Business
Amigo Holdings PLC – Interim Financial Results
Amigo Holdings PLC – Interim Financial Results.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n\n22 November 2024\n \nAmigo Holdings PLC\nInterim Financial Results for the six months ended 30 September 2024\nAmigo Holdings PLC (\"Amigo\", \"PLC\" or the \"Company\"), a former UK provider of mid-cost credit now in run-off, announces its financial results for the six months ended 30 September 2024.\nKerry Penfold, CEO/CFO, commented:\n\"Initial Scheme payments are almost complete, and we have concluded the sale of the loan books. This means that we are nearing completion of the operational wind down of the business. I continue to be very proud of and grateful for the ongoing resilience of all our staff and their determination to support customers and each other through this process.\nWe are continuing our search for a reverse takeover partner, following our equity raise and the appointment of Jim McColl to our Board. If a reverse takeover were to go ahead, it would deliver some value to shareholders that would otherwise not be possible.\"\nHeadlines:\n· Wind-down process: Amigo continues to operate the orderly wind down of its legacy lending business announced under the Fallback Scheme. We are very grateful to our staff for their continued commitment under difficult circumstances.\n· Office closure: In July 2024, Amigo moved to a much smaller office and closed the main office due to reduced space needs.\n· Claims processing: The processing of claims and payment of redress to Scheme claimants continues. We have determined 99.98% of Scheme claims. There remain some creditors due redress that have not provided payment details, and we encourage them to provide these as soon as possible, to avoid losing amounts due or delaying a final Scheme Payment to creditors. To date we have paid £85.1m in refunds and £72.9m in cash redress. After meeting the costs of the wind down, all cash and assets of the legacy business are pledged to Scheme creditors. There will be no return to shareholders from the wind down of the legacy business.\n· Portfolio sales: We have completed the sales of legacy loan book portfolios following a competitive process.\n· Board composition: Jim McColl joined Amigo, first as a consultant and later joined the Board on 1 September, aiding us in the search for an alternative future for Amigo PLC.\n· &nbs...