Amigo Holdings PLC has appointed Jim McColl as a Board Consultant to identify potential strategic opportunities for the company to continue as a listed entity through a reverse takeover. The engagement of Jim McColl is part of the ongoing Scheme of Arrangement, where Amigo's operating subsidiary, Amigo Loans Ltd, is being run-off and placed into Liquidation. The company expects McColl to be formally appointed as a non-executive Director once the new issue of shares is completed.

In conjunction with these developments, Peterhouse Capital Limited has arranged a placing of 95,019,200 new ordinary shares at an issue price of 0.25p per share. This includes 23,766,400 new Ordinary Shares and a further 71,252,800 new Ordinary Shares, subject to shareholder approval and regulatory clearance. The capital raised from the placing will be used for working capital and to fund costs associated with exploring potential reverse takeover opportunities, including consultancy costs.

The company anticipates that the capital raised from the issue of the new Ordinary Shares will extend the runway for up to a year, providing financial stability until further funding is required. The First Placing Shares are expected to be listed on the premium segment of the Official List and admitted to trading on the main market for listed securities of the London Stock Exchange.

Amigo's Chair, Jonathan Roe, expressed optimism about the collaboration with Jim McColl, stating, "There is no guarantee that a transaction will result, but with Jim's track record we believe we have increased the possibility of being able to do so."

Jim McColl has a significant track record in creating investor value by building businesses over nearly three decades. Notably, he successfully led the turnaround of Clyde Blowers plc and orchestrated the acquisition of Weir Pumps (Glasgow) from The Weir Group PLC, among other achievements.

This announcement has no impact on the timing of redress payments to the Group's Scheme creditors or the obligation on the trading subsidiary Amigo Loans Ltd to liquidate under the Scheme. A circular seeking shareholder approval for the authorities necessary to issue the Second Placing Shares will be sent to shareholders shortly. Peterhouse has been appointed as broker to Amigo, and Beaumont Cornish continues to be Amigo's Listing Sponsor.