George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

TOP NEWS: Board Clear-Out As Amigo Founder James Benamor Returns

Mon, 09th Dec 2019 09:00

(Alliance News) - Amigo Holdings PLC on Monday announced a slew of board and management changes, with both its chair and chief executive departing to make way for the return of the company's founder and majority shareholder.

Shares in Amigo were up 1.7% at 61.63 pence in London on Monday morning.

Guarantor loans company Amigo said Richmond Group Ltd intends to exercise its right to appoint non-executive directors as part of the relationship agreement between the two firms.

James Benamor, founder and previous CEO of Amigo, has been appointed as a non-independent non-executive director with immediate effect at Richmond's request. Benamor holds a 61% stake in Amigo via Richmond.

Amigo floated in June 2018 with a market capitalisation of GBP1.31 billion, making Benamor among the wealthiest businessmen in the UK at that time. Since then however, the stock has plummeted, reducing the company's value to GBP288 million.

In addition, Kelly Black, head of Measurement & Improvement at Richmond, as been appointed by Richmond as a non-independent, non-executive director at Amigo. Black also was part of the team that founded Amigo.

Stephan Wilcke, Amigo's chair, has said he will not seek re-election at the firm's next annual general meeting in 2020. This decision was made in light of the Richmond appointments as Wilcke feels it to be "more appropriate" that Amigo is led by a new chair.

Clare Salmon, chair of Amigo's remuneration committee, will also leave the board for "corresponding reasons" and "at the first suitable opportunity".

Finally, Hamish Paton has also resigned as chief executive, subject to his 12 month notice period.

Wilcke said: "It has been fascinating and gratifying to lead the board of Amigo. Clare and I will work with the board to ensure an orderly succession to take Amigo forward. I'd like to thank Hamish for working with the board in implementing necessary changes during a challenging period, and his continued commitment until his successor is found."

Amigo didn't say who will fill the specific senior roles being vacated.

It said the sweeping board changes do not constitute a takeover offer.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Related Shares

More News
18 Dec 2023 14:21

Amigo interim revenue stoops; remains open to reverse takeover

(Alliance News) - Amigo Holdings PLC on Monday said it remains open to the idea of a reverse takeover to deliver value to shareholders after reporting...

18 Dec 2023 07:56

Amigo Holdings hoping for reverse takeover as wind down continues

(Sharecast News) - Shares in struggling finance company Amigo Holdings surged on Monday - albeit from a low base - after the company said it had recei...

30 Nov 2023 21:10

EARNINGS AND TRADING: Dispensa and SkinBioTherapeutics losses widen

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately report...

17 Nov 2023 11:49

IN BRIEF: Amigo shares rise a bit after Craven House talks collapse

Amigo Holdings PLC - Bournemouth, England-based mid-cost credit provider - Shares are restored to trading in London on Friday following a one-month su...

16 Nov 2023 14:43

Amigo takeover deal by Craven House Capital investees terminated

(Alliance News) - Amigo Holdings PLC on Thursday said that talks over its proposed takeover by investee companies of Craven House Capital PLC has been...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.