Proposed removal of current Board of Directors

RNS Number : 2100L

Amigo Holdings PLC

28 April 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

28 April 2020

Amigo Holdings PLC

("Amigo" or the "Company")

Proposed removal of current Board of Directors

Richmond Group Limited, the majority owner of the Company, has today notified the Company of its intention to call an extraordinary general meeting in order to remove the entire Amigo Board.  The Company understands Richmond Group Limited will be proposing a replacement Chairman and a replacement CEO.

Amigo has offered and continues to seek to work with Richmond Group Limited to ensure that the Board changes are conducted in an orderly manner and in accordance with applicable regulatory requirements.

The Company is consulting with its regulators and its advisors about the implications of this notification and the appropriate next steps.

Richmond Group Limited has also notified the Company today that it wishes for the Formal Sales Process to continue.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.

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

RBC Capital Markets  Tel: [phone]

Oliver Hearsey

Marcus Jackson (Corporate Broking)

Additional Information

A copy of this announcement is also available on Amigo's website at: https://www.amigoplc.com/ .

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

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).

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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