Amigo Holdings PLC AGM Statement (9107A)
September 28 2022 - 2:02AM
UK Regulatory
TIDMAMGO
RNS Number : 9107A
Amigo Holdings PLC
28 September 2022
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 28 September 2022
Amigo Holdings PLC
("Amigo" or the "Company")
AGM Statement
Amigo, a provider of mid-cost credit in the UK, will hold its
Annual General Meeting today. At the meeting the following
statement will be made:
"The Company continues to perform in line with expectations with
collections resilient despite the heightened inflationary
environment. Under the terms of the Scheme of Arrangement
sanctioned in May 2022 ("the Scheme"), Amigo is required to deliver
an initial Scheme contribution of GBP97 million. Amigo, based on
current projections, expects to meet the initial Scheme
contribution. In the event that total net recoveries from the back
book result in an amount greater than the GBP97m initial Scheme
contribution, the excess will be paid to the Scheme fund. Cash
remains strong with current unrestricted cash of c.GBP125m. The
Board's focus remains on meeting the conditions agreed within the
Scheme, including a capital raise to be completed by 26 May
2023.
"The Board expects to propose a capital raise of approximately
GBP40m, which will include the 19:1 ordinary share issue mandated
by the Scheme ("the Capital Raise"). In addition, Amigo will raise
debt to support future growth. The Company will seek to facilitate
meaningful participation by its existing shareholders on a
pre-emptive basis, underwritten by one or more institutional
investors whom it expects to account for the majority of the
Capital Raise. The structure remains under consideration and, due
to its complexity and the uncertainties of the market, Amigo
reserves the right to make appropriate amendments to the size and
terms of the Capital Raise. As a precursor to enabling a successful
Capital Raise, work is continuing to reach a settlement of the
FCA's Enforcement investigations into affordability and complaints
handling.
"Another condition of the Scheme is that Amigo returns to
lending by 26 February 2023. The FCA has yet to approve our return
to lending, however following a long period of review and
discussion, we are finalising details with regards our proposals to
commence a lending pilot. During the pilot, we will be undertaking
significant testing to ensure that we are lending affordably. We
continue to discuss our approach and implementation with the FCA to
achieve these goals as soon as possible.
"As previously announced, we have developed a new lending
proposition, under the RewardRate brand, which is designed to meet
strong demand in the market for competitively priced, mid-cost,
specialist credit products. As well as designing the new product
set, we have invested in new technology and undergone a cultural
reset. Amigo now has the right values and operational processes in
place, and we are confident the mistakes of the past will not be
repeated."
Access to the AGM
Amigo Holdings PLC will be holding the Company's Annual General
Meeting today at the Bournemouth Highcliff Marriott Hotel, 105 St
Michael's Road, Bournemouth BH2 5DU at 10.00am. A live webcast will
also be available via Zoom using:
Join Zoom Meeting
https://us02web.zoom.us/j/86038825269?pwd=MWNabGpDbk16cndCNEg3Z2NaNGk3QT09
Meeting ID: 860 3882 5269
Passcode: 776585
T his 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.
Contacts
Amigo Holdings PLC investors@amigo.me
Kate Patrick Head of Investor Relations
Roger Bennett Company Secretary
Media enquiries Amigoloans@lansons.com
Tom Baldock 07860 101715
Peel Hunt LLP 020 7418 8900
Andrew Buchanan
Oliver Jackson
Sam Milford
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.
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-
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END
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