Amigo Holdings warns of facing insolvency in July as CEO steps down

Amigo Holdings PLC on Monday said it needs funding by early July to avoid insolvency as Chief Executive Officer Kerry Penfold steps down.

Amigo is a Bournemouth, England-based former mid-cost credit provider now in an orderly solvent wind-down.

The company said Kerry Penfold will immediately step down as CEO of the public limited company, but will remain CEO of the firm’s subsidiaries until the end of May.

Chief Restructuring Officer Nicholas Beal will join the board as an executive director and will take on Penfold’s responsibilities alongside his existing role.

Amigo said it continues to search for a suitable reverse takeover target to enable it to continue as a viable business.

It said it has a ‘very limited runway’ and based on its budget and further measures to reduce costs, current resources will only be sufficient until early July.

The firm will then need to raise additional funding to continue its search for a reverse takeover target, failing which it will need to declare insolvency.

Shares in Amigo Holdings were down 7.7% to 0.30 pence in London on Monday afternoon.

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