Amigo Holdings PLC Scheme of Arrangement Update (4866M)
23 Maio 2022 - 12:05PM
UK Regulatory
TIDMAMGO
RNS Number : 4866M
Amigo Holdings PLC
23 May 2022
23 May 2022
Amigo Holdings PLC
("Amigo" or the "Company")
Scheme of Arrangement Update
Preliminary Result of Sanction Court Hearing
Amigo Holdings PLC (LSE: AMGO), a provider of guarantor loans in
the UK, provides an update in relation to the Schemes of
Arrangement pursuant to Part 26 of the Companies Act 2006 proposed
by ALL Scheme Ltd ("SchemeCo") (the "Schemes"), as originally
announced on 6 December 2021, following the Court sanctioning
hearing which took place today, 23 May 2022.
Amigo announces that the High Court has completed the hearing
and the Judge has stated that he will sanction the New Business
Scheme. A written copy of the Judgment will be released later and
will be published, when available on www.amigoscheme.co.uk . The
Board is pleased that the Court has accepted the New Business
Scheme is the best option available for redress creditors who are
owed compensation because of Amigo's past lending practices. A
further update will be given in due course.
Gary Jennison, Chief Executive Officer of Amigo, commented: "We
are pleased that the Court has decided to allow creditors the
chance to maximise their redress payments from Amigo. While we must
secure the FCA's permission to resume lending and raise fresh
capital, the Court's ruling is good news for creditors, customers
and employees, and it takes us a step closer to delivering
compensation as well as drawing a line under the mistakes of the
past.
A successful New Business Scheme will open the door to a fresh
source of responsible, regulated finance for millions of people in
this country who don't have access to mainstream banking. We have
developed new products to serve this market in a responsible way
and believe we have a valuable role to play."
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.
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.
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.
Company
Amigo Holdings PLC investors@amigo.me
Kate Patrick Head of Investor Relations
Roger Bennett Company Secretary
Media enquiries Amigoloans@lansons.com
Tom Baldock 07860 101715
-ENDS-
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END
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May 23, 2022 11:05 ET (15:05 GMT)
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