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Argentex Group plc has arranged a revolving credit facility (RCF) of up to £20 million with IFX Payments, in addition to £10.5 million in bridge funding already provided. The RCF carries a 15% annual interest rate, a 7.5% non-utilisation fee, is initially for 6 months, and its drawdown is subject to IFX Payments' consent. Trading in Argentex's Ordinary Shares on AIM will be restored effective from 7.30 a.m. today, 6 May 2025.
| Date | 6 May 2025 |
| Time | 07:00:14 |
| Category | Miscellaneous |
| ID | 4357H |
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
Teneo (Financial PR to Argentex)
James Macey-White / Victoria Boxall / Riann Cato
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