Business
3rd Quarter Results
3rd Quarter Results.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 23 February 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amigo Holdings PLC\n \n \n \n \n Financial Results for the nine months ended 31 December 2022\n \n \n \n Amigo Holdings PLC, (\"Amigo\" or the \"Company\"), provider of mid-cost credit in the UK, announces results for the nine-month period ended 31 December 2022.\n \n \n \n \n \n \n \n \n \n Danny Malone, Chief Executive Officer commented:\n \n \n \n \n \"In recent weeks we have made progress with the capital raise, despite extremely difficult market conditions, but have yet to secure the equity funding needed and conversations with potential investors are ongoing. Positively, Amigo's pilot RewardRate lending programme, launched under regulatory supervision, is now building momentum in a market where demand is strong. This is a clear indication of the need for a mid-cost lending solution for people not served by mainstream lenders and, as Directors, we fully believe in the considerable growth potential of our business and the role it can play in greater financial inclusion and mobility. Clearly, we continue to face uncertainty and we recognise that this is a very challenging time both for our shareholders and our employees. The Board would like to assure them that it is leaving no stone unturned as it seeks to secure additional equity funding and deliver the best outcome possible for all our stakeholders.\"\n \n \n \n \n \n \n \n \n \n \n \n \n Headlines\n \n \n \n · \n Amigo continues to operate according to the terms of a Scheme of Arrangement (\"Scheme\"), sanctioned by the High Court in May 2022.\n \n \n · \n The Scheme includes a 'Preferred Solution', which is conditional on the completion of a 19:1 capital raise by 26 May 2023 (the \"Capital Raise\"), followed by the contribution of a minimum 15m payment to the Scheme Fund for creditor redress.\n \n \n · \n Conversations with potential investors to underwrite a £45m equity raise continue. To date non-binding, indicative interest for between £10m to £15m of equity and £10m of exchangeable notes has been received.\n \n \n · \n Under the terms of the Scheme, if the Board expects the Capital Raise to be unsuccessful, it is legally bound to switch the S...