These are top 10 stocks traded on the Robinhood UK platform in July
LONDON - In a move to consolidate its position in the foreign exchange and alternative banking sector, IFX (UK) Ltd, trading as IFX Payments, has agreed to a recommended cash acquisition of Argentex Group plc, valuing the company at approximately £3 million. The acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006.
The deal follows a period of significant market volatility for Argentex, particularly due to the rapid devaluation of the US Dollar influenced by recent policy announcements from the US government. Argentex, facing liquidity challenges, sought and secured a £6.5 million bridging loan from IFX Payments and is in discussions for further liquidity support.
Argentex shareholders are set to receive 2.49 pence in cash for each share, with the directors of Argentex unanimously recommending the acquisition. They have received irrevocable undertakings to vote in favor of the scheme from holders of approximately 58.26% of the existing issued ordinary share capital as of the last practicable date before the announcement.
The acquisition is expected to provide Argentex with the necessary working capital to remain solvent amidst the current trading difficulties and market instability. The Argentex board believes that the immediate cash value of the acquisition is favorable compared to the limited returns that would be available if the company entered insolvency proceedings.
IFX Payments, a global fintech company, recognizes the value in Argentex’s established foreign exchange operator and alternative banking platform. The acquisition is seen as a strategic move to enhance IFX Payments’ regulated capabilities, strengthen its product suite, and expand its institutional client reach and geographical presence.
The transaction is subject to regulatory approvals and other customary conditions, including the approval of Argentex shareholders and the sanctioning of the scheme by the court. The Acquisition is expected to become effective during the second half of the calendar year 2025.
This article is based on a press release statement and provides a factual account of the proposed acquisition of Argentex by IFX Payments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.