IFX (UK) Ltd (“IFX Payments”) today issued a statement regarding the proposed acquisition of Argentex.

IFX Payments noted Argentex Group PLC’s announcement of 18 July 2025 in relation to the intended appointment of administrators to Argentex.

The Scheme Document published on 21 May 2025 stipulates that IFX Payments did not intend to implement the Acquisition if any member of the Argentex Group took steps, or has steps taken against them, for their winding-up or the commencement of any other insolvency related process, and accordingly, such Insolvency Condition could be invoked by IFX Payments, with the consent of the Panel, if any such circumstances arises.

IFX Payments said today that it considers that Argentex entering into Administration is of material significance to it in the context of the Acquisition and is therefore seeking to invoke Conditions 3(l)(xii) and 3(l)(xiii), as set out in the Scheme Document, to its Offer.

Accordingly, IFX Payments and its advisers are consulting with the Panel with regard to invoking the Insolvency Condition.

Last week, Argentex announced that its main trading subsidiary, Argentex LLP, has agreed to a Voluntary Requirement (“VREQ”) imposed by the UK Financial Conduct Authority (FCA).

The VREQ introduces a business restriction requiring Argentex LLP to cease all regulated activity, to not register and onboard new customers, and to not open any new foreign exchange trades. These restrictions also require the firm to take all reasonable steps to stop incoming payments from existing customers.