Covid-19 Trading Update

RNS Number : 2956H

Amigo Holdings PLC

24 March 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

24 March 2020

Amigo Holdings PLC

("Amigo" or the "Company")

Covid-19 Trading Update

In light of the UK government's efforts to combat Covid-19 and given the ongoing uncertainty that the economic implications of Covid-19 could have for our customer base, Amigo has taken the decision to temporarily pause all new lending activity, except for lending to key workers in exceptional circumstances.

The Amigo employees freed up from the pause in lending activity will transition into other teams to increase the capacity of the teams that talk to our existing customers, particularly where customers have a need for forbearance, given changes in their financial circumstance. We will reassess our approach to new lending on a regular basis.

Amigo is mindful that it has a requirement to maintain as normal a service as possible to existing customers, while also protecting the health of our employees. We have ensured as many of our employees as possible are working remotely from home, in accordance with the UK government advice.

The Company further confirms the Board is continuing with the Formal Sale Process and Strategic Review outlined on 27 January 2020.

Contacts:

Company

Amigo Holdings PLC  [e-mail]  

Kate Patrick   Head of Investor Relations 

Roger Bennett   Company Secretary

Investor Relations

Hawthorn Advisors  [e-mail]

Lorna Cobbett  Tel: [phone]

Corporate Broker and Lead Financial Adviser

RBC Capital Markets  Tel: [phone]

Oliver Hearsey

Marcus Jackson (Corporate Broking)

Joint Financial Adviser

Houlihan Lokey  Tel: [phone]

Lawrence Guthrie 

Christian Kent

Yashin Mody

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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