Amigo suspends shares as court proceedings begin
Amigo Holdings (Amigo) has announced a temporary suspension of trading shares today.
The company’s board requested the suspension of ordinary shares on the London Stock Exchange until the outcome a court hearing.
Amigo is a provider of guarantor loans in the UK, and is set for a court sanctioning hearing over the next two days over its proposed schemes of arrangement.
It argues that during the proceedings, there is the possibility for asymmetric information in the market due to the limited capacity of attendees at the public hearing.
If sensitive information was released during the court hearing, a minority would know before the company has time to update the whole market.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.