Business
Financial Results for the year ended 31 March 2024
Financial Results for the year ended 31 March 2024.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n\n\n \n25 July 2024\n \n \n \nAmigo Holdings PLC\n Financial Results for the year ended 31 March 2024\n \nAmigo Holdings PLC, (\"Amigo\", \"Amigo PLC\" or the \"Company\"), offered mid-cost credit in the UK. The lending business is currently progressing through an orderly solvent wind down. Today it announces results for the year ended 31 March 2024.\n \n \nKerry Penfold, Chief Executive Officer commented:\n \n\"With initial Scheme payments underway and with the sale of the loan books almost complete, we are nearing completion of the operational wind down of the business. I am very proud of and grateful for the resilience of all our staff and their determination to support customers and each other through this process.\"\n \nWhile it is disappointing to be executing the wind down of Amigo's lending business, we are continuing our search for a reverse takeover partner, following our equity raise earlier this year and the appointment of Jim McColl as strategic consultant. If a reverse takeover were to go ahead, it would deliver some value to shareholders that would otherwise not be possible.\"\n \n \nOperational Headlines\n \n· On 23 March 2023, Amigo PLC switched to the Fallback Solution under the Group's Scheme of Arrangement.\n· Subsequently, the Board determined that the financial statements will no longer be prepared on a going concern basis (see note 1 of the Financial Statements).\n· The priorities now are to complete the orderly wind down of the business as outlined under the Scheme's Fallback Solution, to realise assets to maximise return for Scheme creditors, and to look after the wellbeing of our remaining employees.\n· Collection or sale of all loan books is substantively complete.\n· Initial processing of claims made under the Group's Scheme of Arrangement is now almost complete.\n· Staff numbers have reduced accordingly throughout the year under a planned redundancy programme.\n· Amigo PLC has recently raised capital to extend the life of the PLC while the Board investigates possibilities for an RTO that could benefit shareholders. Unless an RTO of Amigo PLC takes place, the wind down will leave no value for...