As previously reported, Argo Blockchain plc (LON:ARB) is undertaking a recapitalization through a scheme of restructuring under Part 26A of the Companies Act 2006.
Today, Argo announced that, subject to the approval of the Restructuring Plan by the Court, the company’s intention is to cancel the listing of its ordinary shares in the Shares (Transition) category of the Official List of the Financial Conduct Authority (FCA) and to cancel the trading of its ordinary shares on the Main London Stock Exchange.
The Company’s intention is to maintain its listing on Nasdaq.
As a company listed in the Equity Shares (Transition) class, the Company is not required to obtain the approval of its shareholders for the Delisting, but is required under UK Listing Rule 21.2.17 to give at least 20 working days’ notice of the intended cancellation.
Accordingly, the Company requested that: (i) the FCA cancel the listing of the Common Shares on the FCA Official List; and (ii) the London Stock Exchange cancels the admission to trading of the Common Shares on the Main Market for listed securities of the London Stock Exchange. Provided the Plan of Restructuring is approved by the Court, it is expected that the Deletion will become effective as of 8:00 A.M. (London time) on 9 December 2025.
Accordingly, the last day of trading in the Common Shares on the Main Market is expected to be December 8, 2025. Investors holding Shares after the Delisting will continue to be entitled to exercise all rights attached to the Shares.
The main effects of the Deletion will be that:
- The Common Shares will no longer be traded on the London Stock Exchange. It is, however, the Company’s intention to maintain its listing on Nasdaq.
- the regulatory and financial reporting regime applicable to companies whose shares are listed for trading on the London Stock Exchange will no longer apply;
- shareholders will no longer be afforded the protection afforded by the Listing Rules.
- Shareholders will no longer be required to publicly disclose any change in the Company’s principal shares under the Disclosure Guidance and Transparency Rules.
- the Company will no longer be subject to the provisions of the Market Abuse Regulation (as in force in the UK) governing confidential information and other matters.
- with effect from the second anniversary of the Deletion, the Takeover Code will cease to apply to the Company and then shareholders will not benefit from the protection afforded to them by the Takeover Code. More details are listed below. and
- delisting may have personal tax consequences for shareholders. Shareholders who are in any doubt about their individual tax position should consult their own professional independent tax advisor without delay.
Shareholders are encouraged to review their participation agreements and consult their broker or financial advisor if they have any questions about the impact of the Deletion.
Today, the Company provided updates regarding the Restructuring Plan and its agreements with Growler Mining, LLC n/k/a Growler Mining Tuscaloosa, LLC.
Argo has determined the allocation of equity in the recapitalized Company pursuant to the Restructuring Plan as follows: (i) Growler will hold 87.5% of the equity; (2) bondholders, in exchange for their debt, will receive a total of 10% of equity. and (iii) the existing equity holders will retain their equity interests, subject to material dilution from the issuance to the bondholders and Growler, resulting in an aggregate equity interest of 2.5%.
To date, Argo has drawn approximately US$5.38 million under its multi-draw secured term loan facility of up to US$7.5 million with Growler.