Amigo Holdings PLC AGM Statement (3574N)
29 September 2021 - 5:08PM
UK Regulatory
TIDMAMGO
RNS Number : 3574N
Amigo Holdings PLC
29 September 2021
29 September 2021
Amigo Holdings PLC
("Amigo" or the "Company")
AGM Statement
Amigo, a leading provider of guarantor loans in the UK, will
hold its Annual General Meeting today. At the meeting today the
following statement will be made:
" Collections have remained robust since the end of the year.
While we continue to see increased levels of arrears, predominantly
from customers exiting Covid-19 payment holidays, overall
collections have been robust since the end of the year and remain
encouraging. Combined with effective cost management, this has
given the Company a current unrestricted cash position of
GBP229m.
"The Company continues to operate within significant financial
constraints. New lending is suspended. The current net loan book,
after impairment, is approximately GBP235m. At the time of the full
year results we estimated that the total of balance set-off
adjustments and associated costs would be approximately GBP100m.
The Company will incur future operating costs to collect out the
remaining loan book. The current annual overhead costs are
approximately GBP25m. While securitisation borrowings are now fully
repaid, senior secured notes of GBP234.1m remain outstanding with
an attached annual interest cost of GBP17.9m.
"Work to progress a new Scheme of Arrangement ('Scheme')
continues, with ongoing engagement with both the Independent
Customers' Committee ('ICC') and the Financial Conduct Authority
('FCA'). While progress has been slower than originally
anticipated, it is critical that we listen to the voice of our
customer, as represented by the ICC. On 28 September 2021, Amigo
submitted a revised Scheme proposal, incorporating feedback from
the ICC, along with its future business plan to the FCA and the
ICC.
"The Board remains committed to pursuing a solution that enables
Amigo to satisfy its obligations to all stakeholders in the most
equitable way possible and to returning to providing the
opportunity for financial inclusion to the many in society who are
locked out of finance by the mainstream providers."
Access to the AGM
Amigo Holdings PLC will be holding the Company's Annual General
Meeting today at the Hilton Bournemouth, Terrace Road, Bournemouth,
BH2 5EL at 10.00am. A live webcast will also be available via Zoom
using:
Join Zoom Meeting
https://us02web.zoom.us/j/81228584492?pwd=RXI1NUdnNXdmN0Jxc284dGt2V0J2QT09
Meeting ID: 812 2858 4492
Passcode: 328076
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.
Company
Amigo Holdings PLC investors@amigo.me
Mike Corcoran Chief Financial Officer
Kate Patrick Head of Investor Relations
Media enquiries Amigoloans@lansons.com
Tom Baldock 07860 101715
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.
Senior Secured Notes
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.
-ENDS-
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END
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