REG - Amigo Holdings PLC - Change of Accounting Reference Date

Amigo HoldingsAnnouncement

25/03/2025 07:15

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RNS Number : 9560B  Amigo Holdings PLC  25 March 2025

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RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

 
                     25 March 2025

 

Amigo Holdings PLC

("Amigo" or the "Company")

 

Change of Accounting Reference Date

Corporate Update

 
 
 
 
 

Amigo Holdings PLC (LSE: AMGO), a provider of mid-cost credit in the UK that
is currently in an orderly solvent wind down, has changed its accounting
reference date from 31 March to 30 September with immediate effect.
Accordingly, the Company's next audited financial statements will be prepared
for the 18-month period ending 30 September 2025 and will be required to be
published on or before 31 January 2026.

 

In accordance with the UK Listing Rules, the Company will publish unaudited
interim accounts for the period ending 31 March 2025 on or before 30 June
2025.

 

Thereafter, the Company will publish each year its unaudited interim results
for the 6 months ending 31 March by 30 June, and its audited financial
statements for the 12 months ending 30 September by 31 January in accordance
with the Disclosure Guidance and Transparency Rules.

 

The Directors have implemented this change in order to preserve cash. As
previously announced, the Company has a very limited runway before becoming
insolvent. Based on its budget, current resources will run out in late May
2025. The change of accounting reference date defers Amigo incurring a
liability to pay costs related to the production of audited financial
statements.

 

Corporate Strategy Update

 

As previously announced, the Board continues to search for a suitable reverse
takeover (“RTO”) target to enable the Company to continue as a viable
business in the long term. We have engaged with several potential RTO
candidates, and still hope that we will be able to reach a definitive RTO
transaction. However, to date no such agreement has been reached and, in the
meantime, we are exploring the options to raise additional new funding both to
extend the runway before the Company reaches a point of insolvency, and to
provide funding for the potential costs associated with an RTO. A further
announcement will be made in due course.

 

Scheme of Arrangement

 

Our group’s Scheme of Arrangement for misselling loans, is moving to its
completion. The Scheme’s second distribution is expected to be announced
later in March.  We are expecting that this will be the final Scheme
distribution and that the Scheme operating companies will enter solvent
liquidation in the next few months.

 

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended). The person responsible for this announcement is Nicholas Beal,
Company Secretary.

 

 

 Amigo Holdings PLC  investors@amigo.me
 Nick Beal           Company Secretary

 Media enquiries     amigoloans@lansons.com

 Sponsor             Beaumont Cornish

                     0207 628 3396

 

About Amigo

 

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 is
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.

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Sponsor as
defined in the FCA Listing Rules and is authorised and regulated by the FCA.
Beaumont Cornish Limited is acting exclusively for the Company and for no one
else in relation to the matters described in this announcement and is not
advising any other person and accordingly will not be responsible to anyone
other than the Company for providing the protections afforded to clients of
Beaumont Cornish Limited, or for providing advice in relation to the contents
of this announcement or any matter referred to in it.

 

-ENDS-
 

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