Amigo Holdings PLC has announced a general meeting of shareholders to be held on April 30, 2024, at Bournemouth Highcliff Marriott Hotel. The purpose of the meeting is to seek permission from shareholders to authorize the issuance of new ordinary shares without offering pre-emption rights to existing shareholders. The company has already issued the first tranche of new ordinary shares, raising £59,416, and is seeking approval for the issuance of the second tranche, which is expected to raise £178,132.

The capital raise is being made in the context of the company and its subsidiaries' Scheme of Arrangement, pursuant to which the company's operating subsidiary, Amigo Loans Ltd, is being run-off. The funds raised will primarily be used to pay the costs of the capital raise and to fund some of the costs associated with exploring potential reverse takeover opportunities, including consultancy costs. The company estimates that the proceeds from the issue of the new ordinary shares will extend the runway for up to a year, until the company itself requires further funding.

As of 8 April 2024, following the issue of the first tranche of new ordinary shares, the company's issued share capital consists of 499,100,160 Ordinary Shares. On completion of the issue of the second tranche, the company's enlarged issued share capital will consist of 570,352,960 Ordinary Shares. The second tranche, when issued, will represent approximately 14.3% of the existing issued share capital and 12.5% of the enlarged issued share capital.

The company has engaged James McColl as a strategic Board Consultant to assist the Board in identifying potential strategic opportunities for the company to continue as a listed company by way of a reverse takeover. The virtual meeting details for the general meeting will be published ahead of the meeting. Shareholders will receive the Notice of General Meeting and accompanying letter from the Chair, Jonathan Roe, which will also be available on the company's website.