13 May 2022

Amigo Holdings PLC

("Amigo" or the "Company")

Result of Creditors' Meeting

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 ALL Scheme Ltd ("SchemeCo") (the "Schemes"), following the completion of the Creditors' Meeting held on 12 May 2022.

The creditors were offered a vote on both a New Business Scheme and a Wind Down Scheme. To qualify for subsequent Court approval each 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.

New Business Scheme

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.

Wind Down Scheme

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.

Court sanction hearing

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.

Proposed temporary suspension of shares

In order to avoid the possibility of asymmetric information in the market during the period of the Court hearing, Amigo intends to request from the FCA a temporary suspension of its listing of its ordinary shares of 0.25 pence each nominal value, which are listed on the Main Market of the London Stock Exchange ('Temporary Suspension of Shares') for the period from the date of the Court hearing, starting 23 May 2022, until such time as the Company has time to update the market.  

Gary Jennison, Chief Executive Officer of Amigo, commented: "Our customers have voted in favour of the New Business Scheme, which the Board of Amigo believes offers the maximum possible redress to creditors. This is an important step to address the liabilities that arose from historic lending practices under previous management.

"However, the New Business Scheme still needs to be sanctioned by the Court, and a significantly dilutive equity issue is needed to fund the Scheme and to recapitalise the ongoing business given the requirements of the Schemes for the transfer of virtually all existing assets to the redress creditors. 

"We would like to thank all those customers who took the time to make their voices heard, as well as the FCA who confirmed last month there has been a significant improvement in the Scheme terms compared with Amigo's first Scheme. The approval of the Scheme will deliver the best possible outcome for creditors, and Amigo's proposed return to lending will allow us to play an important role in the non-standard lending sector, at a time of unprecedented rising living costs."   

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.

This announcement constitutes notice by Amigo Luxembourg S.A. (the "Issuer") to the holders of the Issuer's 7.625% Senior Secured Notes due 2024 (for the notes issued pursuant to Rule 144A of the United States Securities Act of 1933, ISIN: XS1533928468 and Common Code: 153392846; for the notes issued pursuant to Regulation S of the United States Securities Act of 1933, ISIN: XS1533928625 and Common Code: 153392862) (the "Notes") issued pursuant to pursuant to Section 4.03(a)(3) of an indenture dated January 20, 2017 among, inter alia, the Issuer, the guarantors named therein and U.S. Bank Trustees Limited, as trustee and security agent.  Amigo Holdings PLC is the indirect parent company of the Issuer. This announcement shall constitute a "Report" to holders of the Notes.

Company

Amigo Holdings PLC       [email protected]                                      

Kate Patrick                        Head of Investor Relations         

Roger Bennett                  Company Secretary                                       

Media enquiries              [email protected] 

Tom Baldock                      07860 101715

Ed Hooper                           07783 387713

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