As previously reported, Argo Blockchain plc (LON:ARB) is undertaking a recapitalisation by way of a restructuring plan under Part 26A of the Companies Act 2006.

Today, Argo announced that, subject to the Court sanctioning the Restructuring Plan, it is the company’s intention to cancel the listing of its ordinary shares on the Equity 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 Market of the London Stock Exchange.

It is the Company’s intention to maintain its listing on Nasdaq.

As a company listed on the Equity Shares (Transition) category, 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 business days’ notice of the intended cancellation.

Accordingly, the Company has requested that: (i) the FCA cancel the listing of the Ordinary Shares on the Official List of the FCA; and (ii) the London Stock Exchange cancels the admission to trading of the Ordinary Shares on the Main Market for listed securities of the London Stock Exchange. Conditional upon the Restructuring Plan being sanctioned by the Court, it is anticipated that the Delisting will become effective from 8:00 a.m. (London time) on 9 December 2025.

Therefore, the last day of dealings in the Ordinary Shares on the Main Market is expected to be 8 December 2025. Investors holding Shares following the Delisting will continue to be entitled to exercise all the rights attaching to the Shares.

The principal effects of the Delisting will be that:

• the Ordinary Shares will no longer be tradeable on the London Stock Exchange. It is, however, the Company’s intention to maintain its Nasdaq listing;
• the regulatory and financial reporting regime applicable to companies whose shares are admitted to trading on the London Stock Exchange will no longer apply;
• shareholders will no longer be afforded the protections given by the Listing Rules;
• shareholders will no longer be required to publicly disclose any change in major shareholdings in the Company 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 United Kingdom) regulating inside information and other matters;
• with effect from the second anniversary of Delisting, the Takeover Code will cease to apply to the Company and at that point shareholders will not benefit from the protections afforded to them by the Takeover Code. Further details are set out below; and
• the Delisting may have personal taxation consequences for shareholders. Shareholders who are in any doubt about their individual tax position should consult their own professional independent tax adviser without delay.

Shareholders are encouraged to review their holding arrangements and consult their stockbroker or financial adviser if they have any questions regarding the impact of the Delisting.

Today, the Company provided updates with respect to 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 recapitalised Company pursuant to the Restructuring Plan as follows: (i) Growler will hold 87.5% of the equity; (2) the bondholders, in exchange for their debt, will receive an aggregate 10% of the equity; and (iii) the existing equity holders will retain their equity interests, subject to substantial dilution from the issue to the bondholders and Growler, resulting in an aggregate 2.5% equity interest.

To date, Argo has drawn approximately US$5.38 million from its secured multi-draw term loan facility of up to US$7.5 million with Growler.