5th Dec 2019 10:25
(Alliance News) - Subprime lender Amigo Holdings PLC said its free float is back above the minimum regulatory requirement following recent changes to its shareholders register.
Amigo provides loans to consumers in which payments are guaranteed by a friend or family member.
Under premium listing rules on the London Stock Exchange, companies are required to have a minimum of 25% of its shares admitted to trading.
In early October, UK regulators allowed the guarantor loans provider to reduce its free float requirements after it dipped below the 25% mark.
When Amigo had its initial public offer in 2018, the firm had above 25% admitted to trading. This fell to 21.2% after "subsequent changes in the shareholder register". On Thursday, however, Amigo noted its free float has since risen to 28% - taking it back above the minimum threshold.
The UK Financial Conduct Authority had allowed Amigo to have a minimum of 20% of its shares in public hands, but gave the lender until October 3, 2020 to rectify the situation.
Shares in Amigo were 0.2% higher in London on Thursday at 60.00 pence each.
By Paul McGowan; [email protected]
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