The Council of Argendex Group Plc announced today that Argendex LLP will stop any further commercial and commercial activity.
As revealed in the June 26 announcement, its main subsidiary, Argetex LLP, agreed with the Authority of Financial Behavior (“FCA”) to introduce a voluntary claim (“Vreq”).
Vreq allowed ARGENTEX LLP to continue to serve customers under defined parameters and required it to satisfy a new level of individual liquidity guidance (“ILG”) by July 15, 2025.
The Argetex Group has not been able to ensure that additional funding, nor does it have another source of alternative funding or liquidity available in it in the near future. Consequently, Argentex LLP is not able to operate in the context of Vreq’s regulatory liabilities and will now stop any further commercial and commercial activity until the terms of VREQ are satisfied.
In the light of the above, the negotiation of the ordinary shares of Argetex will be suspended pending a further announcement.