Argentex Group PLC today announced that Jim Ormonde, Chief Executive Officer, has left the company with immediate effect.

Tim Rudman, Chief Operating Officer, has been appointed Interim Chief Executive Officer with immediate effect, and will join the PLC Board subject to satisfaction of customary due diligence for the purposes of the AIM Rules.

Earlier this week, Argentex confirmed the suspension of trading of 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 £6.5 million bridge loan.