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RNS Number : 8180B
Amigo Holdings PLC
12 October 2020
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 October 2020
Amigo Holdings PLC
("Amigo" or the "Company")
Board changes
Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor
loans in the UK, announces Maria Darby-Walker will join the Board
as a Non-Executive Director and Richard Price will resign as a
Non-Executive director.
Maria's appointment as a Non-Executive Director is expected to
be effective from 12 October 2020.
Maria has over 30 years of experience advising the Boards of
leading brands on marketing, brand, and corporate reputation,
including within the financial services sector. Experienced at
developing strategy, managing risk and organisational change, she
helps businesses to create their narrative and proactively engage
with their stakeholders; she has a strong focus on driving good
culture, leadership and purposeful behaviour. Her client list has
included: The Financial Conduct Authority, Unum, Iglo/Birds Eye,
Cadbury, and Rio Tinto amongst other leading brands.
Maria is also a Non-Executive Director of Personal Group
Holdings plc, where she chairs the Remuneration Committee. She is
also a Board Governor of the University of Central Lancashire,
wanting to support the socially deprived area of north West England
where she grew up. Maria is an Ambassador for Women on Boards, a
member of Deloitte's Women on Boards Academy, and was voted one of
Cranfield University's '100 Women to Watch' for FTSE board
positions.
Maria will also take over as Chair of the Remuneration Committee
at Amigo, following approval for the role of Chair of the Committee
by the Financial Conduct Authority under the Senior Managers
Regime.
As announced as part of the Notice of a General Meeting held on
17 June 2020 and as part of an orderly and co-ordinated Board
transition process, Richard Price has confirmed his intention to
step down as a Non-Executive director of the Company following the
publication of the Company's half year report in late November
2020.
Roger Lovering, acting Chair said: "It is our pleasure to
welcome Maria to the Board and to Amigo. She will bring insight and
a drive to succeed in the turnaround of Amigo. Her financial and
regulatory experience, combined with a commitment to open and
transparent engagement with all stakeholders will be a valuable
addition to our Board.
It has been a pleasure to work alongside Richard for many years.
He has been a dependable source of knowledge and experience since
he joined the Board and notably during the difficult situation
which we continue to face. The Board and I will greatly miss his
guidance and advice."
Maria Darby-Walker, Non-Executive Director said: " Amigo is a
business that offers a financial solution for its customers who are
not able to access finance from mainstream lenders and are
consistently being overlooked. I feel very strongly about
supporting customers that are facing financial exclusion and I want
to be a part of a business that offers customers an opportunity to
access credit when they need it.
Amigo is a business with a strong and original sense of purpose.
The reason Amigo was founded in 2005 is, arguably, even more
relevant today given the difficult times many of our current and
future customers are facing. It is important for Amigo to do the
right thing for all key stakeholders, maintain a strong approach to
good corporate governance and conduct, and continue to work with
the regulator. I am excited by the opportunity to join the new
Board to help turnaround Amigo and make it the business we all know
it can be."
Richard Price, Non-Executive Director said : " With Jonathan Roe
and Gary Jennison now in place, subject to FCA approval, Maria
joining the Board and the process to recruit a new Chair of the
Audit Committee well underway, I think the time is right for me to
formalise the timing of my departure. Despite the challenges over
the last year, I have thoroughly enjoyed working with my Board
colleagues and the wider Amigo team and I continue to believe that
Amigo can provide an essential service for the many millions of
people in the UK who cannot access credit from the mainstream
banks."
Following the appointment of Maria the total number of Directors
on Amigo's Board will consist of four independent Non-Executive
Directors, including the Chair designate, and two Executive
Directors.
Contacts:
Amigo Holdings PLC investors@amigo.me
Kate Patrick Head of Investor Relations
Roger Bennett Company Secretary
Media
Hawthorn Advisors amigo@hawthornadvisors.com
Lorna Cobbett Tel: +44 (0)7771 344 781
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014 ("MAR"). There are no
additional matters that would require disclosure under LR 9.6.13R
(1) to (6) in relation to this appointment. The person responsible
for this announcement is Roger Bennett, Company Secretary.
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.
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. Amigo is a
leading provider of guarantor loans in the UK and offers access to
mid--cost credit to those who are unable to borrow from traditional
lenders due to their credit histories. The guarantor loan concept
introduces a second individual to the lending relationship,
typically a family member or friend with a stronger credit profile
than the borrower. This individual acts as guarantor, undertaking
to make loan payments if the borrower does not. Amigo was founded
in 2005 and has grown to become the UK's largest provider of
guarantor loans. In the process, Amigo's guarantor loan product has
allowed borrowers to rebuild their credit scores and improve their
ability to access credit from mainstream financial service
providers in the future. Amigo is a mid--cost provider with a
simple and transparent product -- a guarantor loan at a
representative APR of 49.9 per cent., with no fees, early
redemption penalties or any other charges. Amigo Loans Ltd and
Amigo Management Services Ltd are authorised and regulated in the
UK by the Financial Conduct Authority
-ENDS-
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END
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