REG - Amigo Holdings PLC - Notice of AGM

Amigo HoldingsAnnouncement

04/09/2023 16:00

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RNS Number : 3216L  Amigo Holdings PLC  04 September 2023

4 September 2023

Amigo Holdings PLC

("Amigo" or the "Company")

 

Notice of 2023 Annual General Meeting ('Notice') and Market Update

Amigo Holdings PLC (LSE: AMGO), a provider of mid-cost credit in
the UK that is currently in an orderly solvent wind down, provides the
following updates.

Notice of Annual General Meeting

The Company announces that the AGM will be held at Bournemouth Highcliff
Marriott Hotel, 105 St Michael's Road, Bournemouth BH2 5DU on Wednesday
27 September 2023 at 13.30 (BST). Shareholders who are not able to attend in
person will be able to listen to and view the Annual General Meeting via
webcast. Details of the webcast will be made available on the Company's
website in due course: https://www.amigoplc.com/investors
(https://www.amigoplc.com/investors) .

The Board has prepared the Notice on the basis that it is in the best
interests of all stakeholders to put forward resolutions that would normally
be expected at an Annual General Meetings. In doing so, the Board is not
expressing a view on any longevity or expected future for the Company.

The Group has been in wind-down since March 2023 and, absent any change in
circumstances or expression of interest from third parties, the Board will
continue to manage the wind down as required under the High Court approved
Fallback Solution. It should be noted that whilst the Group is solvent, the
Company would be insolvent without the continued support of its subsidiary,
Amigo Loans Ltd. In this context, should there not emerge a viable alternative
solution, Amigo will hold a separate General Meeting, at a date still to be
determined, to seek the required shareholder approval for delisting the
Company from the London Stock Exchange and to enter the Company into a Members
Voluntary Liquidation.

The Company has posted to its shareholders the Notice convening the Company's
AGM together with instructions on how to vote.  The Notice will be available
shortly on the investor section of the Company's website: www.amigoplc.com
(http://www.amigoplc.com) and on the National Storage Mechanism.

Market Update on Exclusivity Agreement

The Agreement between Amigo and Mr Fleming announced on 9 June 2023 (the
"Agreement") has a period of exclusivity that ends on 5 September 2023. Whilst
the underlying commercial arrangements of the Agreement will continue to exist
beyond that date, the Company does not intend to extend the period of
exclusivity beyond 5 September 2023.  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.

The person responsible for this announcement is Roger Bennett, Company
Secretary.

ENDS

 

 

Enquiries

 Company
 Amigo Holdings PLC
 Roger Bennett              Company Secretary

 Media enquiries            Amigoloans@lansons.com
 Ed Hooper                  07783 387713

 Louis Wilson                07950 970366

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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