Admission to Trading on AIM

RNS Number : 2510D

Argentex Group PLC

25 June 2019

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION. INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF INFORMATION IN THE ADMISSION DOCUMENT PUBLISHED BY ARGENTEX GROUP PLC IN CONNECTION WITH THE PROPOSED ADMISSION OF ITS ORDINARY SHARES TO TRADING ON AIM.

25 June 2019

Argentex Group PLC

(the "Company" or "Argentex")

Admission to Trading on AIM and First Day of Dealings

Argentex, a leading FCA regulated provider of foreign exchange services to institutions, corporates and high net worth private individuals, today announces the admission of its entire issued ordinary share capital to trading on the AIM market of the London Stock Exchange.

Dealings will commence at 8.00 a.m. today, trading under the ticker "AGFX". Based on the issue price of 106 pence per Ordinary Share, the market capitalisation on Admission will be £120 million. The Company has 113,207,547 Ordinary Shares in issue.

The Company's AIM admission document can be found on its investor website: www.argentex.com 

For further information please contact:

Argentex Group plc

Harry Adams, Carl Jani (Co-CEOs)

Telephone: [phone]

FTI Consulting (Financial PR)

Ed Berry

Antonia Powell

Telephone: [phone]

[e-mail]

Numis Securities Limited (Nominated Adviser, Broker and Bookrunner)

Stephen Westgate

Charlie Farquhar

Laura White

Hugo Rubinstein
Telephone: [phone]

About Argentex Group PLC

Argentex is a UK-based foreign exchange service provider founded in 2011 by its current senior management and Pacific Investments (founded by Sir John Beckwith). It operates as a Riskless Principal broker for non-speculative spot and forward foreign exchange and structured financial derivative contracts.

The Group delivers tailored foreign exchange advisory and execution services to a global client base consisting principally of institutions, corporates and high net worth private individuals. It provides a personal client-led service, improved pricing and a more efficient execution and settlement service than existing FX service providers, such as banks and larger broker-dealers.

The business assists customers with foreign exchange transactions which are related to genuine underlying business needs. It does not engage in speculative trades for its clients, nor does it offer margin trading, spread betting, CFDs or similar products and it does not speculate with its own funds as principal.

Since the business commenced trading in 2012, it has experienced significant year-on-year growth in customers, transaction volumes and revenue. Argentex has been profitable in every financial year since incorporation.  For the year ended 31 March 2019, Argentex reported revenues of £21.9 million and operating profit of £9.4 million.

Argentex has a rigorous risk management culture and robust compliance procedures. It is authorised and regulated by the FCA as an Electronic Money Institution and is an IFPRU €125k Investment Firm. Argentex only trades with Institutional Counterparties with robust balance sheets, high credit ratings and sound capital resources and performs rigorous KYC and AML checks prior to accepting new clients.

Important legal information

The information contained in this announcement is for information purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.

This announcement does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, ordinary shares in the capital of the Company (the "Ordinary Shares") in any jurisdiction where such offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on the Company or Numis Securities Limited ("Numis"). The offer and sale of Ordinary Shares has not been and will not be registered under the applicable securities laws of Canada, Australia, Japan the Republic of South Africa or the United States. Subject to certain exemptions, the Ordinary Shares may not be offered to or sold within Canada, Australia, Japan, the Republic of South Africa or the United States or to any national, resident or citizen of Canada, Australia, Japan, the Republic of South Africa or the United States

The Ordinary Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), or the securities laws of any other jurisdiction of the United States. The Ordinary Shares may not be offered or sold, directly or indirectly, in or into the United States (except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the US Securities Act). No public offering of the Ordinary Shares is being made in the United States. The Ordinary Shares are being offered and sold only outside the United States in "offshore transactions" within the meaning of, and in reliance on, Regulation S under the US Securities Act ("Regulation S").

The Ordinary Shares have not been approved or disapproved by the United States Securities and Exchange Commission, any state securities commission in the United States or any other regulatory authority in the United States, nor have any of the foregoing authorities passed on or endorsed the merits of the institutional placing of Ordinary Shares undertaken by the Company (the "Placing") or the accuracy or adequacy of the information contained in this announcement. Any representation to the contrary is a criminal offence in the United States.

The securities referred to herein have not been registered under the applicable securities laws of Australia, Canada, Japan or the Republic of South Africa and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan or the Republic of South Africa or to any national, resident or citizen of Australia, Canada, Japan or the Republic of South Africa.

The distribution of this announcement outside the UK may be restricted by law. No action has been taken by the Company or Numis that would permit a public offer of Ordinary Shares in any jurisdiction outside the UK or possession of this announcement where action for that purpose is required. Persons outside the UK who come into possession of this announcement should inform themselves about the distribution of this announcement in their particular jurisdiction. Failure to comply with those restrictions may constitute a violation of the securities laws of such jurisdiction.

Numis and Kinmont are authorised and regulated in the United Kingdom by the Financial Conduct Authority ("FCA') and is advising the Company and no one else in connection with the Placing and admission of the Company's entire issued and to be issued Ordinary Shares to trading on the AIM market of the London Stock Exchange ("Admission"). Numis is acting exclusively for the Company as nominated adviser and broker for the purpose of the AIM Rules for Companies.

Numis and Kinmont will not be responsible to any person other than the Company for providing the protections afforded to its customers, nor for providing advice in relation to the Placing and Admission or the contents of this announcement. In particular, the information contained in this announcement has been prepared solely for the purposes of Admission and is not intended to inform or be relied upon by any subsequent purchasers of Ordinary Shares (whether on or off exchange) and accordingly no duty of care is accepted in relation to them. Without limiting the statutory rights of any person to whom this announcement is issued, no representation or warranty, express or implied, is made by Numis and Kinmont as to the contents of this announcement. No liability whatsoever is accepted by Numis and Kinmont for the accuracy of any information or opinions contained in this announcement, for which the directors of the Company are solely responsible, or for the omission of any information from this announcement for which it is not responsible.

The price of the Ordinary Shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the Ordinary Shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement.

 

END

 

 

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