Director/PDMR Shareholding

RNS Number : 1328M

Amigo Holdings PLC

12 September 2019

 

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

12 September 2019

Amigo Holdings PLC ("Amigo" or the "Company")

Grant of Long Term Incentive Plan ("LTIP")

Amigo Holdings PLC (LSE: AMGO), the leading provider of guarantor loans in the UK, announces that on 11 September 2019,  awards comprising nil-cost options over 3,217,761 ordinary shares of 0.25 pence each in the Company ("Shares") were granted to directors and senior managers under the Amigo Holdings PLC 2019 Long Term Incentive Plan (the "Awards"). Of the total number of Shares under the Awards,  2,052,290 Shares are subject to those Awards granted to the following executive directors and PDMRs of the Company:

Director/PDMR	Role	Award
Hamish Paton	Director, CEO	1,103,753
Nayan Kisnadwala	Director, CFO	470,475
Nicholas Beal	PDMR, Chief Regulatory & Public Affairs Officer	198,675
Naynesh Patel	PDMR, Chief Analytics Officer	279,387
Total		2,052,290

The vesting of the Awards is conditional on meeting performance conditions measured over a three-year period as described below, with a further holding period of two years following the vesting on the third anniversary of the date the Awards were made.

Performance conditions

The Awards shall be subject to the following Performance Conditions, and determined by the Board by reference to the weightings and Vesting schedule also shown below:

Performance Condition	Applicable terms	Performance target range (threshold -max) over the applicable Performance Period	Weighting (% of award)	Vesting schedule (% vesting, threshold - max)
EPS growth p.a.	EPS is the Company's earnings divided by the weighted average number of Shares; EPS growth p.a. is the percentage change in EPS over the applicable Performance Period, annualised.	8% - 16% p.a.	50%	25% - 100%
Absolute TSR	Measures the growth in the potential value of an Amigo share over the Performance Period - that is, the amount the share price has appreciated plus the dividends paid.	6% - 12% p.a.	25%	25% - 100%
Relative TSR	Measures the value a shareholder receives from Amigo Shares over the Performance Period relative to other FTSE 250 companies (excluding Investment Trusts).	50th - 75th percentile of the peer group.	25%	25% - 100%

In relation to the EPS Performance Condition, the applicable Performance Period shall commence on 1 September 2019 and end on 30 September 2022. The adjusted EPS for the 12 months to 30 September 2019 shall be the base for comparison against EPS for each subsequent 12 month period in the Performance Period. 

In relation to the Absolute and Relative TSR Performance Conditions, the applicable Performance Period shall commence on 1 September 2019 and end on 31 August 2022.

Malus and clawback provisions are also in place to reduce or recover the Awards for criteria such as any material misstatement of the financial statements, a serious breach of the Company's code of ethics or a serious health and safety issue

The below information and notification is made in accordance with the EU Market Abuse Regulation.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

	Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')
a)	Name	Hamish Paton
2.	Reason for notification
b)	Position / status	Chief Executive Officer / Director
c)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
b)	Name	Amigo Holdings PLC
c)	LEI	213800PUHEBLCWDW9T74
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of GBP0.0025 each GB00BFFK8T45
b)	Nature of the transaction	Grant of options to acquire ordinary shares under the Company's Long Term Incentive Plan. Subject to the rules of the scheme, the option will be exercisable in 2022.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil cost 1,103,753
d)	Aggregated information Aggregated volume Price	1,103,753 Nil cost
e)	Date of the transaction	11 September 2019
f)	Place of the transaction	Outside of a trading venue

	Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')
a)	Name	Nayan Kisnadwala
2.	Reason for notification
b)	Position / status	Chief Financial Officer / Director
c)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
b)	Name	Amigo Holdings PLC
c)	LEI	213800PUHEBLCWDW9T74
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of GBP0.0025 each GB00BFFK8T45
b)	Nature of the transaction	Grant of options to acquire ordinary shares under the Company's Long Term Incentive Plan. Subject to the rules of the scheme, the option will be exercisable in 2022.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil cost 470,475
d)	Aggregated information Aggregated volume Price	470,475 Nil cost
e)	Date of the transaction	11 September 2019
f)	Place of the transaction	Outside of a trading venue
	Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')
a)	Name	Nicholas Beal
2.	Reason for notification
b)	Position / status	Chief Regulatory & Public Affairs Officer/ PDMR
c)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
b)	Name	Amigo Holdings PLC
c)	LEI	213800PUHEBLCWDW9T74
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of GBP0.0025 each GB00BFFK8T45
b)	Nature of the transaction	Grant of options to acquire ordinary shares under the Company's Long Term Incentive Plan. Subject to the rules of the scheme, the option will be exercisable in 2022.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil cost 198,675
d)	Aggregated information Aggregated volume Price	198,675 Nil cost
e)	Date of the transaction	11 September 2019
f)	Place of the transaction	Outside of a trading venue

	Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')
a)	Name	Naynesh Patel
2.	Reason for notification
b)	Position / status	Chief Analytics Officer / PDMR
c)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
b)	Name	Amigo Holdings PLC
c)	LEI	213800PUHEBLCWDW9T74
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of GBP0.0025 each GB00BFFK8T45
b)	Nature of the transaction	Grant of options to acquire ordinary shares under the Company's Long Term Incentive Plan. Subject to the rules of the scheme, the option will be exercisable in 2022.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil cost 279,387
d)	Aggregated information Aggregated volume Price	279,387 Nil cost
e)	Date of the transaction	11 September 2019
f)	Place of the transaction	Outside of a trading venue

 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.

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

-ENDS

Contacts:

Amigo Holdings PLC       [e-mail]      

Kate Patrick, Head of Investor Relations               

Roger Bennett, Company Secretary                                       

Hawthorn Advisors         [e-mail]                 Tel: [phone]

Lorna Cobbett

Victoria Ainsworth

Notes to Editors:

About Amigo Loans

Amigo Holdings PLC ("Amigo" or the "Company") is listed on the main market of the London Stock Exchange (ticker: AMGO). Amigo is a leading provider of guarantor loans in the UK and offers access to mid-cost credit to those who are unable to borrow from traditional lenders due to their credit histories.

The guarantor loan concept introduces a second individual to the lending relationship, typically a family member or friend with a stronger credit profile than the borrower. This individual acts as guarantor, undertaking to make loan payments if the borrower does not.

Amigo was founded in 2005 and has grown to become the UK's largest provider of guarantor loans in the UK. In the process, Amigo's guarantor loan product has allowed borrowers to rebuild their credit scores and improve their ability to access credit from mainstream financial service providers in the future.

Amigo is a mid-cost credit provider with one simple and transparent product - a guarantor loan at an APR of 49.9%, with no fees, early redemption penalties or any other charges.

Amigo Loans Ltd and Amigo Management Services Ltd are authorised and regulated in the UK by the Financial Conduct Authority (FCA).

 

END

 

 

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