Amigo founder calls vote in his attempt to return as chief
AMIGO’S founder has called a shareholder vote in an audacious attempt to force his return to the high interest lender as chief executive.
James Benamor said he was calling the vote after failing to agree “an arrangement that is acceptable both to shareholders and the Amigo board”.
His proposals include the removal of Amigo’s finance boss Nayan Kisnadwala and interim chairman Roger Lovering.
Mr Benamor had signalled on Monday that he would call a shareholder vote if the board failed to meet his demands.
Mr Benamor said: “We are relying on the overwhelming support I have received from private investors and shareholding members of the Amigo founding team to pass these resolutions.
“The rise in share price last week, and the resulting reduction in share
‘We are relying on the support I have received from private investors and shareholding members’
price on Monday, demonstrates the way that investors view Amigo with me, and without me.”
Mr Benamor, who resigned from the board for the second time in March, began selling off shares held by Richmond Group, his investment vehicle, after failing to oust the board in a shareholder vote in June. His 61pc stake has fallen below 10pc and is likely to reach zero before the vote is held, he said.
The self-confessed former petty criminal believes the firm has been mismanaged, causing regulatory scrutiny and huge bills for customer complaints.
The founder pledged that if he wins the vote he will buy 29pc of the shares in the company for up to 20p a share so that investors who do not want him in charge can sell out “at a good profit”.
He also hit out at Glen Crawford, who is awaiting regulatory clearance to return as chief executive after resigning last year due to health problems.
Mr Benamor said he wants Mr Crawford to run Amigo’s regulated business but is asking shareholders to remove him from its parent company, Amigo Holdings plc.
Mr Crawford told the board he is not prepared to work for the founder under any circumstances, Amigo said on Monday. Mr Benamor said the statement was “personally hurtful”.
Amigo said it is consulting advisers. It is due to give a trading update today.