Latest news with #Argentex
Reuters
2 days ago
- Business
- Reuters
UK currency risk firm Argentex's interim CEO steps down
July 22 (Reuters) - British currency risk management company Argentex (AGFX.L), opens new tab said on Tuesday that Tim Rudman has resigned as the company's interim CEO, days after it appointed administrators amid a funding shortfall.
Reuters
3 days ago
- Business
- Reuters
IFX Payments mulls withdrawing takeover offer for UK's Argentex
July 21 (Reuters) - Cross-border payments provider IFX Payments said on Monday that it was considering withdrawing its takeover offer for Argentex (AGFX.L), opens new tab, days after the British currency risk management company appointed administrators amid a funding shortfall.
Times
6 days ago
- Business
- Times
Argentex crisis deepens after FCA orders it to suspend trading
The crisis engulfing Argentex has intensified after the stricken currencies business, which fell victim to the market turmoil caused by President Trump's tariffs, was forced to stop trading by the City regulator. Argentex warned on Thursday that it had failed to secure much-needed financing, which meant its main subsidiary had fallen short of obligations agreed with the Financial Conduct Authority last month. As a result, the business has halted all commercial activity and its shares have been suspended from trading at 2¾p. It is the latest blow for the London-based foreign exchange group, which was thrown into turmoil in April by the plunge in the US dollar when the White House stunned global financial markets with its sweeping 'liberation day' tariffs. Argentex helps corporate clients to hedge their currencies exposure but the violent market moves laid bare weaknesses in its business model. Its shares tumbled and it averted disaster only by agreeing to sell itself to IFX Payments for about £3 million, having been valued at £120 million just six years ago when it listed on London's junior Aim market. The sale to IFX has yet to complete, however, and it was unclear on Thursday night how the halt to its operations would affect the deal. A spokesman for IFX was approached for comment. Argentex had almost 200 employees as of the end of last year and until recently counted Lord Jones of Birmingham, better known as Digby Jones, who was once the head of the Confederation of British Industry, as a non-executive board member. Jones left in May amid a wider boardroom exodus. The company is being run by Tim Rudman, its former chief operating officer, who replaced Jim Ormonde as chief executive in April, only hours before the IFX rescue deal was announced. IFX has extended two loan facilities to Argentex, of £26.5 million and £10.5 million. Argentex had also been seeking a further credit line to ensure it adhered to the measures its main subsidiary had agreed under last month's so-called 'voluntary requirement' with the regulator, which had curtailed its trading activities and placed liquidity conditions on the business that Argentex was meant to have satisfied by Tuesday this week. Another requirement, blocking it from disposing of its own assets without the regulator's permission, was also put in place last week. Argentex said on Thursday that it had expected to meet the liquidity conditions through 'the provision of an additional secured revolving credit facility'. 'The company has not been able to secure that additional funding, nor does the company have any other source of alternative funding or liquidity available to it, in the near future.' This means its main subsidiary is required to put a stop to its business until the voluntary requirement is met.
Reuters
7 days ago
- Business
- Reuters
Argentex unit halts operations after funding setback
July 17 (Reuters) - British currency risk manager Argentex's (AGFX.L), opens new tab main trading unit will cease operations, the firm said on Thursday after it was unable to secure funding. One of the first known casualties of the consequences of the global trade war, Argentex was instructed by UK's Financial Conduct Authority in late June about certain restrictions being imposed on Argentex LLP, the unit that is ceasing operations. FCA's decision required Argentex to maintain liquid assets of 23.62 million pounds ($31.6 million), which the company failed to secure, resulting in a suspension of its shares from trading for the second time on Thursday in almost three months. Argentex said its unit will cease any further commercial and trading activity until previously disclosed regulatory requirements are met. ($1 = 0.7473 pounds)
Reuters
26-06-2025
- Business
- Reuters
Argentex unit accepts UK financial watchdog's restrictions post collapse
June 26 (Reuters) - Britain's Argentex (AGFX.L), opens new tab on Thursday said its unit has agreed to certain trading restrictions imposed by the UK's Financial Conduct Authority following the currency risk manager's collapse amid extended market volatility.
