Update on CEO Succession

RNS Number : 9100Z

Amigo Holdings PLC

23 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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

23 September 2020

Amigo Holdings PLC

("Amigo" or the "Company")

Update on CEO Succession

Glen Crawford has notified the Company that he no longer wishes to re-join the Board and take up the position of director and Chief Executive Officer and has terminated his current contract with the Company with immediate effect. Mr Crawford's unexpected withdrawal of his candidature follows a divergence of views with a majority of the Board.

The Company has agreed to appoint Gary Jennison as Chief Executive Officer, subject to approval by the FCA.  Mr Jennison, who joined the Company as a Non-Executive director on 10 August 2020, has extensive experience of several turnaround situations.

Gary was CEO of Secure Trust Bank plc from September 2006 to May 2010, being appointed with the mandate to reverse its long term decline. Whilst CEO, profits increased significantly, against the backdrop of the 2008/10 banking crisis. Gary was CEO of PayZone UK, a payments processor operating in the sub-prime sector, from March 2011 to October 2013, where he reversed the long term decline in the business. Gary was CEO of the European operations of Warranty Group from October 2015 until February 2017. During this period, he was responsible for increasing shareholder return, dealing with the substantial funding shortfall caused by the introduction of Solvency II and the extensive overhaul of an outdated operational structure.   

The Company will update the market in due course on the impact of these Board changes on the General Meeting to be held on 29 September 2020. The resolutions at the Annual General Meeting on the same date are unaffected by the contents of this notification.

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]

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.

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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