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Pin to quick picksAmigo Share News (AMGO)

Share Price Information for Amigo (AMGO)

London Stock Exchange
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Share Price: 26.54
Bid: 26.62
Ask: 26.80
Change: 1.64 (6.59%)
Spread: 0.18 (0.68%)
Open: 24.34
High: 26.98
Low: 24.34
Yest. Close: 24.90
AMGO Live PriceLast checked at -

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FCA halts Amigo from paying dividends

Mon, 19th Oct 2020 10:34

(Sharecast News) - The tribulations facing Amigo Holdings took a fresh turn on Monday after the troubled lender revealed it had entered into an asset voluntary requirement with the City regulator.
Under an asset VReq, assets are not allowed to be transferred out of the company, including paying dividends or director bonuses, without prior approval from the Financial Conduct Authority.

According to FCA guidelines, VReq powers are used "where we suspect serious misconduct may have occurred and harm needs to be prevented immediately".

Amigo insisted the VReq would not affect the day-to-day running of the firm or its ability to continue paying down debt.

"Amigo has adequate liquidity to continue to fund operations and support its customers," it said. "The board continues to be focused on address Amigo's legacy issues, restoring confidence in its corporate governance and building a sustainable business for the long term."

Its share price fell heavily, however, and by 1000 BST was off 10% at 9.39p, having earlier touched a low of 8.3p. A year ago Amigo's shares were trading at more than 70p.

Amigo, which lends to people with poor credit scores as long as a friend or family member acts as a guarantor, floated in 2018. It initially grew rapidly, but has since been hit by a surge in customer complaints and increased regulatory scrutiny. The FCA launched an investigation over how it assesses the creditworthiness of potential customers in May.

It has also been embroiled in a bitter dispute with James Benamor, who founded the firm in 2005. The one-time majority shareholder wanted to return to the board and oust existing management, who he believes have mishandled customers complaints and regulatory concerns.

His last attempt to take control was voted down in the summer. A new chief executive was announced - Glen Crawford, who was in charge during the firm's flotation - only for him to quit shortly afterwards, following a dispute with the board.

Turnaround specialist Gary Jennison has since been installed as chief executive.

More News

FCA approves Amigo Holdings's proposed scheme of arrangement

(Sharecast News) - The UK High Court gave the green light overnight for Amigo Holdings's creditors to vote on the guarantor lender's proposed scheme of arrangement.

31 Mar 21 12:54

REPEAT: SMALL-CAP WINNERS & LOSERS: Amigo up on court approval of plan

REPEAT: SMALL-CAP WINNERS & LOSERS: Amigo up on court approval of plan

31 Mar 21 11:23

SMALL-CAP WINNERS & LOSERS: Amigo up on court approval of claims plan

SMALL-CAP WINNERS & LOSERS: Amigo up on court approval of claims plan

31 Mar 21 11:18

IN BRIEF: Amigo customers to vote online on claims settlement scheme

IN BRIEF: Amigo customers to vote online on claims settlement scheme

31 Mar 21 06:51

Amigo shares jump after scheme of arrangement wins FCA reprieve

Amigo shares jump after scheme of arrangement wins FCA reprieve

24 Mar 21 13:06

SMALL-CAP WINNERS & LOSERS: Amigo gains on FCA reprieve, strong demand

SMALL-CAP WINNERS & LOSERS: Amigo gains on FCA reprieve, strong demand

24 Mar 21 10:53

FCA not planning to oppose Amigo rescue

(Sharecast News) - The Financial Conduct Authority is not planning to challenge Amigo's rescue plan but the regulator failed to support the scheme and said it was concerned about low compensation payments to customers.

24 Mar 21 08:43

Campaigners call for Amigo rescue plan to be blocked

(Sharecast News) - Campaigners have called on the government and Financial Conduct Authority to block a rescue plan for Amigo they say would enrich its directors while denying poor borrowers up to £1bn of compensation, according to a report.

18 Mar 21 11:17

SMALL-CAP WINNERS & LOSERS: Premier Oil up as enters safe Harbour

SMALL-CAP WINNERS & LOSERS: Premier Oil up as enters safe Harbour

18 Mar 21 11:07

Amigo faces wider FCA probe; regulator to look at complaints process

Amigo faces wider FCA probe; regulator to look at complaints process

16 Mar 21 13:00

LONDON MARKET MIDDAY: Stocks unperturbed by vaccine safety fears

LONDON MARKET MIDDAY: Stocks unperturbed by vaccine safety fears

16 Mar 21 12:08

SMALL-CAP WINNERS & LOSERS: Amigo sinks as UK FCA expands probe

SMALL-CAP WINNERS & LOSERS: Amigo sinks as UK FCA expands probe

16 Mar 21 11:11

Amigo Holdings Swings To Loss In Nine Months Amid Payment Holidays

Amigo Holdings Swings To Loss In Nine Months Amid Payment Holidays

25 Feb 21 11:15

Amigo warns of potential collapse, cuts jobs

(Sharecast News) - Amigo has warned it faces administration should a proposed Scheme of Arrangement intended to settle thousands of outstanding complaints not receive approval.

25 Feb 21 11:06

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

18 Feb 21 15:58

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