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On 21 July 2025, IFX (UK) Ltd ("IFX Payments") noted Argentex Group PLC's ("Argentex") 18 July 2025 announcement regarding the intended appointment of administrators. IFX Payments stated it is seeking to invoke Conditions 3(l)(xii) and 3(l)(xiii) of its recommended cash acquisition offer, as set out in the Scheme Document published on 21 May 2025, and is consulting with the Panel regarding invoking the Insolvency Condition.
| Date | 21 Jul 2025 |
| Time | 07:00:08 |
| Category | Miscellaneous |
| ID | 7588R |
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.
For immediate release
21 July 2025
IFX (UK) Ltd
("IFX Payments")
Statement re recommended cash acquisition of Argentex Group PLC
IFX Payments notes Argentex Group PLC's ("Argentex") announcement of 18 July 2025 in relation to the intended appointment of administrators to Argentex (the "Administration").
As set out in the Scheme Document published on 21 May 2025, IFX Payments did not intend to implement the Acquisition if any member of the Argentex Group took steps, or has steps taken against them, for their winding-up or the commencement of any other insolvency related process, and accordingly, such Insolvency Condition could be invoked by IFX Payments, with the consent of the Panel, if any such circumstances arises.
IFX Payments considers that Argentex entering into Administration is of material significance to it in the context of the Acquisition and is therefore seeking to invoke Conditions 3(l)(xii) and 3(l)(xiii), as set out in the Scheme Document, to its Offer. Accordingly, IFX Payments and its advisers are consulting with the Panel with regard to invoking the Insolvency Condition.
Capitalised terms used in this announcement shall, unless otherwise defined, have the meanings set out in the Scheme Document dated 21 May 2025. A further announcement will be made in due course as and when appropriate.
Enquiries:
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IFX Payments |
c/o Strand Hanson |
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Strand Hanson Limited (Financial Adviser to IFX Payments) Imogen Ellis Harry Marshall |
+44 (0) 20 7409 3494 |
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Strand Hanson Limited ("Strand Hanson"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for IFX Payments and for no one else in connection with the Acquisition and will not regard any other person as its client in relation to the Acquisition and will not be responsible to anyone other than IFX Payments for providing the protections afforded to clients of Strand Hanson, nor for providing advice in relation to any matter referred to in this announcement.