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Amigo Holdings PLC (AMGO)

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Thursday 10 June, 2021

Amigo Holdings PLC

Market Update

RNS Number : 4046B
Amigo Holdings PLC
10 June 2021
 

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

FOR IMMEDIATE RELEASE                 10 June 2021

 

Amigo Holdings PLC

("Amigo" or the "Company")

 

Market Update

Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, provides an update on the ongoing financial position and reporting requirements of the Company.  

As announced on 1 June 2021, the Board of Amigo continues to consider all options. The Board confirms that under all reasonable scenarios, based on the expected volumes of complaints from current and past customers, that without an appropriate scheme of arrangement to deal with the complaints, the value of Amigo's assets are less than the amount of its liabilities, resulting in an insolvent balance sheet.

Amigo continues to engage with the Financial Conduct Authority ('FCA'), to identify an appropriate way forward. This could result in a revised scheme of arrangement or insolvency.  

Amigo currently anticipates its financial results for the year ended 31 March 2021 will be issued on 22 July 2021.

The person responsible for this announcement is Roger Bennett, Company Secretary.

 

Company

Amigo Holdings PLC  [email protected]    

Kate Patrick                       Head of Investor Relations 

Roger Bennett   Company Secretary 

 

Media

Hawthorn Advisors  [email protected]  

Lorna Cobbett  Tel: +44 (0)7771 344 781

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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