Business
Notice of General Meeting
Notice of General Meeting.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n 16 February 2023\n \n \n \n Amigo Holdings PLC\n \n \n \n \n \n \n Notice of General Meeting\n \n \n Amigo Holdings PLC (\"Amigo\" or \"the Company\"), a provider of mid-cost credit in the UK, gives notice that a general meeting of the Company's shareholders will be held at Bournemouth Highcliff Marriott Hotel, 105 St Michael's Road, Bournemouth BH2 5DU on Wednesday 8 March 2023 at 10.00 am.\n \n \n The Notice of General Meeting and accompanying letter from the Chair, Jonathan Roe, are today being sent to all shareholders. The contents of the letter is replicated below and it and the Notice of General Meeting, together with the virtual meeting details, will be available on the Company's website, at\n \n \n https://www.amigoplc.com/Investors/\n \n \n \n \n \n I am writing to you with details of a General Meeting which we are holding at Bournemouth Highcliff Marriott Hotel, 105 St Michael's Road, Bournemouth BH2 5DU, on Wednesday 8 March 2023 at 10.00am. The formal Notice of General Meeting is set out on page 4 of this document. Explanatory notes are set out on pages 5 to 6 of this document.\n \n \n \n \n Under the Companies Act 2006, where the value of a company's net assets are half or less of its called-up share capital, the directors are required to call a general meeting to consider whether any, and if so what, steps should be taken to address the situation.\n \n \n \n \n As at 31 March 2022, the Company, on a standalone basis, had net liabilities of £43.7 million and called-up share capital of £1.2 million, as shown in the Company's statement of financial position at such date. The Board confirms that the value of the net assets of the Company, on a standalone basis, continues to be less than half of the Company's called-up share capital. This does not relate to the Company's consolidated statement of financial position which, as at 31 March 2022, showed net assets of £47.9 million, significantly exceeding the Company's called-up share capital of £1.2 million, and which the Board confirms continues to exceed the Company's called-up share capital.\n \n \n \n \n This position has arisen because the carrying value of subsidiaries in the accounts of the Company has been impaired in the period. The impairment resulted from comparing the lower of the fair value of the subsidiary companies, as calculated using the sh...