The sliver of hope for Amigo in today's announcement is unlikely to lead to the revival of the company. Exclusivity has been given to Michael Fleming to seek debt investment. Fleming is a shareholder and was previously a wealth manager
Read MoreAs Amigo winds its operations down, the resignation of CEO Danny Malone was to be expected. Having had the remaining
Read MoreAmigo will cease operations after the board has called time on the capital raise. The £50m SSNs had been slated to be redeemed by May, and replaced
Read MoreAmigo is a step closer to winding up after admitting that it will unlikely succeed in raising £45m in equity required to meet the terms of its Scheme of Arrangement (SoA). The £21m in
Read MoreAmigo’s General Meeting today allows shareholders to vent their frustration, and management to explain their solution (the capital raise). There are no
Read MoreAmigo has not yet secured sufficient commitments for its equity raise. An orderly wind down, with bonds being repaid at par (current trading price 96p/£), looks
Read MoreThe decision by the FCA not to levy a financial penalty on Amigo should help smooth the equity-raising process. Amigo has acknowledged the
Read MoreThe company continues to struggle attracting sufficient investors for its equity raise. Please let us know if you are interested and we’d gladly give the advisors a call for more information.
Read MoreAmigo are looking for a friend. Anyone wishing to underwrite the capital increase of Amigo should reach out to
Read MoreOn today’s call Amigo management said that they would not initially be taking out bank debt to support the launch of the new lender. The impact here is that
Read MoreThe FCA’s approval of a limited return to lending was expected given the book-building exercise for Amigo’s equity raise has begun. Amigo’s expectations for originations in
Read MorePlease find our slightly modified analysis here.
Although participating would be profitable we will not take part in the upcoming equity raise from Amigo. We will hold on to our bonds and without any equity kicker, our expected 12-month return for our bondholding is 14%. We expect the bonds will be
Read MoreAmigo’s agenda for today’s AGM revealed the lender is aiming to raise only £40m in this round, just over half of what we had expected. Clearly,
Read MoreThe timing of the announcement from the company regarding the management team is potentially troubling. The loss of your CEO is not good when you are fundraising... It is plausible tha
Read MoreAnother change at Amigo as it moves closer to returning to lending. Amigo has appointed a new auditor after KPMG decided not to take part in a
Read MoreWith the approval of the Scheme of Arrangement in May the publication of the Amigo FYE March 22 results was of limited importance. The prime focus is
Read MorePlease find our unchanged analysis here.
We have been waiting to see the next step in Amigo’s rehabilitation since May when the company successfully obtained High court approval for its Scheme of Arrangement. The new lending products unveiled today represent the next milestone along a pathway set out by the Financial Conduct Authority (FCA) to allow the company to resume lending. If Amigo can continue to stay that course, the opportunities for bondholders to participate in the final piece of the puzzle will come soon.
Read MoreAmigo announced a couple of board appointments that are signposting its move from looking backwards to looking forward to implementing its new business plan. Amigo has
Read MoreThe next phase of the Amigo restructuring plan can proceed after the High Court approved Amigo 2.0 yesterday. The FCA has given Amigo nine months to
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