Amigo Holdings (AMGO)

Sector:

Financials

Index:

FTSE Fledgling

0.25p
   
  • Change Today:
      0.075p
  • 52 Week High: 0.95p
  • 52 Week Low: 0.12p
  • Currency: UK Pounds
  • Shares Issued: 475.33m
  • Volume: 72,617,855
  • Market Cap: £1.19m
  • RiskGrade: 543

Amigo fails to get enough interest in capital raise

By Michele Maatouk

Date: Friday 27 Jan 2023

LONDON (ShareCast) - (Sharecast News) - Amigo Holdings said on Friday that it has received a number of expressions of interest in its capital raise, but this remains below the guarantor lender's £45m target.
The company, which was hit by a deluge of customer complaints over alleged mis-selling, restricted lending at the start of the pandemic before suspending all activity in November 2020.

However, following a lengthy investigation, the Financial Conduct Authority agreed a rescue plan with Amigo, which included paying compensation to creditors and returning to lending by 26 February 2023.

The high court sanctioned the scheme in May 2022, and in October, Amigo said the FCA was satisfied it had met the threshold conditions for Amigo to return to lending.

The scheme of arrangement sanctioned last year contained a preferred solution conditional on the completion of a capital raise by 26 May, followed by the contribution of a minimum £15m payment to the scheme fund for creditor redress.

But Amigo said on Friday that discussions are ongoing as it has not been able to garner enough interest for its £45m equity funding.

"The board continues to seek the best possible outcome for creditors, employees, shareholders, and other stakeholders," it said.

If the capital raise cannot be carried out, the business will have to be wound down.

Amigo also gave an update on the pilot lending programme initiated in later October 2022.

"While the initial volume of loans written was very limited, volumes have increased substantially during January 2023," it said.

"On the current run-rate, monthly originations are around £1m and expected to continue to grow as the conversion rate improves through the application of the learnings from the pilot lending period."

Amigo said it was retaining its "cautious approach" to underwriting as it assesses the cost-of-living impact on customer affordability.

At 1400 GMT, the shares were down 8.5% at 2.64p.

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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 0.25p
Change Today 0.075p
% Change 42.86 %
52 Week High 0.95p
52 Week Low 0.12p
Volume 72,617,855
Shares Issued 475.33m
Market Cap £1.19m
RiskGrade 543

Amigo Holdings Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
42.71% above the market average42.71% above the market average42.71% above the market average42.71% above the market average42.71% above the market average
40.95% above the sector average40.95% above the sector average40.95% above the sector average40.95% above the sector average40.95% above the sector average
Price Trend
85.03% below the market average85.03% below the market average85.03% below the market average85.03% below the market average85.03% below the market average
84.48% below the sector average84.48% below the sector average84.48% below the sector average84.48% below the sector average84.48% below the sector average
Income Not Available
Growth
69.79% below the market average69.79% below the market average69.79% below the market average69.79% below the market average69.79% below the market average
64.49% below the sector average64.49% below the sector average64.49% below the sector average64.49% below the sector average64.49% 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 28-Mar-2024

Time Volume / Share Price
14:50 40,000 @ 0.34p
14:47 100,000 @ 0.33p
14:42 345,426 @ 0.30p
14:38 2,000,000 @ 0.32p
14:17 100,000 @ 0.32p

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