Business
Result of Creditors' Meeting
Result of Creditors' Meeting.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n 13 May 2022\n \n \n \n \n \n Amigo Holdings PLC\n \n \n (\"Amigo\" or the \"Company\")\n \n \n \n \n \n Result of Creditors' Meeting\n \n \n \n \n \n Amigo Holdings PLC (LSE: AMGO), a provider of guarantor loans in the UK, provides an update in relation to the Schemes of Arrangement pursuant to Part 26 of the Companies Act 2006 proposed by \n ALL Scheme Ltd (\"SchemeCo\") (the \"Schemes\"), following the completion of the Creditors' Meeting held on 12 May 2022.\n \n \n The creditors were offered a vote on both a New Business Scheme and a Wind Down Scheme. To qualify for subsequent Court approval each\n Scheme requires that more than 50% of all creditors who vote to vote in favour, and the total value of their claims to represent at least 75% of the value of the claims of all creditors who vote. In order to become effective, the relevant Scheme requires sanction by the Court.\n \n \n \n New Business Scheme\n \n \n \n Amigo announces that, of the creditors who chose to vote, 88.8% by number representing 90.0% by value, voted in favour of the New Business Scheme. In total, the Company has received 145,532 votes in favour of the New Business Scheme and 18,401 votes against the New Business Scheme, with values of 459,526,003 in favour and 50,894,131 against.\n \n \n \n Wind Down Scheme\n \n \n \n Amigo announces that, of the creditors who chose to vote, 83.1% by number representing 81.7% by value, voted in favour of the Wind Down Scheme. In total, the Company has received 134,677 votes in favour of the Wind down Scheme and 27,363 votes against the Wind Down Scheme, with values of 411,849,382 in favour and 92,231,859 against.\n \n \n \n Court sanction hearing\n \n \n \n In order to become effective, the Court needs to sanction the relevant Scheme. The Court hearing to sanction the relevant Scheme of Arrangement is listed to be held on 23 and 24 May 2022. The Company will first ask the Court to sanction the New Business Scheme. In the event that the Court does not sanction the New Business Scheme the Company will ask the Court to sanction the Wind down Scheme.\n \n \n \n Proposed temporary suspension of shares\n \n \n \n In order to avoid the possibility of asymmetric information in the market during the period of the Court hearing, Amigo intend...