Amigo Holdings (AMGO)

Sector:

Financials

Index:

FTSE Fledgling

7.70p
   
  • Change Today:
    -0.32p
  • 52 Week High: 29.50
  • 52 Week Low: 5.80
  • Currency: UK Pounds
  • Shares Issued: 475.33m
  • Volume: 6,291,008
  • Market Cap: £36.60m
  • RiskGrade: 543
  • Beta: 1.06

Campaigners call for Amigo rescue plan to be blocked

By Sean Farrell

Date: Thursday 18 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Campaigners have called on the government and Financial Conduct Authority to block a rescue plan for Amigo they say would enrich its directors while denying poor borrowers up to £1bn of compensation, according to a report.


Martin Lewis, the founder of MoneySavingExpert, and Labour MP Stella Creasy oppose the deal, which would limit redress payments to almost a million current and former customers mis-sold unaffordable loans by Amigo, the Guardian said.

Borrowers who successfully complain to the financial ombudsman usually receive a 100% refund of the interest they were charged plus charges. But Amigo has asked a court to cap the amount it pays, meaning consumers could get significantly less.

The arrangement would give five Amigo directors stock options that would be worth at least £7.3m in three years' time depending on the company's share price.

Lewis told the Guardian: "I would call on the FCA to intervene, to make sure a fair and proportionate balance of the money available from Amigo for redress is given back to customers, who have often had their lives made very difficult by being mis-sold hideous, over-expensive loans."

The Guardian said the FCA was preparing to tell the court it has reservations about the plan but that it was not clear if the regulator would call for it to be scrapped. Amigo shares fell 3.9% to 10.77p at 11:49 GMT.

Amigo, a subprime lender whose loans are guaranteed by the borrower's family or friends, has said it will go bust if the plan does not go through. The company has been in a state of crisis for almost two years after a regulatory clampdown and a torrent of compensation claims threatened its viability.

Creasy, a longtime campaigner for vulnerable borrowers, said if the deal was approved it would "set a precedent that it is OK for a company to go bust and not repay consumers, but make sure that it looks after its shareholders and bondholders".

Email this article to a friend

or share it with one of these popular networks:


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 7.70p
Change Today -0.32p
% Change -3.93 %
52 Week High 29.50
52 Week Low 5.80
Volume 6,291,008
Shares Issued 475.33m
Market Cap £36.60m
Beta 1.06
RiskGrade 543

Amigo Holdings Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
22.89% below the market average22.89% below the market average22.89% below the market average22.89% below the market average22.89% below the market average
25.58% below the sector average25.58% below the sector average25.58% below the sector average25.58% below the sector average25.58% below the sector average
Price Trend
84.82% below the market average84.82% below the market average84.82% below the market average84.82% below the market average84.82% below the market average
85.51% below the sector average85.51% below the sector average85.51% below the sector average85.51% below the sector average85.51% 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
53.33% below the sector average53.33% below the sector average53.33% below the sector average53.33% below the sector average53.33% below the sector average

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 03-Dec-2021

Time Volume / Share Price
16:35 775 @ 7.70p
16:28 66,503 @ 7.66p
16:27 136,000 @ 7.46p
16:25 25,000 @ 7.68p
16:23 26,000 @ 7.47p

Amigo Holdings Key Personnel

CEO Gary Jennison
CFO Michael Corcoran

Top of Page