REG - Argentex Group PLC - Revolving Credit Facility & Restoration of Trading

ArgentexAnnouncement

06/05/2025 07:00

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RNS Number : 4357H  Argentex Group PLC  06 May 2025

6 May 2025

 

Argentex Group plc

("Argentex" or the "Company")

 

Revolving Credit Facility

Restoration of Trading on AIM

 

Further to the announcements on 25 April 2025 and 30 April 2025, regarding the
Recommended Acquisition of Argentex by IFX (UK) Ltd (trading as IFX Payments
- "IFX Payments") and provision of bridge funding from IFX Payments, the
Company announces that it has arranged a revolving credit facility (RCF) with
IFX Payments for up to £20 million. The RCF is in addition to the bridge
funding of £10.5m provided to the Company by IFX Payments.

 

Details of the RCF

 

The RCF enables Argentex to draw down funds to meet margin calls from its
liquidity providers, in the event of further adverse foreign exchange
movements. It also provides Argentex with the flexibility to repay funds
borrowed through the RCF when margin is recovered by Argentex, without early
repayment charges as positions naturally unwind or foreign exchange movements
are favourable to the Company's position. Draw down of funding under the RCF
is subject to consent from IFX Payments, and will provide instant access to
liquidity over the medium term.

 

The RCF attracts an interest rate of 15% per annum and a non-utilisation fee
of 7.5% per annum, and is being initially provided for 6 months. This may be
extended at the discretion of IFX up to 12 months from the date of the RCF
agreement.

 

Restoration of Trading on AIM

 

As previously announced, it was essential that Argentex took urgent steps to
secure significant further immediate ongoing liquidity support and
consequently, trading in the Company's Ordinary Shares was suspended on 22
April 2025.

 

The Company has now secured further immediate ongoing liquidity support by way
of the RCF, and therefore trading in the Company's Ordinary Shares on AIM will
be restored, effective from 7.30 a.m. today.

 

Further announcements will be made in due course.

 

For further information, please contact:

 

Argentex Group PLC

Tim Rudman - Interim Chief Executive Officer

investorrelations@argentex.com (mailto:investorrelations@argentex.com)

 

Teneo (Financial PR to Argentex)

James Macey-White / Victoria Boxall / Riann Cato

argentex@teneo.com (mailto:argentex@teneo.com) , 020 7260 2700

 

Singer Capital Markets (Financial Adviser, Nominated Adviser and Broker
to Argentex)

Tom Salvesen / James Maxwell / James Todd

020 7496 3000

 

 

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