Financing approach to Amigo

Pay day loans company Amigo Holdings (LON: AMGO) has received an approach from financier and shareholder Michael Fleming. He wants to attempt to explore possible debt funding for the business. At one point the share price more than trebled, but it has fallen back to 0.625p, which is still a 92.3% increase.

Management announced a solvent wind-down of the company back in March when it failed to secure an additional £15m of funding.

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Michael Fleming has been granted exclusivity until 6 September. There is no certainty that the search for new funding will be successful. Amigo will continue to sell assets. There is unlikely to be any cash left to distribute to shareholders.

Fully listed Amigo was suspended from lending by the Financial Conduct Authority in 2020.

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