Amigo Holdings PLC - Bournemouth, England-based guarantor loan provider - Notes court convening hearing to discuss its new business scheme will take place March 8, with the hearing scheduled for May 23 and 24. "This will allow the detailed schemes documentation to be finalised in good time before the court convening hearing in consultation with relevant stakeholders," company says. The scheme is being proposed to settle claims following probes from UK regulators into mis-sold loans and the way that Amigo dealt with customer complaints.
Amigo said that, as detailed in December, its new business scheme proposes an initial contribution of GBP97 million, to be generated from internal resources. A significant proportion of this will be derived from the run-down of the existing loan book.
It plans to raise capital within one year of the court sanction of the new business scheme.
Current stock price: 3.57 pence, down 9.6% on Monday
12-month change: down 43%
By Paul McGowan; paulmcgowan@alliancenews.com
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Amigo (AMGO)