Dec 15 (Reuters) - Struggling British sub-prime lender Amigo Holdings said on Monday it has appointed Australian entrepreneur Craig Ransley as its executive chair, as the company continues to explore
Amigo Holdings Appoints Craig Ransley as New Chair
Dec 15 (Reuters) - Struggling British sub-prime lender Amigo Holdings said on Monday it has appointed Australian entrepreneur Craig Ransley as its executive chair, as the company continues to explore a potential reverse takeover amid plans to become a shell company.
Separately, in its annual report, Amigo's CEO Nick Beal also said the firm was looking for potential transactions in the mining sector.
Mining-related deal activity has accelerated recently as miners pursue M&A for critical minerals such as copper amid supply disruptions and energy transition demand, exemplified by Anglo American's $53 billion merger with Canada's Teck Resources.
Amigo's shares fell 14.3% to 0.45 pence in early trade.
All of Amigo's operating units have now been put into liquidation through solvent voluntary wind-ups and the firm is a cash entity with limited funds.
Ransley was appointed by the firm as a consultant in October to help explore strategic options for Amigo to remain a listed company following troubles over mis-sold loans that pushed it to the brink of collapse.
Amigo, which offered high-interest loans to borrowers excluded from mainstream banks, was censured by Britain's financial regulator in 2023 for mis‑selling loans, leaving many customers struggling with unaffordable debt.
"A key focus of mine will be exploring the opportunity to reposition Amigo with a focus on gold and rare earth mining opportunities in Africa, principally in Tanzania and Mauritania," Ransley said in a statement.
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Mrigank Dhaniwala and Eileen Soreng)
