REG - Amigo Holdings PLC - Scheme of Arrangement Update

Amigo HoldingsAnnouncement

23/05/2022 16:15

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RNS Number : 4866M  Amigo Holdings PLC  23 May 2022

23 May 2022

 

Amigo Holdings PLC

("Amigo" or the "Company")

 

Scheme of Arrangement Update

Preliminary Result of Sanction Court Hearing

Amigo Holdings PLC (LSE: AMGO), a provider of guarantor loans in the UK,
provides an update in relation to the Schemes of Arrangement pursuant to Part
26 of the Companies Act 2006 proposed by ALL Scheme Ltd ("SchemeCo") (the
"Schemes"), as originally announced on 6 December 2021, following the Court
sanctioning hearing which took place today, 23 May 2022.

Amigo announces that the High Court has completed the hearing and the Judge
has stated that he will sanction the New Business Scheme. A written copy of
the Judgment will be released later and will be published, when available on
www.amigoscheme.co.uk (http://www.amigoscheme.co.uk/) . The Board is pleased
that the Court has accepted the New Business Scheme is the best option
available for redress creditors who are owed compensation because of Amigo's
past lending practices. A further update will be given in due course.

Gary Jennison, Chief Executive Officer of Amigo, commented: "We are pleased
that the Court has decided to allow creditors the chance to maximise their
redress payments from Amigo. While we must secure the FCA's permission to
resume lending and raise fresh capital, the Court's ruling is good news for
creditors, customers and employees, and it takes us a step closer to
delivering compensation as well as drawing a line under the mistakes of the
past.

A successful New Business Scheme will open the door to a fresh source of
responsible, regulated finance for millions of people in this country who
don't have access to mainstream banking. We have developed new products to
serve this market in a responsible way and believe we have a valuable role to
play."

 

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.

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 announcement constitutes notice by Amigo Luxembourg S.A. (the "Issuer")
to the holders of the Issuer's 7.625% Senior Secured Notes due 2024 (for the
notes issued pursuant to Rule 144A of the United States Securities Act of
1933, ISIN: XS1533928468 and Common Code: 153392846; for the notes issued
pursuant to Regulation S of the United States Securities Act of 1933, ISIN:
XS1533928625 and Common Code: 153392862) (the "Notes") issued pursuant to
pursuant to Section 4.03(a)(3) of an indenture dated January 20, 2017 among,
inter alia, the Issuer, the guarantors named therein and U.S. Bank Trustees
Limited, as trustee and security agent.  Amigo Holdings PLC is the indirect
parent company of the Issuer. This announcement shall constitute a "Report" to
holders of the Notes.

Company

Amigo Holdings PLC  investors@amigo.me (mailto:investors@amigo.me)
 

Kate Patrick                 Head of Investor Relations

Roger Bennett             Company
Secretary

 

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

Tom Baldock               07860 101715

 

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