Amigo - comment
Danny Malone’s decision to join the board ahead of the scheme of arrangement is another sign of confidence in the success of the restructuring.
He is not only an experienced temporary replacement; Danny Malone also has the CV to be the permanent CFO if Amigo 2.0 gets approval from the FCA. Clearly, that is the idea and it puts into perspective the recent departure of Mike Corcoran. The initial appointment runs until June 2022. By then Amigo will know if its Scheme has been approved and should know if the FCA supports a return to lending. Malone has a background in sub-prime lending; he co-founded Everyday Loans in 2006, served as CFO there until 2013 and CEO until 2018.
- Amigo also sent an open letter to shareholders asking them to support the Scheme of Arrangement. No new news, but shareholders can be in no doubt that the Scheme is the only way they will retain any value in Amigo 2.0.
- In a nod to the FCA, management distanced themselves in the letter from the “historical lending practices” of the previous team. A plea for the sins of the father not to be visited on the son.