Amigo Holdings PLC, a provider of mid-cost credit in the UK that is currently in an orderly solvent wind down, held its Annual General Meeting (AGM) on September 27, 2023. The company provided a statement at the meeting, acknowledging the challenging situation it faces and the ongoing progress of the wind down process. The company aims to maximize payments to redress creditors under the Scheme of Arrangement approved in May 2022 while continuing to provide the best level of service to customers and support for staff.
Amigo Holdings PLC is currently solvent due to arrangements put in place following the sanction of the Scheme and the support of its subsidiary, Amigo Loans Ltd. However, Amigo Loans Ltd is required to liquidate once it has returned all net assets to its creditors. After the liquidation of Amigo Loans Ltd, Amigo Holdings PLC will become insolvent as it has no resources of its own. The company anticipates this will happen in the next few months, and the listing of Amigo Holdings PLC on the London Stock Exchange would be automatically cancelled upon the appointment of a liquidator.
The company has been open to expressions of interest from third parties in all or any assets of the business since the wind-down process began. It continues to be open to viable expressions of interest in all parts of the business. However, if a viable alternative solution does not emerge soon, the company will need to hold a separate General Meeting to seek shareholder approval for delisting from the London Stock Exchange and entering the company into a Members Voluntary Liquidation. In such a situation, there will be no value remaining for shareholders.
The AGM was held at the Bournemouth Highcliff Marriott Hotel, and a live webcast was available via Zoom. The person responsible for the announcement is Roger Bennett, Company Secretary.
Amigo Holdings PLC, registered in England and Wales, provided guarantor loans in the UK from 2005 to 2020 and unsecured loans under the RewardRate brand from October 2022. The company's back book of loans is being run off with all net proceeds due to creditors under a Court approved Scheme of Arrangement. Amigo Loans Ltd and Amigo Management Services Ltd are authorized and regulated in the UK by the Financial Conduct Authority.