Amigo Holdings (AMGO)

Sector:

Financials

Index:

FTSE Fledgling

8.00p
   
  • Change Today:
      0.38p
  • 52 Week High: 29.50
  • 52 Week Low: 5.80
  • Currency: UK Pounds
  • Shares Issued: 475.33m
  • Volume: 5,769,346
  • Market Cap: £38.03m
  • RiskGrade: 543
  • Beta: 1.02

Amigo shares rally as new boss pledges to turn firm around

By Abigail Townsend

Date: Monday 12 Oct 2020

LONDON (ShareCast) - (Sharecast News) - Amigo's chief executive has pledged to turn the ailing loans business around as he looks to move on from a lengthy dispute with founder James Benamor.
Gary Jennison, who was appointed in August, said Amigo had endured "a tough couple of years" and that many shareholders "will have lost a lot of money" by investing in the firm, a specialist in guarantor loans.

But he insisted he was well placed to turn Amigo around, pointing to both a career turning around other financial services firms and to his "good relationship" with the Financial Conduct Authority and Prudential Regulatory Authority.

In an open letter to investors, he said: "My job is to lead the turnaround, but I can't do it on my own. Amigo is full of good people at all levels and we are working hard to fix the complaints, fix the relationship with the regulator and get Amigo lending again.

"I have seen a lot of evidence that we do things properly. We ask a lot of questions to really understand our customers' outgoings and in-goings.

"There are undoubtedly cases where we have done the wrong thing, but a significant number of the claims that we are getting are not genuine claims."

Amigo lends to people with weak credit scores if a friend or family member acts as a guarantor. But it has been hit by a surge in customer complaints and increased regulatory scrutiny as a consequence. Covid-19 then compounded its problems, forcing it to freeze new lending and offer payment holidays.

Benamor has become an increasingly vocal critic, quitting the board in March in protest and first attempting to wrest back control in June this year. That failed, however, and in September a second attempt also failed when 57% of votes cast at a general meeting rejected his proposal.

The one-time majority shareholder wanted to return to the board and to oust most of the existing management, who he accuses of mishandling customer complaints and regulatory concerns.

As at 1130 BST on Monday, shares in Amigo - which initially traded at close to 300p following their 2018 debut - were ahead 6% at 10.84p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Amigo Holdings Market Data

Currency UK Pounds
Share Price 8.00p
Change Today 0.38p
% Change 4.92 %
52 Week High 29.50
52 Week Low 5.80
Volume 5,769,346
Shares Issued 475.33m
Market Cap £38.03m
Beta 1.02
RiskGrade 543

Amigo Holdings Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
41.05% below the market average41.05% below the market average41.05% below the market average41.05% below the market average41.05% below the market average
41.09% below the sector average41.09% below the sector average41.09% below the sector average41.09% below the sector average41.09% below the sector average
Price Trend
81.15% below the market average81.15% below the market average81.15% below the market average81.15% below the market average81.15% below the market average
79.71% below the sector average79.71% below the sector average79.71% below the sector average79.71% below the sector average79.71% below the sector average
Income Not Available
Growth
43.27% below the market average43.27% below the market average43.27% below the market average43.27% below the market average43.27% below the market average
51.26% below the sector average51.26% below the sector average51.26% below the sector average51.26% below the sector average51.26% below the sector average

What The Brokers Say

Strong Buy 0
Buy 0
Neutral 0
Sell 0
Strong Sell 1
Total 1
strong_sell
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Amigo Holdings Dividends

  Latest Previous
  Interim Final
Ex-Div 09-Jan-20 18-Jul-19
Paid 29-Jan-20 31-Jul-19
Amount 3.10p 7.45p

Trades for 30-Nov-2021

Time Volume / Share Price
14:19 3,226 @ 7.96p
13:53 5,002 @ 7.96p
13:49 1,250 @ 7.96p
13:47 822 @ 7.96p
13:47 125 @ 7.96p

Amigo Holdings Key Personnel

CEO Gary Jennison
CFO Michael Corcoran

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