Scheme of Arrangement Update

RNS Number : 4866M

Amigo Holdings PLC

23 May 2022

 

23 May 2022

Amigo Holdings PLC

("Amigo" or the "Company")

Scheme of Arrangement Update

Preliminary Result of Sanction Court Hearing

Amigo Holdings PLC (LSE: AMGO), a provider of guarantor loans in the UK, provides an update in relation to the Schemes of Arrangement pursuant to Part 26 of the Companies Act 2006 proposed by  ALL Scheme Ltd ("SchemeCo") (the "Schemes"), as originally announced on 6 December 2021, following the Court sanctioning hearing which took place today, 23 May 2022.

Amigo announces that the High Court has completed the hearing and the Judge has stated that he will sanction the New Business Scheme. A written copy of the Judgment will be released later and will be published, when available on www.amigoscheme.co.uk . The Board is pleased that the Court has accepted the New Business Scheme is the best option available for redress creditors who are owed compensation because of Amigo's past lending practices. A further update will be given in due course.

Gary Jennison, Chief Executive Officer of Amigo, commented:   "We are pleased that the Court has decided to allow creditors the chance to maximise their redress payments from Amigo. While we must secure the FCA's permission to resume lending and raise fresh capital, the Court's ruling is good news for creditors, customers and employees, and it takes us a step closer to delivering compensation as well as drawing a line under the mistakes of the past.

A successful New Business Scheme will open the door to a fresh source of responsible, regulated finance for millions of people in this country who don't have access to mainstream banking. We have developed new products to serve this market in a responsible way and believe we have a valuable role to play."

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.

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.

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.

Company

Amigo Holdings PLC  [e-mail]    

Kate Patrick   Head of Investor Relations 

Roger Bennett   Company Secretary 

Media enquiries   [e-mail]  

Tom Baldock   07860 101715

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