Business
An open letter to Shareholders from the CEO
An open letter to Shareholders from the CEO.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7104B\n Amigo Holdings PLC\n 12 October 2020\n \n \n \n \n 12 October 2020\n \n \n \n \n \n Amigo Holdings PLC\n \n \n (\"Amigo\" or the \"Company\")\n \n \n \n \n \n An open letter to Shareholders from the CEO\n \n \n \n \n \n Dear Shareholders\n \n \n \n \n \n When I became CEO of Amigo I said, \"it's fair to say I like a tough challenge\", which is true. But I get a stronger sense of pride and accomplishment from the end result. Amigo has had a tough two years, but it is an exciting business with a really strong and valuable purpose.\n \n \n \n \n \n I have successfully turned around three financial services businesses in my career, and I am determined to make this number four. My job is to lead the turnaround, but I can't do it on my own. Amigo is full of good people at all levels and we are working hard to fix the complaints, fix the relationship with the regulator, and get Amigo lending again. Our customers need us and by Amigo currently not lending more widely, they are the ones that are missing out.\n \n \n \n \n \n I know that the dynamic of our shareholder register has changed enormously since our IPO in 2018 and we recognise that many of you will have lost a lot of money from being a shareholder in Amigo. My job is to make sure that we engage with all types of shareholders, whatever your size of holding. I want to get involved and listen to what you have to say. I am here because I am motivated by achieving results. I want to turn this business around and get it back on track.\n \n \n \n \n \n I have had a good relationship with the Financial Conduct Authority and the Prudential Regulatory Authority in my previous roles. I am going to spend my time building relationships with the key people in the regulator; to discuss my plans and to get their help to make sure what we're planning to do is in line with what they want us to do. I need to ask them questions and listen to their answers.\n \n \n \n \n \n I have seen a lot of evidence that we do things properly. We ask a lot of questions to really understand our customer's outgoings and income. Where a customer has a valid complaint and we have done something wrong, we are going to do the right thing for the customer and put it right. There are undoubtably cases where we have done the wrong thi...