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LONDON - Argo Group Limited, the international underwriter of specialty insurance and reinsurance products, has announced the completion of its tender offer for ordinary shares, initially detailed in a circular on January 16, 2025. The tender, which closed on Monday, saw 4,294,580 ordinary shares validly tendered at a price of 5 pence per share, representing about 11.0% of the company’s issued share capital.
The tendered shares, which account for approximately 38.3% of the shares available for the offer, will be repurchased and subsequently cancelled. Following this transaction, Argo’s remaining share capital stands at 34,665,406 ordinary shares, with equivalent voting rights. This figure will serve as the denominator for shareholders to determine notification requirements under the Financial Conduct Authority’s Disclosure and Transparency Rules.
In conjunction with the tender offer results, Argo has confirmed that its ordinary shares will be delisted from the AIM market of the London Stock Exchange (LON:LSEG). The final day of trading is expected to be Thursday, with the cancellation taking effect from Friday morning.
The company also disclosed transactions by persons discharging managerial responsibilities (PDMRs). Michael Kloter, Non-Executive Chairman, and Kenneth Watterson, Non-Executive Director, have sold 1,000,000 and 88,141 ordinary shares, respectively, as part of the tender offer. These dealings were conducted in accordance with the Market Abuse Regulation.
This strategic move comes at a time when Argo Group has been navigating a shifting landscape in the insurance industry, with the tender offer and delisting being part of their broader corporate strategy.
The information for this article is based on a press release statement from Argo Group Limited.
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