REG - ARGO Group Limited - Results of Tender Offer

ArgoAnnouncement

19/02/2025 09:45

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RNS Number : 7006X  ARGO Group Limited  19 February 2025

19 February 2025

 

Argo Group Limited

("Argo", the "Company" or the "Group")

 

 Results of Tender Offer

PDMR Dealings

 

The Company today announces the results of the Tender Offer set out in the
circular published by the Company on 16 January 2025 (the "Circular"), which
closed at 1.00 p.m. on 18 February 2025. The Tender Price was 5 pence per
Ordinary Share.

The Company also announces the sale of Ordinary Shares in the Tender Offer by
Michael Kloter and Kenneth Watterson, who are classified as PDMRs of the
Company.

Results of Tender Offer

The Company offered to purchase up to a maximum of 11,221,673 Ordinary Shares
(being approximately 28.8 per cent. of the Company's current issued share
capital) under the Tender Offer. In total, 4,294,580 Ordinary Shares were
validly tendered under the Tender Offer, representing approximately 11.0 per
cent. of the Company's current issued share capital and approximately 38.3 per
cent. of the number of Ordinary Shares available to tender. All valid tenders
will be satisfied in full.

It is expected that cheques will be despatched and CREST accounts will be
credited with proceeds in respect of successfully tendered shares from 4 March
2025.

The 4,294,580 Ordinary Shares tendered under the Tender Offer will be
repurchased by the Company and cancelled.

The ordinary share capital of the Company following the purchase will be
34,665,406 (no Ordinary Shares are held in treasury). The total voting rights
in the Company following the purchase will be 34,665,406.

The figure of 34,665,406 may be used by Shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company under the
FCA's Disclosure and Transparency Rules.

Cancellation

As previously announced, Argo will proceed with cancellation of trading of its
Ordinary Shares on AIM. It is anticipated that the last day of dealings in the
Ordinary Shares on AIM will be on 20 February 2025 and that Cancellation will
take effect from 7.00 a.m. on 21 February 2025.

PDMR Dealings

Michael Kloter and Kenneth Watterson, each a Director of the Company, have
tendered, respectively, 1,000,000 and 88,141 Ordinary Shares under the Tender
Offer.

The FCA notification, made in accordance with the requirements of the Market
Abuse Regulation, is appended below.

 

Terms used in this announcement have the same meaning as in the Circular. The
Circular can be viewed on, and downloaded from, the Company's website at
www.argogrouplimited.com.

 

For further information:

Argo Group Limited

Jeremy Bradshaw

Telephone: +44 (0)20 7016 7660

 

Panmure Liberum Limited

Nominated Adviser and Broker

Atholl Tweedie

Telephone: +44 (0)20 7886 2500

 

For more information visit: www.argogrouplimited.com
(http://www.argogrouplimited.com)

 

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Michael Kloter, Non-Executive Chairman

                                                                   Kenneth Watterson, Non-Executive Director
 2    Reason for the notification
 a)   Position/status                                              See 1(a) above - all classified as PDMRs of the Company

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Argo Group Limited

 b)   LEI                                                          2138006AZQPG1K8GHO83

 4    Details of the transaction(s): section to be repeated for (i) each type of
      instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary Shares of $0.01 each in Argo Group Limited

      Identification code                                          IM00B2RDSS92
 b)   Nature of the transaction                                    Sale of Ordinary Shares pursuant to the Tender Offer

 c)   Price(s) and volume(s)                                       Michael Kloter:

                                                                                     Price(s)          Volume(s)
                                                                                     £0.05             1,000,000
                                                                   Kenneth Watterson:
                                                                                     Price(s)          Volume(s)
                                                                                     £0.05             88,141

 d)   Aggregated information

      - Aggregated volume                                          N/A Single transaction in each case

      - Price

 e)   Date of the transaction                                      18 February 2025

 f)   Place of the transaction                                     London Stock Exchange, AIM (XLON)

 

 

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