Amigo could wind down if does not find enough investment

Amigo Holdings PLC - Bournemouth-based guarantor loan provider - Notes that so far it has been unable to find a cornerstone investor for a fundraise to fund its scheme of arrangement, but says that...…

Amigo could wind down if does not find enough investment

Amigo Holdings PLC Bournemouth-based Guarantor Loan Provider - It notes that it has not been able to find a major investor to finance its scheme, but that there have been some potential investors who are interested in a minority investment. The company states that Amigo is evaluating whether enough interest exists to form a syndicate to invest in order to fund a GBP45million capital raise. Amigo states that it will close the business if it fails to raise the capital by May 26. Amigo can pay customers compensation and make a claim to redress mis-sold loans. Danny Malone, Chief Executive Officer states that it is disappointing that the company has not been able to find the necessary equity backers. We are still working hard to create an equity investor consortium. The economic environment has significantly changed since the announcement of the scheme. This has made it more difficult than we expected to raise equity capital to support scheme conditions. 12-month change: down by 45%. By Tom Budszus (Alliance News reporter) Comments and questions to EMAIL Copyright 2023 Alliance News Ltd. All Rights Reserved.