NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE.

30 May 2025

No intention to make an offer for Argentex Group plc ("Argentex")

Further to the separate announcements by Argentex and Lumon Acquisitions Limited ("Lumon") on 23 Arpil 2025, Lumon announces that it does not intend to make an offer for Argentex under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code").

This is a statement made in accordance with Rule 2.6(d) of the Code and to which Rule 2.8 of the Code applies. As a result of this announcement, Lumon will, together with any party acting in concert with it, be bound by the restrictions contained in Rule 2.8 of the Code.

For the purpose of Rule 2.8 of the Code, Lumon, and any person(s) acting in concert with it, reserves the right to make or participate in an offer for Argentex (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within six months of the date of this announcement:

a)   with the agreement of the board of directors of Argentex provided that such agreement is only given if the recommended cash acquisition of Argentex by IFX (UK) Ltd is withdrawn or lapses, and only after such lapse or withdrawal;

b)   following the announcement of a firm intention to make an offer for Argentex by or on behalf of a third party other than IFX;

c)   if Argentex announces a Rule 9 waiver proposal (as described in Note 1 on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); 

d)   if there has been a material change of circumstances (as determined by the Panel on Takeovers and Mergers (the "Panel")); or 

e)   in such other circumstances as the Panel may permit.

Enquiries:

Important information

This announcement is not intended to, and does not constitute, an offer to sell or the solicitation of an offer to subscribe for or buy, or an invitation to subscribe for or to purchase any securities, or the solicitation of any vote, in any jurisdiction. This is an announcement under Rule 2.8 of the Code and does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Code.

The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.