4 September 2023

Amigo Holdings PLC

("Amigo" or the "Company")

Notice of 2023 Annual General Meeting ('Notice') and Market Update

Amigo Holdings PLC (LSE: AMGO), a provider of mid-cost credit in the UK that is currently in an orderly solvent wind down, provides the following updates. 

Notice of Annual General Meeting

The Company announces that the AGM will be held at Bournemouth Highcliff Marriott Hotel, 105 St Michael's Road, Bournemouth BH2 5DU on Wednesday 27 September 2023 at 13.30 (BST). Shareholders who are not able to attend in person will be able to listen to and view the Annual General Meeting via webcast. Details of the webcast will be made available on the Company's website in due course: https://www.amigoplc.com/investors.

The Board has prepared the Notice on the basis that it is in the best interests of all stakeholders to put forward resolutions that would normally be expected at an Annual General Meetings. In doing so, the Board is not expressing a view on any longevity or expected future for the Company.

The Group has been in wind-down since March 2023 and, absent any change in circumstances or expression of interest from third parties, the Board will continue to manage the wind down as required under the High Court approved Fallback Solution. It should be noted that whilst the Group is solvent, the Company would be insolvent without the continued support of its subsidiary, Amigo Loans Ltd. In this context, should there not emerge a viable alternative solution, Amigo will hold a separate General Meeting, at a date still to be determined, to seek the required shareholder approval for delisting the Company from the London Stock Exchange and to enter the Company into a Members Voluntary Liquidation.  

The Company has posted to its shareholders the Notice convening the Company's AGM together with instructions on how to vote.  The Notice will be available shortly on the investor section of the Company's website: www.amigoplc.com and on the National Storage Mechanism.   

Market Update on Exclusivity Agreement

The Agreement between Amigo and Mr Fleming announced on 9 June 2023 (the "Agreement") has a period of exclusivity that ends on 5 September 2023. Whilst the underlying commercial arrangements of the Agreement will continue to exist beyond that date, the Company does not intend to extend the period of exclusivity beyond 5 September 2023.  The Board recognises the very low likelihood of a successful conclusion to any discussions arising because of this Agreement but is pursuing the Agreement in line with its duties under the Companies Act to consider the interests of all stakeholders, including creditors, shareholders and employees. Under the Fallback Solution of Amigo's Scheme of Arrangement (the orderly wind down of the Amigo Loans Ltd business), there is no expected residual value for shareholders.

The person responsible for this announcement is Roger Bennett, Company Secretary.

ENDS

Enquiries

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.