(Sharecast News) – Amigo Holdings informed shareholders that the subprime lender was continuing its orderly wind down of the business due to its inability to raise the capital needed to continue lending.
“I regret that market conditions caused us to be unable to move forward with the new Amigo business,” Amigo chief executive officer, Danny Malone, said.
“As we announced in June, while we have been engaging with potential providers of investment to allow the business to restart, the Board of Amigo considers the likelihood of success to be very low.”
The decision to cease all new lending was taken on 23 March and the existing loan books were expected to have been substantially collected or sold by early 2024.
Post period end Malone had tendered his resignation, subject to a six-month notice ending on 15 November.
