Further to the announcement yesterday, and recent media speculation, the Board of Argentex today confirmed that it has received non-binding indicative proposals regarding separate possible offers for the company.

The proposals have been received from:

• Lumon Acquisitions Limited, a vehicle of Pollen Street Capital
• IFX Payments, the trading name of IFX (UK) Ltd
• Terry Clune and Harry Adams

The Board has unequivocally rejected the Proposals received from (i) Lumon Acquisitions Limited; and (ii) Terry Clune and Harry Adams.

The Board confirmed that it is in advanced discussions with IFX Payments regarding a possible offer to acquire the entire issued and to be issued share capital of the company.

Although discussions are at an advanced stage, the Board cautions that there can be no certainty that a firm offer will be made for the Company nor to the terms of any such offer.

Pursuant to Rule 2.6(a) of the Code, any of the Potential Offerors will be required, by not later than 5.00 p.m. (London time) on 20 May 2025, to either announce a firm intention to make an offer, subject to conditions or pre-conditions if relevant, for the Company or announce that it does not intend to make an offer for the Company. This deadline may be extended.

As detailed in the announcement on 22 April 2025, Argentex has been exposed to significant volatility in foreign exchange rates which has resulted in a rapid and significant decline in its liquidity position as a result of increasing margin calls on its FX Forward and options book. This liquidity position further deteriorated yesterday and the Company remains in regular discussions with its Liquidity Providers.

This further reduction in liquidity necessitates an immediate cash injection to ensure the Company’s continued solvency, without which the Board would have to take immediate steps to secure the Company’s future and protect value in the business for the Company’s creditors and other stakeholders.

In addition to the Possible Offer and in order to provide the necessary immediate financing for the Company, the Board is seeking to reach an agreement with IFX Payments on the terms of an initial bridging loan (the “Bridging Loan”) in addition to further ongoing liquidity support over the near term. The purpose of the Bridging Loan will be to provide the Company with immediate working capital flexibility to assist with its near-term liquidity needs.

The Board cautions that there can be no certainty that the Bridging Loan will be finalised and made available to the Company.

In the event that such Bridging Loan is not agreed, then the Board will take immediate steps to protect value in the business for the Company’s creditors and other stakeholders.

In light of the above, trading in the Company’s Ordinary Shares was suspended on 22 April 2025, and will remain suspended pending a further announcement regarding the Possible Offer and the Bridging Loan.