Amigo Holdings
AMGO · Main Market · Financial Services · mcap £34m · 2.5p 2 open situations →
Open · 2
Reverse takeover in mining
Led to WRAP retail offer and loan notes – Final loan notes converting; Admission expected 14 April
Craig Ransley became Executive Chair on 15 Dec 2025 to pursue a mining RTO, and Nathan Boom became CEO on 17 Jul 2026. On 28 Sep 2026 Amigo's subsidiary signed an SPA for Zirco SA and Cyndara (Kamiesberg mineral sands) for US$33m. The 29 Sep 2026 replacement only re-issues the resource table more legibly; the terms are unchanged. Completion is targeted by 31 Jan 2027, with funding unsecured.
- Management
- Ransley, Anil Kumar and Nathan Boom claim 30-40 mines bought, sold or commissioned across 10+ countries 31 Jul 2026 ↗
- Funding stance
- Fundraising pushed to subsidiaries where possible; PLC-level raise a last resort 31 Jul 2026 ↗
- Price
- US$33m, working capital adjusted, cash-free and debt-free; SPA executed 28 Sep 2026 29 Sep 2026 ↗
- Sellers
- Zirco Resources Proprietary Limited, Millrex Investments Limited and Lelau Mohuba Trust 29 Sep 2026 ↗
- Structure
- Amigo intends to own 51% of Amigo SPV on Completion, subject to Ownership Adjustments; Amigo to be operator 29 Sep 2026 ↗
- Funding
- Debt and/or equity raised in the SPV plus internal sources; discussions with funders at varying stages, none agreed 29 Sep 2026 ↗
Next: Publish prospectus and circular; shareholder approval; Completion · 31 Jan 2027
- 29 Sep 2026 SPA executed; funding, prospectus and approvals pending
- 28 Sep 2026 SPA signed; prospectus, funding and approvals pending
- 31 Jul 2026 Preliminary; initial due diligence on several targets
- 17 Jul 2026 Candidate search continuing; new CEO hired
WRAP retail offer and loan notes
Follows from Reverse takeover in mining – SPA executed; funding, prospectus and approvals pending
Dec 2025 retail offer at 0.3p alongside £1.5m of mandatory convertible loan notes converting at the same price. Tranche 1 converted into 375m shares in January. The Board has now waived all remaining conditions and converts the rest, a final 125m shares at 0.3p, well ahead of the 31 January 2027 longstop. The enlarged share capital will be 1,190,088,160 shares after Admission.
- Shares issued
- 125,000,000 new ordinary shares of 0.25p, the final loan note conversion
- Price
- Conversion at 0.3p per share
- Conditions
- Board waived all remaining conditions; original longstop was 31 January 2027
- Admission
- Expected 8:00 am on or around 14 April 2026
- Enlarged capital
- 1,190,088,160 ordinary shares after Admission
- Balance sheet
- Company states debt-free at PLC level after conversion
- 7 Apr 2026 Final loan notes converting; Admission expected 14 April
- 6 Jan 2026 Tranche 1 converting; Tranche 2 pending
- 15 Dec 2025 Retail offer open, conditional on shareholder approval
Closed · 2
Company filings. Not investment advice.