Argendex Group Plc announced today that Jim Ormonde, chief executive, has left the company with immediate effect.
Tim Rudman, Managing Director, has been appointed with immediate validity of the Managing Director of Temporary Executive Power and will participate in the PLC Council without prejudice to the satisfaction of the usual due diligence for the purposes of AIM rules.
Earlier this week, Argetex confirmed the suspension of negotiating its shares on AIM amid growing concerns about the company’s financial situation. The company has received an acquisition offer from IFX Payments, which will also provide ARGENTEX a £ 6.5m bridge loan.