(Alliance News) - Amigo Holdings PLC said late Wednesday the judge ruling over its court hearing on its ALL Scheme Ltd plan has not given a judgement - but aims to do so "in due course".
"The listing in the ordinary shares of Amigo Holdings and trading in the company's ordinary shares on the London Stock Exchange will therefore remain temporarily suspended. Pending an announcement of the Court hearing's outcome, the company will request the suspension be lifted," Amigo said.
Earlier Wednesday, Amigo requested that trading in its shares be temporarily suspended as it faces the hearing - which it has warned could result in the company going insolvent.
The guarantor loans provider said the limited capacity in court means there is a risk of "asymmetric" information getting out before it has time to update the whole market.
A court was supposed to decide on Wednesday whether to approve Amigo's scheme of arrangement to pay compensation claims, worth an initial GBP15.0 million plus potential further payments. 95% of claimants voted in favour of the plan, which relates to mis-sold loans and the way Amigo dealt with customer complaints.
The UK Financial Conduct Authority is due to appear in court to oppose the scheme, saying it is not fair for claimants.
Amigo has repeatedly said it would go insolvent and that claimants would get nothing if the scheme failed.
Shares in Amigo closed up 2.5% to 23.58 pence in London on Tuesday, giving it a market capitalisation of GBP112.1 million.
By Paul McGowan; paulmcgowan@alliancenews.com;
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Amigo (AMGO)