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James Benamor
James Benamor
Aug 27 · 3 min read
The restoration of Amigo is much bigger than any individual. It does not need Glen, or even me. What it does need is a board and CEO that is totally committed to working for its shareholders. I have made that commitment publicly. Glen has only made it privately up to now.
For most of this week, RG has been trying to come to an arrangement that is acceptable both to shareholders and the Amigo board. We hoped to obtain commitments and assurances which would have negated the need for a shareholder vote. Unfortunately, we have not been successful.
Today, I have called a shareholder vote on the subject of the proposals we made last week.
Replacement of Nayan Kisnadwala with a capable CFO, within the next 30 days.
Removal of Roger Lovering, immediately.
Retention of Glen as CEO of Amigo Loans UK Ltd, the FCA Authorised subsidiary of Amigo Holdings PLC.
Formation of a functional board of Amigo Loans UK Ltd, comprising Glen as CEO, INEDs Richard, Gary and Jonathan and the new CFO. This UK board will discharge corporate governance functions expected by the FCA, of an FCA Authorised UK lender.
Appointment of me as CEO of Amigo Loans Group Ltd, the ultimate parent company which is not FCA Authorised.
Formation of PLC board comprising me as CEO, along with the new CFO, and INEDs Richard, Gary and Jonathan.
In all likelihood by the time we reach the vote, due to our irrevocable sell order, we will no longer be a shareholder and, therefore, will not be able to vote. We are relying on the overwhelming support I have received from private investors and shareholding members of the Amigo founding team to pass these resolutions. The rise in share price last week, and the resulting reduction in share price on Monday, demonstrates the way that investors view Amigo with me, and without me.
I do understand, however, that there are a minority of private investors who hold shares in Amigo and may see my return, and the stated possibility of Glen’s departure, as a risk they are unwilling to take. Those investors, who believe Amigo will be worth less with me than without me, are shareholders and need to be heard and respected. To provide comfort to those investors, I will soon pass another irrevocable order to our brokers. This time, a buy order, for 29% of Amigo, to be purchased at any price up to 20p per share, in the days immediately following my appointment and approval as CEO of Amigo Holdings PLC. In this way I’m making the choice easy for investors: Like what I’m fighting for? Vote for me. Don’t like what I’m offering? Vote for me and sell the shares you bought from me, back to me (at a good profit).