REG - Amigo Holdings PLC - Board change

Amigo HoldingsAnnouncement

16/05/2023 07:00

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RNS Number : 4851Z  Amigo Holdings PLC  16 May 2023

16 May 2023

Amigo Holdings PLC

 

Board change

Amigo Holdings PLC ("Amigo" or "the Company"), a provider of mid-cost credit
in the UK that is currently in an orderly solvent wind-down, has been notified
of the board change detailed below.

On 15 May 2023 Danny Malone resigned from his role as CEO and Director,
subject to serving out his 6 month notice period to ensure the continuation of
the solvent and orderly wind-down of the business.

Danny Malone, CEO: "I joined Amigo last year as I could see the potential of
the new proposition, RewardRate, in a market which is crying out for
supply. I would like to thank our teams who have shown remarkable resilience
and commitment over what has been a very challenging period and to everyone
for the culture we have built in such difficult circumstances. Unfortunately
the investment market, particularly into the sector in which Amigo operates,
was extremely difficult and we were unable to raise the capital required. As a
result the business is in wind down, which will have progressed enough over
the next six months for me to hand to others to complete."

 

Jonathan Roe, Chair: "Danny was a tireless leader of the executive team in our
search to secure commitments for new financing for Amigo, which unfortunately
proved impossible to secure. He was also integral to getting our RewardRate
product into the market.  As Amigo is now required to wind down under the
terms of its Scheme of Arrangement, Danny's resignation is another sad day for
the Group."

ENDS

Enquiries

 Company
 Amigo Holdings PLC          investors@amigo.me
 Kate Patrick                Investor Relations Director
 Roger Bennett               Company Secretary

 Media enquiries             Amigoloans@lansons.com
 Tony Langham                07979 692 287
 Louis Wilson                07950 970 366

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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