Company Announcements

AGM Statement

Source: RNS
RNS Number : 9107A
Amigo Holdings PLC
28 September 2022



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 £97 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 £97m initial Scheme contribution, the excess will be paid to the Scheme fund. Cash remains strong with current unrestricted cash of c.£125m. 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 £40m, 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


Meeting ID: 860 3882 5269

Passcode: 776585


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.




Amigo Holdings PLC              

Kate Patrick                      Head of Investor Relations         

Roger Bennett                 Company Secretary


Media enquiries     

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.


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