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    AMGO   GB00BFFK8T45

AMIGO HOLDINGS PLC

(AMGO)
  Report
Delayed Quote. Delayed London Stock Exchange - 01/17 11:35:24 am
5.93 GBX   +5.61%
01/04FTSE 100 Rose Tuesday on Bright Outlook, Exceeding 7500 Points
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Amigo proposes equity raise under rescue plan, shares plunge

11/29/2021 | 03:32am EST

Nov 29 (Reuters) - British subprime lender Amigo said on Monday it expects court proceedings over its new rescue plan to take at least four months once submitted, and laid out plans for an equity raise to support the business, dragging its shares nearly 30% lower.

Amigo had flagged a potential equity raise in August after London's High Court rejected its older rescue plan that would have cut compensation payouts to customers who complained about Amigo mis-selling loans to them.

Subprime lenders like Amigo, which typically lend to consumers who have been rejected by mainstream banks, have been hit by a regulatory clampdown in recent years, with the COVID-19 pandemic adding to the strain on operations.

"The likelihood of a potential material dilution for shareholders is a difficult but necessary consequence of our situation ... we are an insolvent business so there are no easy paths if we want to avoid administration," Chief Executive Officer Gary Jennison said in a statement.

Amigo, which halted all new lending in September, said its new rescue plan would depend on lending restarting and the completion of the equity raise. It reiterated that it would have to file for insolvency if the new scheme is rejected. The company reported an interim pre-tax profit of 2.1 million pounds ($2.80 million), and said it was also weighing an early part repayment or repurchase of some notes. (Reporting by Sinchita Mitra in Bengaluru; editing by Uttaresh.V)


ę Reuters 2021
All news about AMIGO HOLDINGS PLC
01/04FTSE 100 Rose Tuesday on Bright Outlook, Exceeding 7500 Points
DJ
01/04Sterling Unlikely to Extend Gains Materially
DJ
01/04FTSE 100 Rises to 22-Month High as Omicron Fears Ease
DJ
01/04Amigo to Redeem $248 Million of 2024 Notes Early
MT
01/04FTSE 100 Set for Strong Start After Fresh U.S. Records
DJ
01/04Amigo Holdings Confirms Early Redemption of GBP184.1 Million of Senior Secured Notes
DJ
01/04Amigo Holdings PLC Announces Confirming the Early Redemption, at Par, of ú184.1 Million..
CI
2021London Shares to Rise After Upbeat Asia Trading
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2021British lender Amigo puts potential rescue plans to creditors
RE
2021Amigo's Business Scheme Gets Approval By ICC; Shares Down 21%
MT
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Analyst Recommendations on AMIGO HOLDINGS PLC
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Financials
Sales 2022 102 M 139 M 139 M
Net income 2022 -1,00 M -1,36 M -1,36 M
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 26,6 M 36,4 M 36,4 M
Capi. / Sales 2022 0,26x
Capi. / Sales 2023 0,38x
Nbr of Employees 400
Free-Float -
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Technical analysis trends AMIGO HOLDINGS PLC
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Mean consensus SELL
Number of Analysts 1
Last Close Price 0,06 
Average target price
Spread / Average Target -
EPS Revisions
Managers and Directors
Gary Antony Jennison Chief Executive Officer & Executive Director
Michael John Corcoran Chief Financial Officer & Executive Director
Jonathan Caldwell Roe Chairman
Maria Darby-Walker Independent Non-Executive Director
Michael Bartholomeusz Independent Non-Executive Director