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    AMGO   GB00BFFK8T45

AMIGO HOLDINGS PLC

(AMGO)
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UK lender Amigo says faces insolvency, won't appeal court ruling

06/01/2021 | 03:05am EDT

LONDON (Reuters) - Amigo Holdings Plc said on Tuesday it was looking at filing for insolvency after a court last week rejected a rescue plan for the subprime lender.

London's High Court rejected the plan, which would have cut compensation payouts to customers for mis-selling loans, sending the company's shares plunging more than 50%.

In a statement, Amigo said it would not appeal the ruling. It anticipates delaying its financial results for the year ended March, it added.

"Without a scheme, Amigo faces insolvency as it will be unable to satisfy its customer compensation claims as well as meeting the legally binding funding obligations owed to its secured creditors," said CEO Gary Jennison.

Subprime lenders in Britain have been hit by a regulatory clampdown in recent years that has led to a wave of claims, and in some cases compensation payouts, for mis-selling loans. The effect of the COVID-19 pandemic has added to the strain.

Amigo - which has 137,000 current customers and has lent to 500,000 people since 2005 - had applied to the High Court for permission to cap payouts, saying a surge in claims threatened it with collapse.

(Reporting by Tom Wilson; Editing by Rachel Armstrong)


ę Reuters 2021
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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 61,4 M
Capi. / Sales 2021 0,24x
Capi. / Sales 2022 0,43x
Nbr of Employees 400
Free-Float 50,9%
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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 9,30 GBX
Average target price 10,00 GBX
Spread / Average Target 7,53%
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