Jim has been a Board consultant
assisting the Board in identifying potential strategic opportunities for Amigo
to continue as a listed company by way of a reverse takeover. We are delighted
that Jim has agreed to join Amigo's Board as a Non-Executive Director to
continue to seek a better outcome for Amigo shareholders. There is no
guarantee that a transaction will result, but with Jim's track record and work
to date, we believe we have increased the possibility of being able to do so."

 

Jim McColl, Non-Executive Director said: "I have been working with the Amigo
team for several months and have found them to be passionate and hard
working.  I am delighted to join the Board at this time to help try to find a
new role for Amigo. A particular area of interest will be to explore the
opportunity to build Amigo through acquisition as a wealth management focused
group, supporting SMEs and high net worth individuals, as well as potentially
providing back-office software solutions to support other developing finance
platforms."

Following the appointment of Jim, the total number of Directors on Amigo's
Board will consist of three independent Non-Executive Directors, including the
Chair, and one Executive Director.

 

Other than as set out in the Appendix to this announcement, there is no
further information which is required to be disclosed pursuant to UKLR6.4.8 in
relation to Jim McColl's appointment.

 

APPENDIX

Jim McColl has specialised in creating investor value by building businesses
for nearly three decades. Over that period, he has invested in 20 platform
acquisitions, overseen 15 exits including 2 public listings and led a number
of public to private transactions, mergers, demergers, spin outs and
turnarounds.

This has included the successful turnaround of Clyde Blowers plc, a small
engineering company with a full listing on the London Stock Exchange, in
which he bought a 29.9% stake in 1992. With a 3 % market share, he led the
acquisition strategy of six of the company's seven global competitors
capturing a 60% share of the world market over 5 years before taking the
company private.

Over the past 30+ years Jim McColl has been the chief architect of
significant expansion and growth for Clyde Blowers, developing the business
into a portfolio of global engineering companies.

In May 2007, the acquisition of Weir Pumps (Glasgow) from The Weir Group PLC
was announced. The diverse portfolio of technologies, process knowledge and
expertise generated by Weir Pumps was incorporated into a newly created
company, Clyde Pumps Ltd, and in so doing 600 jobs and an important part
of Scotland's engineering heritage was saved.

In September 2008, Jim led the largest transaction in Clyde Blowers' history
by acquiring the entire Fluid & Power Division of Textron Inc, an
American Fortune 500 multi-industry company in a deal worth over $1 billion.
This included a US company, Union Pumps, which was merged with Clyde Pumps in
2008 to form Clyde Union Pumps. The combined business was sold 3 years later
in 2011 for a return of 4 x invested capital and a 60% IRR.

More recently, in 2018, Jim founded AlbaCo (now Alba Bank) with a view to
establishing a new Scottish based challenger Bank focussed on serving the SME
market with dedicated relationship management and modern digital IT. Alba
Bank expects to be awarded a full Banking Licence during the 2nd half of 2024
enabling it to take deposits and start lending.

Jim is actively involved in promoting enterprise and enterprise education with
a particular interest in improving the life chances for disadvantaged young
people. In 2014 he set up Newlands Junior College. His vision was to create a
Junior College for young teenagers at risk of disengaging from local secondary
schools that would give them support and opportunity to move on to a
successful and rewarding future by providing alternative curricular
programmes.

Newlands' alternative approach to their education in years S3 and S4 which,
in addition to academic subjects, combined vocational training, life skills,
nutrition and outdoor activities. 92.1% of the students achieved a positive
outcome (moving into employment or further education) after graduating. It was
an outstanding success.

Further UKLR6.4.8 disclosures

 

Jim McColl was formerly a director of Ferguson Marine Engineering  (Holdings)
Limited ("FMHE"), and its subsidiaries Ferguson Marine Engineering  Limited
("FME") and Mackellar Sub-Sea Limited ("MSS").

·   The directors of FME appointed administrators on 16 August 2019. Jim
McColl ceased to be a director of FME on 23 August 2019. The business and
assets of FME were sold by the administrators on 2 December 2019 to an entity
established, owned and funded by Scottish Ministers and FME was dissolved on
17 November 2021 with a deficit to secured and unsecured creditors.

·   The directors of MSS appointed administrators to MSS on 22 October
2019. Jim McColl ceased to be a director of MSS on 9 December 2019 and MSS was
dissolved on 7 July 2022 with a deficit to secured and unsecured creditors.

·   The directors of FMHE appointed administrators to FMHE on 22 October
2019. Jim McColl ceased to be a director of FMHE on 12 December 2019 and FMHE
was dissolved on 19 January 2022 with a deficit to secured and unsecured
creditors.

 

 

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