23 September 2022

Amigo Holdings PLC

("Amigo" or the "Company")

Directorate Changes

Amigo Holdings PLC (LSE: AMGO), a provider of mid-cost credit in the UK, announces an update to its management team.

Gary Jennison has affirmed to the Board the decision that he should step down from his role as CEO and as a Director. He will be replaced as Chief Executive by Amigo's current Chief Financial Officer, Danny Malone, who in turn will be replaced in his role by Kerry Penfold, currently Head of Finance at Amigo. The new appointments are subject to approval under the Senior Managers' Regime, by the Financial Conduct Authority. Gary will step down from these roles immediately but both Gary and the Board are keen to ensure an appropriate transition and he will continue to be employed by Amigo and supporting the business until the end of the year (31 December 2022).

Chairman Jonathan Roe said "I'd like to thank Gary for his dedication and considerable contribution to Amigo. When he took the role in September 2020, Amigo was teetering on the brink and we appointed Gary to lead the turnaround and the major transformation required. We now stand in a far better place, with a clear vision for the business and within sight of returning to lending. There is still work ahead but we are now entering a new phase in our recovery focused on our new proposition and growth."

Gary Jennison said "I came out of retirement as I'm passionate about financial inclusion and believe that Amigo can play a positive role in addressing the clear gap that exists for many people who are excluded from mainstream finance. I'm very proud of how much we have achieved as a team through what has been an extremely challenging period. Given this progress, and as we look towards a capital raise, it feels the right juncture to hand over the baton as we move from turnaround to rebuild. With the approval of the Scheme of Arrangement the business can now move forward.  The FCA has yet to approve our return to lending and we continue to work closely with the FCA to achieve this goal as soon as is practicable.  Our new lending proposition, RewardRate, will be better for our customers than our products in the past. I wish both Danny and the company all the success for the future."

Danny Malone has a wealth of financial services experience. A qualified chartered accountant, he has held senior management and executive board level positions with Everyday Loans Limited as Chief Executive Officer, Finance Director and founder, CitiFinancial Europe PLC as Chief Executive Officer and Chief Financial Officer, and Avco Trust PLC as Finance Director. He has also served as Chief Executive of Perch Group. He is currently Non-Executive Chair of Floan Limited, a start-up fintech online loan broking company servicing travel agents, and a Non-Executive Director of The Personal Finance Centre Limited, both non-listed companies.

Danny's focus over the coming period will be on the completion of the delivery of the new RewardRate product suite and platform; leading the team on seeking a settlement of the FCA' ongoing Enforcement investigations and continuing to work closely with the FCA to achieve the goal to return to volume lending as soon as is practicable. All of this work is on the critical path to enable Amigo to secure the new capital it requires to fund the business.

A qualified accountant, Kerry Penfold has held a number of senior roles during a near

twenty-year career in financial services. Prior to joining Amigo in February 2022, Kerry held positions as Head of Motor Finance at United Trust Bank and a range of roles at Lenlyn Group including Operations Director at Raphaels Bank and Head of Group Financial Control. There are no additional matters that would require disclosure under LR 9.6.13R (1) to (6) in relation to this appointment.

Following the above change, the total number of Directors on Amigo's Board will consist of three independent Non-Executive Directors, including the Chair, and two Executive Directors.

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.

Enquiries

Company

Amigo Holdings PLC                       [email protected]                           

Kate Patrick                                        Head of Investor Relations    

Roger Bennett                                     Company Secretary

Media enquiries                                [email protected] 

Tony Langham                                    07979 692287

Tom Baldock                                       07860 101715

Peel Hunt LLP                                   020 7418 8900

Andrew Buchanan

Oliver Jackson

Sam Milford

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