Amigo Holdings PLC Board changes (8180B)

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RNS Number : 8180B

Amigo Holdings PLC

12 October 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

12 October 2020

Amigo Holdings PLC

("Amigo" or the "Company")

Board changes

Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, announces Maria Darby-Walker will join the Board as a Non-Executive Director and Richard Price will resign as a Non-Executive director.

Maria's appointment as a Non-Executive Director is expected to be effective from 12 October 2020.

Maria has over 30 years of experience advising the Boards of leading brands on marketing, brand, and corporate reputation, including within the financial services sector. Experienced at developing strategy, managing risk and organisational change, she helps businesses to create their narrative and proactively engage with their stakeholders; she has a strong focus on driving good culture, leadership and purposeful behaviour. Her client list has included: The Financial Conduct Authority, Unum, Iglo/Birds Eye, Cadbury, and Rio Tinto amongst other leading brands.

Maria is also a Non-Executive Director of Personal Group Holdings plc, where she chairs the Remuneration Committee. She is also a Board Governor of the University of Central Lancashire, wanting to support the socially deprived area of north West England where she grew up. Maria is an Ambassador for Women on Boards, a member of Deloitte's Women on Boards Academy, and was voted one of Cranfield University's '100 Women to Watch' for FTSE board positions.

Maria will also take over as Chair of the Remuneration Committee at Amigo, following approval for the role of Chair of the Committee by the Financial Conduct Authority under the Senior Managers Regime.

As announced as part of the Notice of a General Meeting held on 17 June 2020 and as part of an orderly and co-ordinated Board transition process, Richard Price has confirmed his intention to step down as a Non-Executive director of the Company following the publication of the Company's half year report in late November 2020.

Roger Lovering, acting Chair said: "It is our pleasure to welcome Maria to the Board and to Amigo. She will bring insight and a drive to succeed in the turnaround of Amigo. Her financial and regulatory experience, combined with a commitment to open and transparent engagement with all stakeholders will be a valuable addition to our Board.

It has been a pleasure to work alongside Richard for many years. He has been a dependable source of knowledge and experience since he joined the Board and notably during the difficult situation which we continue to face. The Board and I will greatly miss his guidance and advice."

Maria Darby-Walker, Non-Executive Director said: " Amigo is a business that offers a financial solution for its customers who are not able to access finance from mainstream lenders and are consistently being overlooked. I feel very strongly about supporting customers that are facing financial exclusion and I want to be a part of a business that offers customers an opportunity to access credit when they need it.

Amigo is a business with a strong and original sense of purpose. The reason Amigo was founded in 2005 is, arguably, even more relevant today given the difficult times many of our current and future customers are facing. It is important for Amigo to do the right thing for all key stakeholders, maintain a strong approach to good corporate governance and conduct, and continue to work with the regulator. I am excited by the opportunity to join the new Board to help turnaround Amigo and make it the business we all know it can be."

Richard Price, Non-Executive Director said : " With Jonathan Roe and Gary Jennison now in place, subject to FCA approval, Maria joining the Board and the process to recruit a new Chair of the Audit Committee well underway, I think the time is right for me to formalise the timing of my departure. Despite the challenges over the last year, I have thoroughly enjoyed working with my Board colleagues and the wider Amigo team and I continue to believe that Amigo can provide an essential service for the many millions of people in the UK who cannot access credit from the mainstream banks."

Following the appointment of Maria the total number of Directors on Amigo's Board will consist of four independent Non-Executive Directors, including the Chair designate, and two Executive Directors.

Contacts:

   Amigo Holdings PLC         [e-mail] 
   Kate Patrick                        Head of Investor Relations 
   Roger Bennett                  Company Secretary 

Media

   Hawthorn Advisors          [e-mail] 
   Lorna Cobbett                   Tel: [phone] 

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014 ("MAR"). There are no additional matters that would require disclosure under LR 9.6.13R (1) to (6) in relation to this appointment. The person responsible for this announcement is Roger Bennett, Company Secretary.

Senior Secured Notes

This announcement constitutes notice by Amigo Luxembourg S.A. (the "Issuer") to the holders of the Issuer's 7.625% Senior Secured Notes due 2024 (for the notes issued pursuant to Rule 144A of the United States Securities Act of 1933, ISIN: XS1533928468 and Common Code: 153392846; for the notes issued pursuant to Regulation S of the United States Securities Act of 1933, ISIN: XS1533928625 and Common Code: 153392862) (the "Notes") issued pursuant to pursuant to Section 4.03(a)(3) of an indenture dated January 20, 2017 among, inter alia, the Issuer, the guarantors named therein and U.S. Bank Trustees Limited, as trustee and security agent. Amigo Holdings PLC is the indirect parent company of the Issuer. This announcement shall constitute a "Report" to holders of the Notes.

About Amigo Loans

Amigo is a public limited company registered in England and Wales with registered number 10024479. The Amigo Shares are listed on the Official List of the London Stock Exchange. Amigo is a leading provider of guarantor loans in the UK and offers access to mid--cost credit to those who are unable to borrow from traditional lenders due to their credit histories. The guarantor loan concept introduces a second individual to the lending relationship, typically a family member or friend with a stronger credit profile than the borrower. This individual acts as guarantor, undertaking to make loan payments if the borrower does not. Amigo was founded in 2005 and has grown to become the UK's largest provider of guarantor loans. In the process, Amigo's guarantor loan product has allowed borrowers to rebuild their credit scores and improve their ability to access credit from mainstream financial service providers in the future. Amigo is a mid--cost provider with a simple and transparent product -- a guarantor loan at a representative APR of 49.9 per cent., with no fees, early redemption penalties or any other charges. Amigo Loans Ltd and Amigo Management Services Ltd are authorised and regulated in the UK by the Financial Conduct Authority

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October 12, 2020 09:01 ET (13:01 GMT)