shareholders31 Mar 2023 08:31
Dear Sir or Madam,
Thank you to all of you for completing the survey. We’re still getting submissions and would encourage shareholders to complete this form if they haven’t already done so. A total of 125 shareholders have completed the form whose combined share capital in the company is 114,674,112 shares equating to 24.12%.
Thank you to the people who made pledges towards a legal fund. We’ve had the necessary discussions with Edwin Coe and are satisfied we’ve reached a position to request funds so that action can be implemented.
The initial plan is to formally request an Extraordinary General Meeting of the company be arranged at the earliest opportunity. We will be proposing a motion at the EGM to appoint a suitably qualified shareholder, Michael Fleming to sit on the board of Amigo Holdings PLC in order to be involved in all decision-making and represent the interests of the shareholders going forward.
Michael’s background, prior to his retirement a few years ago, he held the accreditation of FCCA additionally, he holds an MSc in accounting and finance and a Global MBA. He has held the roles of CFO, CEO and MD and worked as a business consultant for almost 30 years. Michael has produced financial statements under both US GAAP and IFRS for many years, with PwC as advisors and Auditors. Although he’s not a qualified lawyer, he has managed a significant amount of litigation as both Claimant and Respondent. In the UK this work has spanned the Vat & Duty tribunal, the Employment tribunal, the County Court, High Court, Admiralty, Court of Appeal and the House of Lords. Internationally, this has involved jurisdictions in the EU and Norway, various States in the US and as far afield as New Zealand. In addition, he has been involved in mergers and acquisitions, so looking at enterprise value and matters such as authorising, issuing and allotting shares, as well as transferring shares. The experience outlined means that he knows his way around a balance sheet as well as interpreting numerous Judgements. It is also worth adding that he has been involved in business turnabout, managing down businesses to closure, as well as the appointment of administrators. Michael has also owned and run several businesses.
The EGM will also enable shareholders to submit questions to the board regarding numerous concerns about the efficacy of the process that led the board to announce via RNS that the company is being wound down. The shareholders believe that the board members have failed in their duty to shareholders to explore every possible solution that would enable the company to successfully continue its operations.
Edwin Coe have already dedicated a lot of time looking into this matter. They’ve looked through court papers and documents released by the company, and responded to emails and conducted a zoom call with us. We haven’t paid a penny for the time spent to date but we’ve got to the point where we have to submit funds on account be
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