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 £229m.
“The Company continues to operate within significant financial constraints. New lending is suspended. The current net loan book, after impairment, is approximately £235m. At the time of the full year results we estimated that the total of balance set-off adjustments and associated costs would be approximately £100m. The Company will incur future operating costs to collect out the remaining loan book. The current annual overhead costs are approximately £25m. While securitisation borrowings are now fully repaid, senior secured notes of £234.1m remain outstanding with an attached annual interest cost of £17.9m.
“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
Meeting ID: 812 2858 4492
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.
Amigo Holdings PLC [email protected]
Mike Corcoran Chief Financial Officer
Kate Patrick Head of Investor Relations
Media enquiries [email protected]
Tom Baldock 07860 101715
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.
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