A Dutch non-public fairness investor is attempting to gatecrash the emergency sale of Argentex Group, a London-listed foreign money administration agency caught within the monetary crossfire of Donald Trump’s tariffs campaign.
Haerlem Capital has additionally supplied to supply a £15m funding line to Argentex as a part of the deal, in line with individuals near the scenario.
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Sources mentioned the method had been rebuffed as a result of it was deemed unworkable within the context of a sale of the entire firm, which has already been agreed to IFX Funds.
Argentex shareholders are scheduled to vote on the IFX deal on Wednesday.
In April, Argentex, whose shoppers embrace the FTSE 100 insurer Aviva, asset supervisor Barings, and Triumph Bikes, mentioned it had been “exposed to significant volatility in foreign exchange rates, particularly in relation to the rapid devaluing of the US Dollar against other major benchmark currencies which has been precipitated by the various recent announcements from President Trump regarding tariff policies and US government spending cuts”.
The corporate was compelled into emergency sale talks, with its board in the end succeeding in securing a deal on a solvent foundation – albeit at a steeply discounted worth
It introduced late final month that it had drawn down £6.4m of a £20m revolving credit score facility supplied by IFX Funds.
“These drawn amounts are in addition to the £10.5m secured bridging loan provided by IFX Payments and have been applied to ensure that the Company remains within its liquid assets threshold requirement (LATR) and to satisfy certain margin calls from its liquidity providers,” it mentioned.
Argentex floated on London’s junior AIM market in 2019, and counts Lord Jones, the previous CBI boss, amongst its board members.
Shares within the firm, which lately resumed buying and selling on the junior AIM inventory market, have been altering arms for about 2.5p on Monday morning, giving Argentex a market capitalisation of just below £3m.
A spokesperson for Argentex declined to touch upon the method from Haerlem Capital.
