Credit provider Amigo Holdings is still holding out hope of a reverse takeover as it continues to wind down its operations.<\/p>\n
The Bournemouth-headquartered finance company has ceased lending and discussions over a rescue deal with Craven House Capital failed last month.<\/p>\n
Amigo’s chief executive Danny Malone said: “A number of tentative indications of interest have been received, but none of these has as yet resulted in an executable proposal.<\/p>\n
“We believe that a reverse takeover is the only possible prospect of delivering any future value for shareholders.”<\/p>\n
Amigo’s shares closed on Friday at 0.17p, which valued the company at less than \u00a31m. When it floated in 2018 the company was worth \u00a31.3bn.<\/p>\n
Amigo failed because it couldn’t raise enough money to pay out compensation that was due to customers.<\/p>\n
Last week it apologised for delays in dealing with claims, which it said was caused by “both the unexpected volume of claims and the complexity of redress calculations”.<\/p>\n
It has issued 119,000 final response letters to customers but has 90,000 claims still outstanding.<\/p>\n
Malone added: “We are focused on the important task of delivering redress due to those customers with a claim under our Scheme of Arrangement and ensuring the orderly wind down of operations.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Finance company is winding-down operations and dealing with customer compensation claims<\/p>\n","protected":false},"author":18,"featured_media":1467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120781],"coauthors":[81],"class_list":["post-10232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-dorset","tag-featured-story"],"yoast_head":"\n