3 April 2023
Amigo Holdings PLC
Update on Employee Share Schemes and Total Voting Rights
Amigo Holdings PLC ("Amigo" or "the Company"), a provider of mid-cost credit in the UK reports, following the announcement on 23 March 2023 that the Company was reverting to an orderly wind-down of the business, on the changes noted below to the Company's share schemes.
Long Term Incentive Plan ('LTIP')
With effect from 31 March 2023, all outstanding awards in favour of directors, PDMR and employees made under the Amigo Holdings PLC Long Term Incentive Plan were cancelled for nil consideration. At the time of the cancellation, there were outstanding LTIP awards over 8,047,349 ordinary shares of 0.25 pence each in the Company ("Ordinary Shares"). Over the course of the period since the introduction of the LTIP, no LTIP awards over Ordinary Shares have vested. Details of the cancelled LTIP held by PDMR, totalling awards over 3,500,000 Ordinary Shares are set out in the tables below.
All Employee Shares Incentive Plan ("SIP")
With effect from 31 March 2023 the Company's SIP ceased to accept all new contributions made on behalf of participants. In due course, following distribution of the assets retained in the SIP, the Company will seek to wind up the SIP, in line with the requirements of the SIP and the HMRC.
Save As You Earn ("SAYE")
The Company intends to close the SAYE to all new contributions from participants and will return to participants their contributions. In due course, following distribution of the cash held in the SAYE, the Company will seek to wind up the SAYE, in line with the requirements of the SAYE and the HMRC. As a result of the closure of the SAYE, all outstanding SAYE options over Ordinary Shares will be cancelled for nil consideration.
Total voting rights
The total number of Ordinary Shares in the Company with voting rights is 475,333,760 and this figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules. Following the closure of the LTIP and SAYE, there will be no outstanding options over Ordinary Shares.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for this announcement is Roger Bennett, Company Secretary.
The below information and notification is made in accordance with the EU Market Abuse Regulation.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
| | Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA') | |||||
| a) | Name | Nicholas Beal | ||||
| 2. | Reason for notification | |||||
| b) | Position / status | Chief Restructuring Officer/PDMR | ||||
| c) | Initial notification / amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| b) | Name | Amigo Holdings PLC | ||||
| c) | LEI | 213800PUHEBLCWDW9T74 | ||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument
Identification code
| Ordinary shares of GBP0.0025 each
GB00BFFK8T45 | ||||
| b) | Nature of the transaction | Cancellation of options to acquire ordinary shares under the Company's Long Term Incentive Plan. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information Aggregated volume Price |
1,000,000 Nil per share | ||||
| e) | Date of the transaction | 31 March 2023 | ||||
| f) | Place of the transaction | Outside of trading venue | ||||
| | Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA') | |||||
| a) | Name | Paul Dyer | ||||
| 2. | Reason for notification | |||||
| b) | Position / status | Chief Operating Officer | ||||
| c) | Initial notification / amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| b) | Name | Amigo Holdings PLC | ||||
| c) | LEI | 213800PUHEBLCWDW9T74 | ||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument
Identification code
| Ordinary shares of GBP0.0025 each
GB00BFFK8T45 | ||||
| b) | Nature of the transaction | Cancellation of options to acquire ordinary shares under the Company's Long Term Incentive Plan. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information Aggregated volume Price |
1,500,000 Nil per share | ||||
| e) | Date of the transaction | 31 March 2023 | ||||
| f) | Place of the transaction | Outside of trading venue | ||||
| | Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA') | |||||
| a) | Name | Jacob Ranson | ||||
| 2. | Reason for notification | |||||
| b) | Position / status | Chief Customer Officer | ||||
| c) | Initial notification / amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| b) | Name | Amigo Holdings PLC | ||||
| c) | LEI | 213800PUHEBLCWDW9T74 | ||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument
Identification code
| Ordinary shares of GBP0.0025 each
GB00BFFK8T45 | ||||
| b) | Nature of the transaction | Cancellation of options to acquire ordinary shares under the Company's Long Term Incentive Plan. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information Aggregated volume Price |
1,000,000 Nil per share | ||||
| e) | Date of the transaction | 31 March 2023 | ||||
| f) | Place of the transaction | Outside of trading venue | ||||
ENDS
Enquiries
| Company |
|
| Amigo Holdings PLC | investors@amigo.me |
| Kate Patrick | Investor Relations Director |
| Roger Bennett | Company Secretary |
|
|
|
| Media enquiries | Amigoloans@lansons.com |
| Ed Hooper | 07783 387713 |
| | |
| Peel Hunt LLP | 020 7418 8900 |
| James Britton | |
| Oliver Jackson | |
| | |
| | |
About Amigo Loans
Amigo is a public limited company registered in England and Wales with registered number 10024479. The Amigo Shares are listed on the Official List of the London Stock Exchange. On 23 March 2023 Amigo announced that it has ceased offering new loans, with immediate effect, and would start the orderly solvent wind-down of the business. Amigo provided guarantor loans in the UK from 2005 to 2020 and unsecured loans under the RewardRate brand from October 2022, offering access to mid‐cost credit to those who are unable to borrow from traditional lenders due to their credit histories. Amigo's back book of loans is in the process of being run off with all net proceeds due to creditors under a Court approved Scheme of Arrangement. Amigo Loans Ltd and Amigo Management Services Ltd are authorised and regulated in the UK by the Financial Conduct Authority.
Additional Information
This announcement is not intended to, and does not, constitute or form part of any offer, invitation, or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell, or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.
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