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Amigo Holdings PLC (AMGO)

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Wednesday 19 May, 2021

Amigo Holdings PLC

Scheme of Arrangement: Second Court hearing

RNS Number : 2068Z
Amigo Holdings PLC
19 May 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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE      19 May 2021

 

Amigo Holdings PLC

("Amigo" or the "Company")

 

Scheme of Arrangement: second Court hearing

Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, provides an update on the Scheme of Arrangement (the 'Scheme') of ALL Scheme Ltd ('SchemeCo') announced on 25 January 2021, following the Court sanctioning hearing which took place today, 19 May.

The Judge presiding over the hearing will not be giving his judgement today but has indicated that he will do so in due course. The listing in the ordinary shares of Amigo Holdings PLC and trading in the Company's ordinary shares on the London Stock Exchange will therefore remain temporarily suspended. Pending an announcement of the Court hearing's outcome, the Company will request the suspension be lifted.

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.

 

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

 

 

Notes to Editors:

§ £15.0 million in cash will initially be made available for claims under the Scheme, with up to a potential further £20.0 million dependent on the volume of claims received from current customers relating to loans with outstanding balances. Amigo will continue to be responsible for all customer balance adjustments in full.

§ Amigo will make an annual cash contribution to the Scheme based on 15.0% of pre-tax profit for the next four financial years beginning on 1 April 2021 up to 31 March 2025.

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.

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