AGM Statement

RNS Number : 3702A

Amigo Holdings PLC

29 September 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

29 September 2020

Amigo Holdings PLC

("Amigo" or the "Company")

AGM Statement

Amigo, the leading provider of guarantor loans in the UK, will hold its Annual General Meeting today. At the meeting, Roger Lovering, Acting Chair, will make the following statement:

"Trading since the end of the first quarter of the financial year has been in line with management expectations. As at the end of August, we had approximately 41,000 customers on Covid-19 related payment holidays with 9,000 customers having returned to making regular payments and over 3,000 having repaid their loan in full. Early signs of those exiting payment holidays are encouraging, with no notable deterioration in arrears.

"Cash collection remains robust at over 80% of pre-Covid-19 expectations, as at 31 August 2020. This includes the early settlement of some customer loans. We have unrestricted cash of over £145m, as at 31 August, and adequate liquidity to continue to fund operations and support our customers. Net debt has reduced by £29m in the two months to 31 August with securitisation borrowings reducing to £192m and senior secured notes remaining at £234m.

"We have not seen a material change in Complaint volumes, which have remained volatile over August and September. However, we continue to make progress with our handling of these complaint volumes. We are preparing to restart lending on a prudent basis by the end of 2020. We have adequate liquidity and funding to support our return to lending and have made a number of updates to our processes to reflect the current regulatory environment.

We are pleased to announce that Gary Jennison will take up the role of Chief Executive Officer (CEO) with immediate effect following confirmation that the FCA are content for Mr Jennison to assume the CEO functions pending consideration of his full application for authorisation. Gary Jennison is a proven executive with a history of having worked in regulated financial services businesses and leading them through times of change. He has the necessary commitment, skills and experience to lead Amigo forward in the next chapter of its development. 

"The whole team at Amigo is focused on addressing our legacy issues and building a sustainable business for the long term. Our business model serves a purpose in providing financial inclusion to those who are unable to access finance through mainstream lenders. This is likely to become ever more relevant as the country recovers from the economic impact of Covid-19."

A further update will be given with our Half Year results at the end of November.

Access to the AGM and General Meeting

Amigo will also be holding a General Meeting today at 10.45am or as soon thereafter as the Company's Annual General Meeting has been concluded or adjourned. Both meetings can be joined via a live webcast which will be available at : https://www.amigoplc.com/investors . A conference call is also available for those unable to join the webcast (Dial in: + 44 20 3936 2999; Access code: 300247).

Contacts:

Company

Amigo Holdings PLC  [e-mail]  

Kate Patrick   Head of Investor Relations 

Roger Bennett Company Secretary

Media

Hawthorn Advisors  [e-mail]

Lorna Cobbett  Tel: [phone]

Senior Secured Notes

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.

ENDS

 

END

 

 

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