Amigo Holdings PLC (LSE:AMGO) has reiterated its come-and-get-me-plea after a proposed reverse takeover of music streaming and digital magazine platforms was cancelled.
The company will continue winding down its former guarantor lending business as an exclusivity agreement was terminated by the "various individuals" behind the mooted deal, which would have seen music streaming service ONEBas.com, digital magazine platform Magazinos, film streaming service TV Zinos, and payments provider Payzinos reverse into the soon-to-be-shell of London-listed Amigo.
ONEBas, Magazinos, TV Zinos and Payzinos are part-owned by Craven House Capital (AIM:CRV) and entrepreneur Cato Crogh, who is presumed to be one of the (if not the only) "various individuals", especially after a bit of light digging by Proactive and deeper by the FT revealed his fingers are in all the relevant pies, including being a 22% shareholder in Craven House.
All work on the deal has now ceased, Amigo confirmed in a statement on Thursday.
"This is disappointing news as the transaction, in the form of a reverse takeover of Amigo, offered a solution that could have provided a future for shareholders, offering some small value that wouldn't be available otherwise," said chief executive Danny Malone.
"As we continue the orderly wind-down of our lending business, we remain open to assessing other viable options that could be beneficial for our shareholders, our people and wider stakeholders."
The company added that while it continues to be "open to any expression of interest from third parties in all or any assets of the business", if nothing emerges then the company will have "no value" for shareholders and it will need to convene a meeting to approve a delisting and enter voluntary liquidation.
By mid-morning on Thursday, Amigo's shares remained suspended.