Business
Scheme of Arrangement: update
Scheme of Arrangement: update.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3110A\n Amigo Holdings PLC\n 01 June 2021\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 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n FOR IMMEDIATE RELEASE \n 1 June 2021\n \n \n \n \n \n Amigo Holdings PLC\n \n \n (\"Amigo\" or the \"Company\")\n \n \n \n \n \n Scheme of Arrangement: update\n \n Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, provides an update on the scheme of arrangement (the \"Scheme\") of ALL Scheme Ltd (\"SchemeCo\") announced on 25 January 2021.\n Following the Court judgment announced on 25 May 2021 where the Scheme was not approved, Amigo can confirm that SchemeCo will not be pursuing an appeal. The Board of Amigo continues to consider all options, which includes insolvency, and whether it might be possible and appropriate, given the cost of a scheme, to promote another scheme of arrangement to avoid insolvency. \n The issues and challenges facing Amigo are complex and Amigo will continue to liaise in the coming weeks with its regulator the Financial Conduct Authority ('FCA') to seek to address its concerns as quickly as possible. Amigo confirms that, as announced on 25 May 2021 and previously, to ensure equal treatment of customers with redress claims, the payment of redress creditors will continue to be stopped as set out in the announcements dated 25 May 2021 and 21 December 2020 until further notice.\n Given the continued uncertainty following the Court judgment dated 25 May 2021, Amigo currently anticipates delaying the issuance of its financial results for the year ended 31 March 2021. Under the terms of the Notes (as defined below), Amigo should publish its financial results within 120 days of such date. The Company currently anticipates publishing these financial results before 29 July 2021 as permitted by the Notes. Further updates will be provided in due course as appropriate.\n \n Gary Jennison, Chief Executive Officer of Amigo, commented: \"Withouta scheme, Amigo faces insolvency as it will be unable to satisfy its customer compensation...