Mogo Finance: Change in the Management Team
Riga, Latvia, 15 January 2019. Mogo Finance and its group companies (the “Group”), specialized in used car financing, announce changes in the Management Team as part of the envisaged corporate progress. Following the successful expansion of its geographical footprint, the Group is now further focusing on operational excellence.
With effect from 14 January 2019, Edgars Egle stepped down from his position as CEO of Mogo Finance and handed over responsibility to Modestas Sudnius as his successor, who had been Co-CEO since 1 November 2018. Edgars Egle will accompany the change until the end of March as a Member of the Board.
The Board of Directors would like to thank Edgards Egle for his valuable contribution to the development of the company and wishes him all the best for his future career and private life. Under his leadership, Mogo Finance grew its business from initially five to 13 countries in Europe and became the top of mind brand in used car financing.
The appointment of the HUB 1 Regional Manager and former Lithuanian Country Manager Modestas Sudnius marks a further step towards continuing Mogo Finance’s successful track record. The Board of Directors is convinced that Modestas Sudnius with his extensive experience amongst others in establishing operations in Lithuania in 2013 will be valuable contribution to the further development of the operational excellence of Mogo Finance. Within four years’ time Modestas Sudnius steered Lithuanian operations to become a leading profitable used car finance company and further on successfully managed HUB 1 which consists of Latvia, Lithuania, Estonia, Georgia and Armenia.
For more information, please contact:
|Mogo Finance (CFO)
+371 66 900 900
|Aalto Capital, Sven Pauly|| firstname.lastname@example.org
+49 89 89867770
Notes to Editors:
Mogo Finance is one of largest and fastest growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 13 countries issuing over EUR 320 million up to date and running a net loan portfolio over EUR 130 million. Mogo offers secured loans up to EUR 15,000 with maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.
Mogo Finance operates through its own branch network, more than 1,500 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia and operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Ukraine and Uzbekistan.
The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or any other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Persons into whose possession this announcement may come are required to inform themselves of and observe all such restrictions.
This announcement does not constitute an offer of securities for sale in the United States. The bonds have not been and will not be registered under the Securities Act or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
This announcement does not constitute a prospectus for the purposes of Directive 2003/71/EC, as amended (the “Prospectus Directive”) and does not constitute a public offer of securities in any member state of the European Economic Area (the “EEA”).
This announcement does not constitute an offer of bonds to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the bonds. Accordingly, this announcement is not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of this announcement as a financial promotion may only be distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “Relevant Persons”). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this announcement or any of its contents.
PROFESSIONAL INVESTORS ONLY – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the bonds do not constitute packaged products and will be offered to eligible counterparties and professional clients only.