Business
Response to press speculation
Response to press speculation.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7971T Amigo Holdings PLC 22 March 2019 \n\nNOT 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\nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\")\nFOR IMMEDIATE RELEASE\n22 March 2019\nAmigo Holdings PLC (\"Amigo\")\nNo intention to make an offer for Provident Financial plc (\"Provident\")\nand response to Financial Conduct Authority (\"FCA\") statements\nProvident\nThe Board of Amigo is committed to a mid-cost credit strategy and as such confirms that it is not intending to make an offer for Provident.\nThis is a statement to which Rule 2.8 of the Code applies.\nUnder Note 2 on Rule 2.8 of the Code, Amigo (on behalf of itself and anyone acting in concert with it) reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances.\n(a) in the event that the offer by Non-Standard Finance plc is withdrawn or lapses, with the agreement of the board of Provident; \n(b) if a third party announces a firm intention to make an offer for Provident;\n(c) if Provident announces a \"whitewash\" proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and\n(d) if there has been a material change of circumstances (as determined by the Panel on Takeovers and Mergers).\nFCA statements\nIn light of recent statements made by the FCA, Amigo's regulator, in its Portfolio Strategy Letter to firms dated 6 March 2019 and by Jonathan Davidson of the FCA at the Credit Summit held in London yesterday, and in light of corresponding press coverage, the Board of Amigo wishes to clarify the following:\n(1) Guarantor payments: In relation to Amigo, the number of payments made by guarantors as a proportion of total payments rose very slightly between YE March 2017 and YE March 2018 in line with economic conditions, and has remained broadly constant during the current financial year at just under 10%. Similarly, the number of loans where the g...