Amigo Holdings PLC Directorate Changes (4319A)
September 23 2022 - 2:31AM
UK Regulatory
TIDMAMGO
RNS Number : 4319A
Amigo Holdings PLC
23 September 2022
23 September 2022
Amigo Holdings PLC
("Amigo" or the "Company")
Directorate Changes
Amigo Holdings PLC (LSE: AMGO), a provider of mid-cost credit in
the UK, announces an update to its management team.
Gary Jennison has affirmed to the Board the decision that he
should step down from his role as CEO and as a Director. He will be
replaced as Chief Executive by Amigo's current Chief Financial
Officer, Danny Malone, who in turn will be replaced in his role by
Kerry Penfold, currently Head of Finance at Amigo. The new
appointments are subject to approval under the Senior Managers'
Regime, by the Financial Conduct Authority. Gary will step down
from these roles immediately but both Gary and the Board are keen
to ensure an appropriate transition and he will continue to be
employed by Amigo and supporting the business until the end of the
year (31 December 2022).
Chairman Jonathan Roe said "I'd like to thank Gary for his
dedication and considerable contribution to Amigo. When he took the
role in September 2020, Amigo was teetering on the brink and we
appointed Gary to lead the turnaround and the major transformation
required. We now stand in a far better place, with a clear vision
for the business and within sight of returning to lending. There is
still work ahead but we are now entering a new phase in our
recovery focused on our new proposition and growth."
Gary Jennison said "I came out of retirement as I'm passionate
about financial inclusion and believe that Amigo can play a
positive role in addressing the clear gap that exists for many
people who are excluded from mainstream finance. I'm very proud of
how much we have achieved as a team through what has been an
extremely challenging period. Given this progress, and as we look
towards a capital raise, it feels the right juncture to hand over
the baton as we move from turnaround to rebuild. With the approval
of the Scheme of Arrangement the business can now move forward. The
FCA has yet to approve our return to lending and we continue to
work closely with the FCA to achieve this goal as soon as is
practicable. Our new lending proposition, RewardRate, will be
better for our customers than our products in the past. I wish both
Danny and the company all the success for the future."
Danny Malone has a wealth of financial services experience. A
qualified chartered accountant, he has held senior management and
executive board level positions with Everyday Loans Limited as
Chief Executive Officer, Finance Director and founder,
CitiFinancial Europe PLC as Chief Executive Officer and Chief
Financial Officer, and Avco Trust PLC as Finance Director. He has
also served as Chief Executive of Perch Group. He is currently
Non-Executive Chair of Floan Limited, a start-up fintech online
loan broking company servicing travel agents, and a Non-Executive
Director of The Personal Finance Centre Limited, both non-listed
companies.
Danny's focus over the coming period will be on the completion
of the delivery of the new RewardRate product suite and platform;
leading the team on seeking a settlement of the FCA' ongoing
Enforcement investigations and continuing to work closely with the
FCA to achieve the goal to return to volume lending as soon as is
practicable. All of this work is on the critical path to enable
Amigo to secure the new capital it requires to fund the
business.
A qualified accountant, Kerry Penfold has held a number of
senior roles during a near
twenty-year career in financial services. Prior to joining Amigo
in February 2022, Kerry held positions as Head of Motor Finance at
United Trust Bank and a range of roles at Lenlyn Group including
Operations Director at Raphaels Bank and Head of Group Financial
Control. There are no additional matters that would require
disclosure under LR 9.6.13R (1) to (6) in relation to this
appointment.
Following the above change, the total number of Directors on
Amigo's Board will consist of three independent Non-Executive
Directors, including the Chair, and two Executive Directors.
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.
Enquiries
Company
Amigo Holdings PLC investors@amigo.me
Kate Patrick Head of Investor Relations
Roger Bennett Company Secretary
Media enquiries Amigoloans@lansons.com
Tony Langham 07979 692287
Tom Baldock 07860 101715
Peel Hunt LLP 020 7418 8900
Andrew Buchanan
Oliver Jackson
Sam Milford
-ENDS-
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END
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