Amigo Holdings PLC, a provider of mid-cost credit in the UK, has announced the termination of a potential transaction and the request for the lifting of a temporary suspension. The exclusivity agreement signed on 17 October 2023 has been terminated at the request of various individuals, resulting in the cessation of all work on the proposed transaction. The CEO of Amigo, Danny Malone, expressed disappointment at the news and stated that the company remains open to assessing other viable options that could be beneficial for shareholders, employees, and stakeholders.
The temporary suspension of Amigo's listing on the Premium segment of the Official List and trading on the Main Market of the London Stock Exchange, which was requested by the company, was due to the lack of information about the proposed transaction. With the termination of the transaction, the company will now request the Financial Conduct Authority (FCA) to lift the temporary suspension at the earliest opportunity.
Amigo has been open to expressions of interest from third parties in all or any assets of the business since the start of the orderly wind down of its lending business. However, if a viable alternative solution does not emerge, the company will convene a separate General Meeting to seek shareholder approval for delisting from the London Stock Exchange and entering into a Members Voluntary Liquidation.
The Scheme of Arrangement and the wind down of Amigo's historic lending business will continue according to their existing timetable. Further announcements will be made in due course.