REG - Amigo Holdings PLC - Listing Restoration & Resumption of Share Trading

Amigo HoldingsAnnouncement

17/11/2023 08:15

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RNS Number : 8243T  Amigo Holdings PLC  17 November 2023

 

17 November 2023

Amigo Holdings PLC

 

("Amigo" or the "Company")

 

Termination of Potential Transaction and Request for Lifting of Temporary
Suspension

 

Amigo Holdings PLC, a provider of mid-cost credit in the UK that is currently
in an orderly solvent wind down, today announces that the exclusivity
agreement signed on 17 October 2023 by the Company, various individuals and
Craven House Capital PLC (the "Exclusivity Agreement") has been terminated
with immediate effect at the request of the various individuals. Consequently,
all work on the Proposed Transaction identified in the market update dated 17
October 2023 has ceased.

 

Danny Malone, CEO of Amigo, commented: "This is disappointing news as the
transaction, in the form of a reverse takeover of Amigo, offered a solution
that could have provided a future for shareholders, offering some small value
that wouldn't be available otherwise.  As we continue the orderly wind-down
of our lending business, we remain open to assessing other viable options that
could be beneficial for our shareholders, our people and wider stakeholders."

 

At the request of the Company, the FCA suspended the Company's listing on the
Premium segment of the Official List and trading on the Main Market of the
London Stock Exchange from 7.30am on 17 October 2023. The temporary suspension
was requested because of the lack of information about the Proposed
Transaction, which could have prevented the smooth operation of the market in
the shares of the Company. Further to the termination of the Proposed
Transaction, the Company will request the FCA to lift the temporary suspension
of its listing for its ordinary shares of 0.25p each on the Premium Segment of
the Official List, at the earliest opportunity.

 

Since the Group started the orderly wind down of the lending business, the
Company has been and continues to be open to any expression of interest from
third parties in all or any assets of the business. However, as noted
previously, should a viable alternative solution not emerge, there will be no
value remaining in the Company for shareholders and the Company will need, in
the near future to convene 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.

 

The Scheme of Arrangement and the wind down of Amigo's historic lending
business continue to their existing timetable.

 

 

 

Further announcements will be made in due course.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014. The person responsible for this
announcement is Roger Bennett, Company Secretary.

Notes to editors:

Media enquiries

Ed Hooper                           07783 387713

or

Amigoloans@lansons.com (mailto:Amigoloans@lansons.com)

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 were 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.

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