Source - LSE Regulatory
RNS Number : 7408N
Amigo Holdings PLC
27 September 2023
 

27 September 2023

Amigo Holdings PLC

("Amigo" or the "Company")

 

Annual General Meeting Statement

Amigo Holdings PLC (LSE: AMGO), a provider of mid-cost credit in the UK that is currently in an orderly solvent wind down will hold its Annual General Meeting ("AGM") today. At the meeting the following statement will be made:

"The situation facing the Company remains challenging for all stakeholders. The Company continues to progress the orderly wind down of the business, ensuring we are able to maximise payments to redress creditors, under the Scheme of Arrangement approved in May 2022 (the "Scheme"), whilst continuing to provide the best level of service possible to our customers and support for our staff.   

The Company is solvent as a result of the arrangements put in place following the sanction of the Scheme and by virtue of the fact that it is supported by its subsidiary, Amigo Loans Ltd. Amigo Loans Ltd is required under the Scheme to liquidate once it has returned all net assets to its creditors. After the liquidation of Amigo Loans Ltd, Amigo Holdings Plc, the ultimate parent company, will be insolvent as it has no resources of its own. We anticipate this will happen in the next few months. Under the applicable rules the listing of Amigo Holdings PLC on the London Stock Exchange would be automatically cancelled upon the appointment of a liquidator to Amigo Holdings PLC.

Since the Group started to wind-down the Company has been open to any expression of interest from third parties in all or any assets of the business. The Company continues to be open to viable expressions of interest in all parts of the business. However, in this context, should there not emerge, very soon, a viable alternative solution, the Company will need to hold 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. In such a situation there will be no value remaining for to shareholders."

Access to the Annual General Meeting

Amigo Holdings PLC will be holding the Company's Annual General Meeting today at the Bournemouth Highcliff Marriott Hotel, 105 St Michael's Road, Bournemouth BH2 5DU at 13.30. A live webcast will also be available via Zoom using: 

Join Zoom Meeting https://us02web.zoom.us/j/86485387012?pwd=ZGM1YUFGclJoY3Ftc0h2Y0RlVXVzQT09

 

Meeting ID:        864 8538 7012

Passcode:            533423

 

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      

Louis Wilson   

07783 387713  

 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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