Shares in Amigo Holdings PLC (LSE:AMGO), the former guarantor lending business and now in a run-off process, tumbled 25% to 0.24p as it announced an unusual set of interim results and said it was still looking for a "reverse takeover partner" to make use of its London Stock Market listing.
To preserve cash for creditors, Amigo has extended its reporting period by six months to 30 September, and published interim results for the 12 months to March 2025 as part of its obligations under UK listing rules.
Cash and cash equivalents stood at £38.8 million at the 31 March, down from £174.9 million from a year ago as it paid out claims under the redress scheme and neared the end of its wind-down process.
Under this process, management has also cut overhead costs 67.4% with a programme of redundancies and cost saving measures.
Chief executive Kerry Penfold, who is also chief financial officer in another cost-saving measure, said: "The wind down of our legacy businesses is almost complete, having delivered £194 million in cash redress and refunds to scheme creditors.
"Mistakes of the past have cost Amigo and its shareholders dearly, but this chapter is now drawing to a close.
"We continue our search for a reverse takeover partner to enable the company to continue in the longer term and bring some value to shareholders that would otherwise not be possible."