Update on Complaints

RNS Number : 5765Q

Amigo Holdings PLC

22 June 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

22 June 2020

Amigo Holdings PLC

("Amigo" or the "Company")

Update on Complaints

On 27 May 2020, Amigo announced that it would enter into a Voluntary Requirement ("VReq") with the FCA regarding complaints.

The VReq was intended to clear a backlog of approximately 9,000 complaints that would have been aged eight weeks and over as at 26 June 2020, the date the VReq was due to be completed.

Since our announcement on 8 June, Amigo has continued to see a substantial increase in the rate of complaints. The Company is currently in discussions with the FCA to reach agreement on a variation of the VReq. The variation is anticipated to agree to extend the date of completion beyond 26 June 2020 and a corresponding expansion of the backlog of complaints to be resolved. Amigo will continue to assess each complaint on a case by case basis to ensure fair outcomes for our customers.  

Amigo expects to publish its full year results for the year ended 31 March 2020 on or before 23 July 2020. The additional cost of complaints received subsequent to 31 March 2020 is expected to be material, as a result of the substantial increase in the rate of complaints received.

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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