Business
Legal proceedings against Richmond Group Limited
Legal proceedings against Richmond Group Limited.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 5031O\n Amigo Holdings PLC\n 01 June 2020\n \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 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n 1 June 2020\n \n \n \n \n Amigo Holdings PLC\n \n \n (\"Amigo\" or the \"Company\")\n \n \n \n Legal proceedings against Richmond Group Limited\n \n \n \n \n \n Amigo announces that it has filed an application today with the High Court of Justice for an injunction to prevent Richmond Group Limited (\"Richmond\") from voting in favour of the resolutions to appoint Sam Wells and Nick Makin as directors of Amigo (the \"Shareholder Director Nominees\") and to remove each of the current members of the board (together, the \"Resolutions\") proposed in the upcoming general meeting (\"General Meeting\") to be held on 17 June 2020 (the \"Injunction Application\").\n \n \n \n \n \n All directors have made clear that they are willing to step down provided it is by way of an orderly succession and have no interest in prolonging their appointment. However, the board has been left with no option but to take legal action against Richmond following its continued refusal to abide by the terms of the relationship agreement entered into between Richmond and Amigo on 29 June 2018 (the \"Relationship Agreement\"). \n \n \n \n \n \n \n Stephan Wilcke, Chairman of Amigo, commented:\n \n \n \"The Board has offered to leave, and will do so, but it must be through an orderly process. We cannot risk the Amigo group's ability either to conduct its FCA regulated activities or to continue as a London-listed company operating in accordance with the UK Corporate Governance Code.\n \n \n \n \n \n \n Amigo is a publicly listed, regulated company, not a wholly owned private subsidiary. We are duty bound to protect the interests of all shareholders and to prevent a majority shareholder acting in breach of the Relationship Agreement.\"\n \n \n \n \n \n The board has made the Injunction Application for the sole purpose of ensuring that there is an orderly process for the replacement of the board and in accordanc...