Shares of Amigo Holdings plc (LON: AMGO) today rallied 22.5% higher after the company announced an extension of the securitisation facility performance trigger waiver period to 18 December 2020.
The extension will give Amigo and its lending partners adequate time to understand the full impact of the coronavirus pandemic on its business.
The company has seen its stock price plummet in recent months amid a surge in customer complaints leading to an investigation by the UK Financial Conduct Authority (FCA).
The company has been nicknamed a ‘legal loan shark’ because it offers loans to individuals with weak credit histories so long they have a guarantor, which in most cases is a family member.
The latest extension will give Amigo Holdings enough time to sort out its mounting business problems including massive losses, and customer complaints.
Amigo Holdings share price
Amigo Holdings today rallied 28% to a high of 11.20p having closed Monday’s session at 8.75p. The company’s shares listed on the LSE at 275p apiece just two years ago.