Scheme of Arrangement: result of 2nd Court hearing

RNS Number : 7048Z

Amigo Holdings PLC

25 May 2021

 

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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE                           25 May 2021

Amigo Holdings PLC

("Amigo" or the "Company")

Scheme of Arrangement: result of second Court hearing

Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, provides an update on the Scheme of Arrangement (the 'Scheme') of ALL Scheme Ltd ('SchemeCo') announced on 25 January 2021, following the Court sanctioning hearing which took place on 19 May 2021.

Amigo announces that the High Court has not approved the Scheme despite the overwhelmingly positive creditors' vote. A copy of the Judgment can be found at www.amigoscheme.co.uk. The Board is reviewing all options including an Appeal. A further update will be given in due course.

To ensure equal treatment of customers with redress claims, Amigo announced on 21 December 2020 that it was stopping the ongoing payment of redress claims as set out in the announcement of that date, and that position will continue.

Gary Jennison, Chief Executive Officer of Amigo, commented: "Amigo is incredibly disappointed that the Scheme has not been approved despite the 74,877 customers who voted in support of the Scheme, representing over 95% of those who voted. We are currently reviewing all our options and will provide an update at the earliest opportunity."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.  The person responsible for this announcement is Roger Bennett, Company Secretary.

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]

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.

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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