Amigo Holdings PLC (LSE:AMGO) shares exhibited an unusual 'dead-cat bounce' as the lender issued a statement akin to a professional footballer's 'come and get me' plea as it continued to wind down the business and warned that it is likely to be insolvent within a few months.
The guarantor lender, which earlier in the summer failed in its last-ditch attempts to raise rescue funds, said it continues to face a "challenging" situation but has remained solvent as it carries out the orderly wind-down process alongside making redress payments and providing services to ongoing customers.
After the liquidation, the parent will be insolvent as it has no resources of its own, it noted.
"We anticipate this will happen in the next few months."
Since the wind-down process started, Amigo said it "has been open to any expression of interest from third parties in all or any assets of the business" and continues to be so open.
It noted that if no such deal emerges very soon it will need to delist the company and enter into a members voluntary liquidation, which will mean there will be "no value remaining" for shareholders.
Following the sanction of the redress scheme, subsidiary Amigo Loans is required to liquidate once it has returned all net assets to its creditors.