Scheme update: creditor voting and FCA letter

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE                                                                                                           11 May 2021

Amigo Holdings PLC

("Amigo" or the "Company")

Scheme of Arrangement: update on creditor voting and FCA letter

Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, provides an update on the Scheme of Arrangement (the 'Scheme') of ALL Scheme Ltd ('SchemeCo') announced on 25 January 2021, following the closing date for online voting and proxy appointment ahead of the creditor meeting to be held on 12 May 2021.

As at the closure of the online voting portal, the Company has received a total of 74,866 votes in favour of the Scheme and 3,862 votes against.  The votes in favour of the Scheme represent approximately 95.1% of the total number of votes cast and approximately 95.7 % of the value of the claims of all creditors who have so far voted.   715 creditors, who have registered to attend the creditors' meeting on the 12 May 2021 and 373 proxies that have been nominated to vote on a creditor's behalf, will be able to vote at the creditors' meeting and their votes, if cast, will be included with the votes reported above. The result of the combined creditors' vote will be announced as soon after the meeting on the 12 May as practicable.

The Scheme requires 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 Scheme also needs to be sanctioned by the Court. The Court hearing to sanction the Scheme of Arrangement is listed to be held on 19 May 2021.

Amigo also received last night a letter from the FCA dated 10 May 2021 referring to its letter of 23 March 2021 and stating that the FCA has decided that it intends to appear at the Court sanction hearing through counsel to oppose the sanction of the Scheme, even if approved by the requisite majority of the Scheme creditors, on the basis that the Court cannot be satisfied that the Scheme in its current form is fair.  The FCA's letter states that its concerns are in relation to Scheme creditors' claims being significantly reduced whilst other stakeholders such as shareholders are not being asked to contribute, and the terms of the Scheme arrangements do not arise out of negotiations with Scheme creditors or any body representative of their interests. The FCA's letter also stated that it does not intend to request to attend the Scheme creditors' meeting.

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

Company

Amigo Holdings PLC         [email protected]                                     

Kate Patrick                       Head of Investor Relations         

Roger Bennett                   Company Secretary                                       

Media

Hawthorn Advisors           [email protected]               

Lorna Cobbett                   Tel: +44 (0) 7771 344 781

Notes to Editors:

§ £15.0 million in cash will initially be made available for claims under the Scheme, with up to a potential further £20.0 million dependent on the volume of claims received from current customers relating to loans with outstanding balances. Amigo will continue to be responsible for all customer balance adjustments in full.

§ Amigo will make an annual cash contribution to the Scheme based on 15.0% of pre-tax profit for the next four financial years beginning on 1 April 2021 up to 31 March 2025.

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.

Senior Secured Notes

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.

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