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27 Sep 2023 | 07:56

Loan provider Amigo to wind down "in next few months"

(Sharecast News) - Guarantor loans group Amigo has said that the orderly wind-down of the business is expected to happen "in the next few months", though it still remains open to any buyout offers from third parties. Amigo, which stopped offering new loans in March and announced it would start the orderly solvent wind-down of the business, said it remains solvent right now, but only until its subsidiary Amigo Loans has returned all assets to creditors.

Following that, the company will be insolvent and be forced to de-list from the London Stock Exchange upon the appointment of a liquidator.

"The situation facing the company remains challenging for all stakeholders," Amigo is expected to announce an its AGM on Wednesday.

"Since the group started to wind-down the company has been open to any expression of interest from third parties in all or any assets of the business. The company continues to be open to viable expressions of interest in all parts of the business," Amigo explained in a statement.

"However, in this context, should there not emerge, very soon, a viable alternative solution, the company will need to hold a separate General Meeting, in which shareholder approval will be sought to delist the company from the London Stock Exchange and to enter the company into a Members Voluntary Liquidation. In such a situation there will be no value remaining for to shareholders."
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