Business
Formal Sale Process and Market Update
Formal Sale Process and Market Update.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 1016O\n Amigo Holdings PLC\n 27 May 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n FOR IMMEDIATE RELEASE\n \n \n \n \n 27 May 2020\n \n \n \n \n \n \n \n \n \n \n \n Amigo Holdings PLC\n \n \n (\"Amigo\" or the \"Company\")\n \n \n \n \n \n Formal Sale Process and Market Update\n \n \n Amigo, a leading provider of guarantor loans in the UK, is today providing an update on the formal sale process and current trading including its liquidity and funding position and an agreement reached with the Financial Conduct Authority on complaints handling.\n \n Update on the Formal Sale Process (\"FSP\")\n \n Amigo announces that it has received a proposal from a potential acquirer, who has completed its due diligence, stating that it is prepared to announce a firm intention to make an offer for the entire issued and to be issued share capital of Amigo at 20.9 pence per ordinary share (the \"Potential Offer\") in accordance with Rule 2.7 of the City Code on Takeovers and Mergers (the \"Code\"). The Potential Offer is subject to Amigo's controlling shareholder, Richmond Group Limited (\"Richmond Group\"), providing an irrevocable undertaking to vote in favour of the transaction and to halt its steps to change the Board composition, and the finalisation of customary documentation.\n \n \n However, despite attempts to discuss the Potential Offer with Richmond Group, Amigo has been unable to engage constructively and ascertain Richmond Group's willingness or not to accept the Potential Offer. Richmond Group has requested that Amigo publicly disclose the status of the FSP such that it can be cleansed of inside information relating to the FSP.\n \n There can be no certainty that any offer will be forthcoming.\n \n The board of directors of Amigo recommends that minority shareholders take no action at this time until Richmond Group has confirmed its intentions regarding the Potential Offer.\n \n The Company continues to be in an offer period as defined in the Code and the dealing disclosure requirements set out b...