Board change and Senior Management update

RNS Number : 7501E

Amigo Holdings PLC

10 November 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

10 November 2020

Amigo Holdings PLC

("Amigo" or the "Company")

Board change and Senior Management update

Amigo Holdings PLC (LSE:AMGO), the leading provider of guarantor loans in the UK, is pleased to announce that Mike Corcoran will join the Board as Chief Financial Officer (CFO ) elect, subject to approval by the FCA. The appointment will take effect after allowing for an appropriate handover period with Nayan V.Kisnadwala who will leave the business on 30 November 2020.

Mike is a financial services CFO with extensive experience of working at board level within listed businesses and within heavily regulated environments, most recently in interim CFO roles at CDC Group plc and the Pension Protection Fund. He has held CFO roles at CPP Group plc and DFC Global Corp as well as being International CFO of Franklin Templeton Investments where he spent 19 years. Mike has successful turnaround experience and expertise in driving change management agendas. He was presented with the Institute for Turnarounds listed company of the year award for 2015/16 for his work with CPP Group plc.

In addition, Amigo announces the appointments of Paul Dyer as Chief Risk Officer, subject to FCA approval, and Shaminder Rai as Chief Transformation Officer. 

Paul has a wealth of risk and regulatory experience, having been a member of the FCA's senior leadership team for two years and, as Head of Regulatory Risk and Assurance at Huntswood, overseen several S166 reviews covering affordability and complaint practices. He is also a Member of Advisory Panel of Experts for the Bar Standards Board. Paul's appointment is with immediate effect.

Shaminder has an exceptional record of change at pace and has been involved in turnaround situations at Secure Trust Bank, Payzone and most recently as Transformation Director at The Warranty Group. Shaminder will lead operational process and business change. He is expected to join the business in January 2021.

Gary Jennison, Chief Executive of Amigo said : "I am delighted to welcome Mike, Paul and Shaminder to Amigo.  Mike joins with extensive business and regulatory experience and has proven success in turning around regulated businesses. He will be a valuable addition to our Board."

"All three appointments  reflect the Board's commitment to addressing rapidly the challenges that we face, to creating long-term value for our shareholders and to returning to provide the chance of financial inclusion to the millions of people in the UK unable to access credit from mainstream lenders."

Mike Corcoran said: " I am excited to be joining the Amigo team at an important time for the business. There are a number of well documented challenges facing the Company but I share the Board's vision and belief in the future of this business. There is much to be done and we need to push ahead at pace to achieve a sustainable and profitable future."

Contacts:

Company

Amigo Holdings PLC  [e-mail]  

Kate Patrick   Head of External Affairs & Investor Relations 

Roger Bennett   Company Secretary

Media

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.

The information required under the Companies Act 2006 s.430 (2B) is available on our website

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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