REG - Amigo Holdings PLC - Market Update

Amigo HoldingsAnnouncement

09/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230609:nRSI1823Ca&default-theme=true

RNS Number : 1823C  Amigo Holdings PLC  09 June 2023

 

9 June 2023

Amigo Holdings PLC

 

Market Update

Amigo Holdings PLC ("Amigo" or "the Company"), a provider of mid-cost credit
in the UK, announced that it had started an orderly solvent wind-down of the
business in March 2023, following an extensive but unsuccessful capital raise
process. The Company has been approached by Michael Fleming, a financier and
shareholder, to request an exclusivity agreement in relation to the business
 (the "Agreement") which Amigo has agreed to. This is to allow Mr. Fleming,
to explore finding and completing a debt investment in the Company or its
subsidiaries. The period of exclusivity expires on 6 September 2023. Parties
interested in providing debt investment should contact investors@amigo.me
(mailto:investors@amigo.me) in the first instance.

The Agreement will not stop the Company or its subsidiaries progressing with
the disposal of assets under its wind-down plan or acting on any approach
governed by the Takeover Code.  Shareholders should note that there remain
significant impediments to any new capital being made available to the
business. In addition, establishing a new business and potentially creating
value for shareholders in the longer term, has significant execution risks and
will require regulatory approval. The Board recognises the very low likelihood
of a successful conclusion to any discussions arising because of this
Agreement but is pursuing the Agreement in line with its duties under the
Companies Act to consider the interests of all stakeholders, including
creditors, shareholders and employees. Under the Fallback Solution of Amigo's
Scheme of Arrangement (the orderly wind down of the Amigo Loans Ltd business),
there is no expected residual value for shareholders.

ENDS

Enquiries

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

 Media enquiries            Amigoloans@lansons.com
 Ed Hooper                  07783 387713

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUWOURONUNRUR