Business
Strategic Review and Statement from Richmond Group
Strategic Review and Statement from Richmond Group.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9344A Amigo Holdings PLC 27 January 2020 \n\n \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\n \nFOR IMMEDIATE RELEASE\n \n27 January 2020\n \n \nAmigo Holdings PLC\n(\"Amigo\" or the \"Company\")\n \nStrategic Review and Statement from Richmond Group Ltd\n \n \nStrategic Review and Potential Controlling Shareholder Sale\n \nAmigo has been informed by Richmond Group Ltd (\"RGL\"), the Company's controlling shareholder, that it is a willing seller of its 60.66% holding in Amigo and, as a result, the Company has today launched a strategic review and formal sale process with a view to maximising value for its shareholders which may result in a sale of the Company or a sale of some or all of the Company's business.\n \nThe Board has appointed RBC Capital Markets as its financial adviser for the purposes of the strategic review and the formal sale process. \n\nBackground to Strategic Review\n \nThe strategic review will consider various aspects of the Company's strategy, ownership and operating model, including the potential sale of the Company as a whole, the sale of parts of the group, reorganisation of entities within the Company's group, the sale of the UK business, the sale of certain books of business including a potential de-listing of the Company's shares. The strategic review will include a formal sale process of the Company, further details of which can be found below. \n \nCurrent Trading\n \nThe Company confirms that it remains within guidance for loan book growth and impairments for the period of nine months ended 31st December 2019.\n \nAs noted in our 2019 half year accounts Amigo continues to face a challenging operating environment. While Amigo remains confident in the robustness of its approach to lending decisions, we are concerned that there may be increased pressure on our business and a continual evolution in the approach of the Financial Ombudsman Service. We continually look to enhance our processes and are monitoring developments with a view to assessi...