NOT 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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

12 May 2025

Amigo Holdings PLC

("Amigo" "PLC" or the "Company")

Board Changes and Company update

Amigo Holdings PLC ("Amigo" "PLC" or the "Company"), a provider of mid-cost credit in the UK that is currently in an orderly solvent wind-down, announces the proposed board changes detailed below. 

Kerry Penfold will immediately step down from her role as PLC CEO and Director. She will continue with her role as CEO of the Company's subsidiaries (including Amigo Loans Ltd) until 31 May 2025. Nicholas Beal, Amigo's Chief Restructuring Officer will join the PLC board as an Executive Director with immediate effect and will take on Kerry's PLC responsibilities alongside his existing role.

Michael Bartholomeusz will also immediately step down from his role as a PLC Non-Executive Director and Chair of the Audit and Risk Committees. However, he will continue with his role as a Non-Executive Director of the Company's subsidiaries (including Amigo Loans Ltd) until 31 May 2025.

Jonathan Roe, Chair commented:

"Kerry has done an amazing job leading the team through to completion of a very complicated Scheme of Arrangement process. Having navigated us to the second Scheme payment she has decided this is the right time to move on to find a new opportunity. We wish her well for the future and we know that she will succeed at whatever she does next"

"I have been very grateful for Michael's support during this very difficult time for Amigo. His contributions to Board discussion, with particular focus on risk and regulation, have made sure that we have done the right thing for customers."

"I extend a warm welcome to Nick to the PLC Board and look forward to working with him to secure an RTO and a long-term future for PLC."

Following the change, the total number of Directors on Amigo's Board will consist of two independent Non-Executive Directors and one Executive Director. Further information on Nicholas Beal is set out in the Appendix. There is no information pursuant to UKLR6.4.8R to be notified in respect of Nicholas Beal.

Company update

The Board continues to search for a suitable reverse takeover ("RTO") target to enable the Company to continue as a viable business in the long term. The Company has a very limited runway and, based on its budget and further measures to reduce costs, current resources will only be sufficient until early July 2025 prior to which the Company will need to raise additional funding in order continue its RTO search, failing which it will need to declare insolvency.

Further announcements will be made in due course.

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). The person responsible for this announcement is Nicholas Beal, Company Secretary.

Appendix

Further information on the new Director

About Nicholas Beal

Nick has been with the Amigo group for 13 years and for the last 5 has been the Chief Restructuring Officer, responsible for the Scheme of Arrangement process. Nick is a solicitor and is currently also Group Company Secretary. Before his current role, Nick was the Chief Regulatory and Public Affairs Officer, responsible for external affairs and communications, including with the media, politicians and our regulators. Nick has previously worked for large legal practices, and banks and building societies before joining the Group.

In addition to being a director of group companies, Nick has in the last 5 years been a director of: Citygate Church, and Michaels Ltd (a homeless hostel). Nick was also a Non-Executive Director of Bournemouth University and Vice-Chair of the Audit, Risk, and Governance sub-Committee.

About Amigo

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 started 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 has been run off with all net proceeds due to creditors under a Court approved Scheme of Arrangement. Amigo Loans Ltd is authorised and regulated in the UK by the Financial Conduct Authority.

-ENDS-