Business
Response to statement by James Benamor
Response to statement by James Benamor.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 0694F\n Amigo Holdings PLC\n 05 March 2020\n \n \n \n \n \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 \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n 5 March 2020\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 \n \n \n Response to statement by James Benamor\n \n \n \n \n \n Amigo notes the statement made by James Benamor on social media on the evening of 4 March 2020.\n \n \n Mr Benamor's statement contains several material inaccuracies and is fundamentally incorrect in a number of respects. Amigo does not accept Mr Benamor's account of events. Amigo remains fully committed to fulfilling all of its legal and regulatory obligations, and will continue to engage with regulators in an appropriate and constructive manner. Amigo confirms that the contents of the announcement of its Q3 results on 27 February 2020 remains accurate at this point in time, including in relation to the levels of provisioning. \n \n \n In particular:\n \n \n · \n Mr Benamor inaccurately states that he voted against the formal sale process. The Amigo Board, including Mr Benamor, unanimously approved the announcement of the strategic review and formal sale process on 27 January 2020. The formal sale process was initiated as a direct consequence of Mr Benamor notifying Amigo that Richmond Group (Mr Benamor's holding vehicle) was a willing seller of its shares in Amigo, which would place Amigo into an offer period in accordance with the Takeover Code.\n \n \n · \n Mr Benamor inaccurately states that the Financial Conduct Authority (the \"FCA\") authorised Amigo in 2017. Amigo was authorised by the FCA in 2016.\n \n \n · \n Amigo rejects Mr Benamor's binary analysis that Amigo either must take the Financial Ombudsman Service (the \"FOS\") to a judicial review or that it has a systemic problem with its loan book. The Company monitors its loan book regularly and has concluded, as part of its Q3 review process, that it does not have a systemic problem. In the Company's Q3 results, it announced a £18.7m provision. This provision relates to both the estimated cost...