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    AMGO   GB00BFFK8T45

AMIGO HOLDINGS PLC

(AMGO)
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UK lender Amigo's shares tumble as future in limbo

05/21/2021 | 03:49am EDT

LONDON, May 21 (Reuters) - Shares in guarantor lender Amigo , which is awaiting a court decision on a rescue plan, fell as much as 50% after a temporary suspension of share trading was lifted on Friday.

Amigo applied to the High Court for permission to cap compensation payments to customers, saying a deluge of mis-selling claims threatened it with collapse.

Subprime lenders in Britain have come under pressure from a regulatory clampdown on high cost credit providers in recent years and the pandemic has added to the strain.

Amigo's rival Provident Financial quit its around 140 year old doorstep lending business earlier this month, putting 2,100 jobs at risk.

Amigo temporarily suspended trading in its shares on Wednesday pending the court outcome, but applied for trading to resume on Friday after the court said it could take a few days to reach a judgment.

Amigo shares were down a third at 15.8 pence at 0900 GMT.

The Financial Conduct Authority objected to Amigo's plan, saying it would short-change customers at the High Court hearing on Wednesday, after reversing its earlier stance of staying on the sidelines.

Amigo, which has said cutting payouts is the only option for it to remain viable and avoid insolvency, has also drawn criticism from politicians and consumer groups.

"No surprise to see the stock trade down heavily this morning as investors are presumably spooked by the fact that Amigo could fall into liquidation – and the judge's decision was not the 'slam dunk' that investors thought it might be," Goodbody analyst John Cronin said in a note.

Amigo's shares had tripled in value over the year to date from 8 pence to 24 pence prior to the trading suspension, as investor confidence built that a rescue plan would be approved.

They have plummeted from a peak of over 300 pence shortly after the company floated in June 2018, after regulatory concerns and boardroom tussles torpedoed the stock.

Around 95% of votes cast by current and former Amigo customers ahead of the court hearing backed the proposal. (Reporting by Iain Withers, Editing by Dhara Ranasinghe, Elaine Hardcastle and Barbara Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMIGO HOLDINGS PLC 8.27% 9.3 Delayed Quote.10.06%
PROVIDENT FINANCIAL HOLDINGS, INC. -0.41% 16.9395 Delayed Quote.7.83%
PROVIDENT FINANCIAL PLC 1.09% 297.2 Delayed Quote.-3.19%
All news about AMIGO HOLDINGS PLC
07/14PROVIDENT FINANCIAL : UK regulator won't oppose Provident's doorstep lending pay..
RE
07/03Certain Ordinary Shares of Amigo Holdings PLC are subject to a Lock-Up Agreem..
CI
06/30NSF to shut guarantor loans unit amid British sub-prime lender woes
RE
06/25EUROPE : European stocks remain below record highs after volatile week
RE
06/25European stocks remain below record highs after volatile week
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06/25FTSE Nudges Higher After BOE Decision, US Infrastructure Deal
DJ
06/25AMIGO : Britain's ailing Amigo secures funding line waiver extension
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06/25FTSE 100 Set for Muted Start After BOE Decision
DJ
06/25Amigo Extends Securitization Facility Waiver Period
DJ
06/21AMIGO : Provident says EY backs lender's view that doorstep unit had no value
RE
More news
Financials
Sales 2021 184 M 256 M 256 M
Net income 2021 -93,0 M -129 M -129 M
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 44,2 M 61,4 M 61,3 M
Capi. / Sales 2021 0,24x
Capi. / Sales 2022 0,43x
Nbr of Employees 400
Free-Float 50,9%
Chart AMIGO HOLDINGS PLC
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Technical analysis trends AMIGO HOLDINGS PLC
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Income Statement Evolution
Consensus
 
Mean consensus SELL
Number of Analysts 1
Last Close Price 0,09 GBX
Average target price 10,00 GBX
Spread / Average Target 10 653%
EPS Revisions
Managers and Directors
Gary Antony Jennison Chief Executive Officer & Non-Executive Director
Michael John Corcoran Chief Financial Officer & Director
Jonathan Caldwell Roe Chairman
Maria Darby-Walker Non-Executive Director
Michael Bartholomeusz Non-Executive Director