Amigo Holdings (AMGO)

Sector:

Financials

Index:

FTSE Fledgling

7.81p
   
  • Change Today:
    -2.89p
  • 52 Week High: 29.50
  • 52 Week Low: 5.80
  • Currency: UK Pounds
  • Shares Issued: 475.33m
  • Volume: 26,161,536
  • Market Cap: £37.12m
  • RiskGrade: 543
  • Beta: 1.16

Shares jump as Amigo looks to settle complaints

By Abigail Townsend

Date: Sunday 24 Oct 2021

LONDON (ShareCast) - (Sharecast News) - Shares in Amigo surged on Wednesday as the troubled subprime lender confirmed it had submitted a revised Scheme of Arrangement aimed at settling thousands of outstanding complaints.
Updating the market ahead of its annual general meeting, Amigo - which provides guarantor loans to people who might otherwise struggle to obtain credit - confirmed that work on a new scheme was continuing, as were discussions with the Financial Conduct Authority and the Independent Customers' Committee.

A revised proposal was submitted on Tuesday, Amigo confirmed, adding: "While progress has been slower than originally anticipated, it is critical that we listen to the voce of our customer as represented by the ICC.

"The board remains committed to pursuing a solution that enables Amigo to satisfy its obligations to all stakeholders in the most equitable way possible and to returning to providing the opportunity for financial inclusion."

Shares in the firm were trading 20% higher at 1215 BST, at 12.75p.

Amigo was hit hard by a surge in complaints about its lending practices following increased scrutiny from both regulators and professional claims management firms. The Scheme of Arrangement, which requires court approval, is intended to settle outstanding complaints and cap compensation, while enabling Amigo to continue trading. The firm has warned it faces collapse due to the high number of complaints if a scheme cannot be agreed.

An earlier scheme, which was backed by creditors, was blocked by the courts in May after opposition from the FCA.

Amigo, which has a current net loan book of around £235m, also updated on trading on.

It said that while it continued to see increased levels of arrears - predominately from customers exiting Covid-19 payment holidays - since the year end collections had been "robust" and "remain encouraging".

"Combined with effective cost management, this has given the company a current unrestricted cash position of £229m," it said.

New lending is currently suspended.

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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 7.81p
Change Today -2.89p
% Change -27.01 %
52 Week High 29.50
52 Week Low 5.80
Volume 26,161,536
Shares Issued 475.33m
Market Cap £37.12m
Beta 1.16
RiskGrade 543

Amigo Holdings Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
40.33% below the market average40.33% below the market average40.33% below the market average40.33% below the market average40.33% below the market average
37.98% below the sector average37.98% below the sector average37.98% below the sector average37.98% below the sector average37.98% below the sector average
Price Trend
4.71% below the market average4.71% below the market average4.71% below the market average4.71% below the market average4.71% below the market average
8.7% below the sector average8.7% below the sector average8.7% below the sector average8.7% below the sector average8.7% below the sector average
Income Not Available
Growth
43.14% below the market average43.14% below the market average43.14% below the market average43.14% below the market average43.14% 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 29-Nov-2021

Time Volume / Share Price
14:11 10,181 @ 8.17p
14:09 50,000 @ 8.18p
14:01 97,634 @ 8.19p
14:01 1,259 @ 8.26p
14:01 132 @ 8.26p

Amigo Holdings Key Personnel

CEO Gary Jennison
CFO Michael Corcoran

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