Argo Blockchain Sanctioned Restructuring Plan, Shares Delisted from LSE
In a regulatory filing on December 10, Argo Blockchain plc disclosed that the High Court of Justice, Business and Property Courts of England and Wales agreed to sanction the company's restructuring plan under Part 26A of the Companies Act 2006. Accordingly, the last day of trading of the company's shares on the Main Market of the London Stock Exchange was December 11 and delisting from the LSE was effective from 7 a.m. on December 12; the company has established a matched bargain share dealing facility with JP Jenkins, which will be operational from December 12; on or before December 12, the company will issue and allot 2,885,767,520 new ordinary shares to a nominee of JPMorgan Chase Bank, N.A., against which the Depositary will issue American Depositary Receipts evidencing American Depositary Shares for allocation among the company's bondholders upon the redemption and mandatory exchange of the company's 8.75% senior notes due 2026 in accordance with the Restructuring Plan; on or before December 12, the company will issue and allot 25,250,465,800 new shares to the Depositary's nominee, against which the Depositary will issue restricted ADRs evidencing ADSs to Growler Mining Tuscaloosa, in consideration of Growler's contributions as set out in the Restructuring Plan, being the conversion of its loan facility, the transfer of Growler USCo, Inc, to Argo and the provision of exit capital, and the release of Growler's security over the company and its subsidiaries; on December 12, the ratio of shares to ADSs will change from 10:1 to 2,160:1, so that one ADS will represent 2,160 shares; the UK Takeover Code will continue to apply to the company for a period of two years after the delisting, following which the UK Takeover Code will cease to apply to the company; and Ralfe Hickman, a representative of Growler, has been appointed as a director of the company with effect from December 12. Justin Nolan, CEO of Argo, said: "The sanctioning of the Restructuring Plan results in a recapitalised balance sheet positioned for growth. The board is grateful to Growler, and in particular, Stan Pate and his team, for supporting the Company over the last few months. While the board is saddened to leave the London market, the Company emerges with a recapitalised balance sheet, new power infrastructure and mining equipment from Growler as well as its Nasdaq listing." Stan Pate, the manager of Growler, said: "I'm pleased to announce the sanctioning of the Restructuring Plan which allows us to provide additional resources to support robust mining operations and create a leading energy infrastructure operator with a strong financial position."
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