REG - Argo Blockchain PLC - New hardware delivers faster-than-expected ROI

Argo BlockchainAnnouncement

28/08/2019 07:05

RNS Number : 3294K
Argo Blockchain PLC
28 August 2019
 


PRESS RELEASE
28 August 2019
 
 
 
Argo Blockchain PLC
('Argo' or 'the Company')
 
New mining hardware delivers faster-than-expected ROI
Grant of share options
PDMR Dealing Notification & TR-1
 
 
Argo, a UK-based provider of enterprise scale cryptocurrency mining services (LSE: ARB), is pleased to announce that its strategy (as announced in April 2019) to make a major investment in new mining hardware has delivered better than expected returns to date.
 
The first phase of the investment programme commenced with the purchase of 1,000 Bitmain Z11 Antminer machines, which were ordered in April 2019 and went into production in early May 2019. The Company is pleased to report that these machines have achieved a 100% payback on their investment, thereby recouping their full cost in under half the time the Company had estimated.
 
Based on current mining margins, Argo is also well ahead of schedule to recoup the cost of the 2,267 S17 Antminer machines purchased in April and May of 2019 and which have been in production since May and June.
 
Mike Edwards, Executive Chairman of Argo, commented: "Our decision to move fast with a major expansion of mining infrastructure is reaping strong returns much earlier than expected.  I am confident this strategy will continue to pay off long-term."
 
Share Options
 
The Company has granted Matthew Shaw, who was appointed as an independent non-executive director on 17 July 2019, stock options over 1 million ordinary shares of £0.001 each in the Company (Ordinary Shares) at an exercise price of 16p per share. One third of Mr Shaw's options will vest after 12 months from the date of Mr Shaw's appointment and 1/36th of the options will vest each month thereafter. These options will expire six years from the date of Mr Shaw's appointment.
 
In recognition of his efforts in establishment of the Company, the Company has agreed with Jonathan Bixby, a former director of the Company, to extend the exercise period for 5,953,691 options over Ordinary Shares granted to Mr Bixby in July 2018, and which have already vested, for a period of three years from 30 August 2019. Details of the options and the Company's option scheme are set out in the Company's prospectus dated 30 July 2018. The options remain exercisable at a price of 16 pence per Ordinary Share.
 
Share Transfer
 
The Company has received notification from Durban Holdings Ltd of a transfer of 19,350,000 Ordinary Shares from Durban Holdings Ltd to Toro Consulting Ltd, a company in which Jonathan Bixby is interested. The transfer of shares from Durban Holdings Ltd to Toro Consulting Ltd was completed at nil cost as both entities are entities in which Jonathan Bixby is interested.
 
Durban Holdings Ltd previously held shares on behalf of each of Mike Edwards, the Company's Chairman, and Jonathan Bixby, a former director of the Company. Following the transfer, Durban Holdings Ltd holds 21,600,000 Ordinary Shares on behalf of Mr Edwards, and no Ordinary Shares on behalf of Mr Bixby.
 
Following the transfer from Durban Holdings Ltd, the Company received notification from Toro Consulting Ltd that it had sold 10,540,000 Ordinary Shares to a third party.
 
Durban Holdings Ltd is a company jointly owned by Mike Edwards, the Company's Chairman, and Jonathan Bixby.  Consequently, Durban Holdings Ltd is a person closely associated with Mike Edwards, and therefore required to give a PDMR notification, details of which are set out below.
 




PDMR / Person closely associated


Ordinary Shares sold


Weighted average price per Ordinary Share


Resultant Shareholding


Percentage of the total voting rights of the Company




Durban Holdings Ltd


19,350,000


Nil


21,600,000


7.35%




The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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


Durban Holdings Ltd




2.


Reason for the Notification




a)


Position/status


Person Closely Associated - Mike Edwards




b)


Initial notification / Amendment


Initial notification




3.


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


Argo Blockchain PLC




b)


LEI


213800WPCCYSDYY26J54




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




 


Identification Code


GB00BZ15CS02




b)


Nature of the transaction


Sale of shares




c)


Price(s) and volume(s)






Price(s)


Volume(s)




Nil pence per Ordinary Share


19,350,000 Ordinary Shares




 




d)


Aggregated information:
·     Aggregated volume
·     Price


 
19,350,000  Ordinary Shares
Nil pence per Ordinary Share




e)


Date of the transaction


26 August 2019




f)


Place of the Transaction


London Stock Exchange




 
 




NOTIFICATION OF MAJOR HOLDINGS




 




1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:


Argo Blockchain PLC




1b. Please indicate if the issuer is a non-UK issuer  (please mark with an "X" if appropriate)




Non-UK issuer


 




2. Reason for the notification (please mark the appropriate box or boxes with an "X")




An acquisition or disposal of voting rights


X




An acquisition or disposal of financial instruments


 




An event changing the breakdown of voting rights


 




Other (please specify)iii:


 




3. Details of person subject to the notification obligationiv




Name


Durban Holdings Ltd.




City and country of registered office (if applicable)


Canada




4. Full name of shareholder(s) (if different from 3.)v




Name


 




City and country of registered office (if applicable)


 




5. Date on which the threshold was crossed or reachedvi:


26/08/2019




6. Date on which issuer notified (DD/MM/YYYY):


27/08/2019




7. Total positions of person(s) subject to the notification obligation




 


% of voting rights attached to shares (total of 8. A)


% of voting rights through financial instruments

(total of 8.B 1 + 8.B 2)


Total of both in % (8.A + 8.B)


Total number of voting rights of issuervii




Resulting situation on the date on which threshold was crossed or reached


21,600,000


 


7.35%


293,750,000




Position of previous notification (if
applicable)


40,950,000


 


13.94%


 



 
 
 
 
 
 
 



 




8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii




A: Voting rights attached to shares




Class/type of

shares
ISIN code (if possible)


Number of voting rightsix


% of voting rights




Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)


Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)


Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)


Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)




Ordinary Shares
GB00BZ15CS02


21,600,000


 


7.35%


 




 


 


 


 


 




 


 


 


 


 




SUBTOTAL 8. A


21,600,000


7.35%




 
 




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))




Type of financial instrument


Expiration

datex


Exercise/

Conversion Periodxi


Number of voting rights that may be acquired if the instrument is
exercised/converted.


% of voting rights




 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




 


 


SUBTOTAL 8. B 1


 


 




 
 




B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))




Type of financial instrument


Expiration

datex


Exercise/

Conversion Period xi


Physical or cash
settlementxii


Number of voting rights


% of voting rights




 


 


 


 


 


 




 


 


 


 


 


 




 


 


 


 


 


 




 


 


 


SUBTOTAL 8.B.2


 


 




 
 
 



 
 
 
 
 
 
 
 
 
 



 




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")




Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii


 




Full chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)


X




Namexv


% of voting rights if it equals or is higher than the notifiable threshold


% of voting rights through financial instruments if it equals or is higher than the notifiable threshold


Total of both if it equals or is higher than the notifiable threshold




Mike Edwards


7.35%


 


7.35%




 


 


 


 




 


 


 


 




 


 


 


 




 


 


 


 




 




10. In case of proxy voting, please identify:




Name of the proxy holder


 




The number and % of voting rights held


 




The date until which the voting rights will be held


 




 




11. Additional informationxvi




 



 
 
 
 
 



 




Place of completion


LONDON




Date of completion


27/08/2019




 




NOTIFICATION OF MAJOR HOLDINGS




 




1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:


Argo Blockchain PLC




1b. Please indicate if the issuer is a non-UK issuer  (please mark with an "X" if appropriate)




Non-UK issuer


 




2. Reason for the notification (please mark the appropriate box or boxes with an "X")




An acquisition or disposal of voting rights


X




An acquisition or disposal of financial instruments


 




An event changing the breakdown of voting rights


 




Other (please specify)iii:


 




3. Details of person subject to the notification obligationiv




Name


Toro Consulting Ltd




City and country of registered office (if applicable)


Canada




4. Full name of shareholder(s) (if different from 3.)v




Name


 




City and country of registered office (if applicable)


 




5. Date on which the threshold was crossed or reachedvi:


26/08/2019




6. Date on which issuer notified (DD/MM/YYYY):


27/08 2019




7. Total positions of person(s) subject to the notification obligation




 


% of voting rights attached to shares (total of 8. A)


% of voting rights through financial instruments

(total of 8.B 1 + 8.B 2)


Total of both in % (8.A + 8.B)


Total number of voting rights of issuervii




Resulting situation on the date on which threshold was crossed or reached


19,350,000


 


6.59%


293,750,000




Position of previous notification (if
applicable)


Nil


 


Nil


 



 
 
 
 
 
 
 



 




8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii




A: Voting rights attached to shares




Class/type of

shares
ISIN code (if possible)


Number of voting rightsix


% of voting rights




Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)


Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)


Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)


Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)




Ordinary Shares
GB00BZ15CS02


19,350,000


 


6.59%


 




 


 


 


 


 




 


 


 


 


 




SUBTOTAL 8. A


19,350,000


6.59%




 
 




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))




Type of financial instrument


Expiration

datex


Exercise/

Conversion Periodxi


Number of voting rights that may be acquired if the instrument is
exercised/converted.


% of voting rights




 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




 


 


SUBTOTAL 8. B 1


 


 




 
 




B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))




Type of financial instrument


Expiration

datex


Exercise/

Conversion Period xi


Physical or cash
settlementxii


Number of voting rights


% of voting rights




 


 


 


 


 


 




 


 


 


 


 


 




 


 


 


 


 


 




 


 


 


SUBTOTAL 8.B.2


 


 




 
 
 



 
 
 
 
 
 
 
 
 
 



 




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")




Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii


 




Full chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)


X




Namexv


% of voting rights if it equals or is higher than the notifiable threshold


% of voting rights through financial instruments if it equals or is higher than the notifiable threshold


Total of both if it equals or is higher than the notifiable threshold




Jonathan Bixby


6.59%


 


6.59%




 


 


 


 




 


 


 


 




 


 


 


 




 


 


 


 




 




10. In case of proxy voting, please identify:




Name of the proxy holder


 




The number and % of voting rights held


 




The date until which the voting rights will be held


 




 




11. Additional informationxvi




 



 
 
 
 
 



 




Place of completion


LONDON




Date of completion


27/08/2019




 




NOTIFICATION OF MAJOR HOLDINGS




 




1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:


Argo Blockchain PLC




1b. Please indicate if the issuer is a non-UK issuer  (please mark with an "X" if appropriate)




Non-UK issuer


 




2. Reason for the notification (please mark the appropriate box or boxes with an "X")




An acquisition or disposal of voting rights


X




An acquisition or disposal of financial instruments


 




An event changing the breakdown of voting rights


 




Other (please specify)iii:


 




3. Details of person subject to the notification obligationiv




Name


Toro Consulting Ltd




City and country of registered office (if applicable)


Canada




4. Full name of shareholder(s) (if different from 3.)v




Name


 




City and country of registered office (if applicable)


 




5. Date on which the threshold was crossed or reachedvi:


27/08/2019




6. Date on which issuer notified (DD/MM/YYYY):


27/08/2019




7. Total positions of person(s) subject to the notification obligation




 


% of voting rights attached to shares (total of 8. A)


% of voting rights through financial instruments

(total of 8.B 1 + 8.B 2)


Total of both in % (8.A + 8.B)


Total number of voting rights of issuervii




Resulting situation on the date on which threshold was crossed or reached


Below 3%


 


Below 3%


293,750,000




Position of previous notification (if
applicable)


19,350,000


 


6.59%


 



 
 
 
 
 
 
 



 




8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii




A: Voting rights attached to shares




Class/type of

shares
ISIN code (if possible)


Number of voting rightsix


% of voting rights




Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)


Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)


Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)


Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)




Ordinary Shares
GB00BZ15CS02


 


 


 


 




 


 


 


 


 




 


 


 


 


 




SUBTOTAL 8. A


 


Below 3%




 
 




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))




Type of financial instrument


Expiration

datex


Exercise/

Conversion Periodxi


Number of voting rights that may be acquired if the instrument is
exercised/converted.


% of voting rights




 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




 


 


SUBTOTAL 8. B 1


 


 




 
 




B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))




Type of financial instrument


Expiration

datex


Exercise/

Conversion Period xi


Physical or cash
settlementxii


Number of voting rights


% of voting rights




 


 


 


 


 


 




 


 


 


 


 


 




 


 


 


 


 


 




 


 


 


SUBTOTAL 8.B.2


 


 




 
 
 



 
 
 
 
 
 
 
 
 
 



 




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")




Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii


 




Full chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)


X




Namexv


% of voting rights if it equals or is higher than the notifiable threshold


% of voting rights through financial instruments if it equals or is higher than the notifiable threshold


Total of both if it equals or is higher than the notifiable threshold




Jonathan Bixby


 


 


 




 


 


 


 




 


 


 


 




 


 


 


 




 


 


 


 




 




10. In case of proxy voting, please identify:




Name of the proxy holder


 




The number and % of voting rights held


 




The date until which the voting rights will be held


 




 




11. Additional informationxvi




 



 
 
 
 
 



 




Place of completion


LONDON




Date of completion


27/08/2019




 




NOTIFICATION OF MAJOR HOLDINGS




 




1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:


Argo Blockchain PLC




1b. Please indicate if the issuer is a non-UK issuer  (please mark with an "X" if appropriate)




Non-UK issuer


 




2. Reason for the notification (please mark the appropriate box or boxes with an "X")




An acquisition or disposal of voting rights


X




An acquisition or disposal of financial instruments


 




An event changing the breakdown of voting rights


 




Other (please specify)iii:


 




3. Details of person subject to the notification obligationiv




Name


1219626 BC Ltd 




City and country of registered office (if applicable)


Canada




4. Full name of shareholder(s) (if different from 3.)v




Name


 




City and country of registered office (if applicable)


 




5. Date on which the threshold was crossed or reachedvi:


27/08/2019




6. Date on which issuer notified (DD/MM/YYYY):


27/08/2019




7. Total positions of person(s) subject to the notification obligation




 


% of voting rights attached to shares (total of 8. A)


% of voting rights through financial instruments

(total of 8.B 1 + 8.B 2)


Total of both in % (8.A + 8.B)


Total number of voting rights of issuervii




Resulting situation on the date on which threshold was crossed or reached


10,540,000


 


3.59%


293,750,000




Position of previous notification (if
applicable)


Nil


 


Nil


 



 
 
 
 
 
 
 



 




8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii




A: Voting rights attached to shares




Class/type of

shares
ISIN code (if possible)


Number of voting rightsix


% of voting rights




Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)


Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)


Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)


Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)




Ordinary Shares
GB00BZ15CS02


10,540,000


 


3.59%


 




 


 


 


 


 




 


 


 


 


 




SUBTOTAL 8. A


10,540,000


3.59%




 
 




B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))




Type of financial instrument


Expiration

datex


Exercise/

Conversion Periodxi


Number of voting rights that may be acquired if the instrument is
exercised/converted.


% of voting rights




 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




 


 


SUBTOTAL 8. B 1


 


 




 
 




B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))




Type of financial instrument


Expiration

datex


Exercise/

Conversion Period xi


Physical or cash
settlementxii


Number of voting rights


% of voting rights




 


 


 


 


 


 




 


 


 


 


 


 




 


 


 


 


 


 




 


 


 


SUBTOTAL 8.B.2


 


 




 
 
 



 
 
 
 
 
 
 
 
 
 



 




9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")




Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii


 




Full chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)


X




Namexv


% of voting rights if it equals or is higher than the notifiable threshold


% of voting rights through financial instruments if it equals or is higher than the notifiable threshold


Total of both if it equals or is higher than the notifiable threshold




Eric Chang


3.59%


 


3.59%




 


 


 


 




 


 


 


 




 


 


 


 




 


 


 


 




 




10. In case of proxy voting, please identify:




Name of the proxy holder


 




The number and % of voting rights held


 




The date until which the voting rights will be held


 




 




11. Additional informationxvi




 



 
 
 
 
 



 




Place of completion


LONDON




Date of completion


27/08/2019




 
 
For further information please contact:
 




Argo Blockchain


 




Mike Edwards
President & Executive Director
 
Neil Thapar
Financial Communications Adviser


via Tancredi +44 203 434 2334
 
 
+44 7876 455323




Mirabaud


 




Corporate Broker
Peter Krens


+44 203 167 7221




Tancredi Intelligent Communication
Media Relations


 




Salamander Davoudi
salamander@tancredigroup.com
    
 Emma Valgimigli
emma@tancredigroup.com


+44 7957 549 906
 
 
 
+44 7727 180 873




 
 
About Argo:
Argo Blockchain plc is a global data centre business that provides a purpose-built and flexible platform for mining of leading cryptocurrencies for the enterprise-scale and institutional sectors worldwide from operational centres in Canada. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB.
www.argomining.co
 
 
See Argo's largest facility in Quebec:
https://youtu.be/LDWWaZ75Zbk
 




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