Argentex has begun takeover talks after trading in its shares was suspended yesterday.
The global currency risk management specialist had requested the suspension, citing its exposure to significant volatility in foreign exchange rates.
This follows the rapid devaluation of the US dollar following a series of announcements from US President Donald Trump regarding tariffs.
The London-based firm, led by CEO Jim Ormonde (pictured), said that it has experienced a rapid and significant impact on its near-term liquidity position and had taken a number of steps to preserve cash.
Now it has confirmed three offers for the business.
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It has “unequivocally rejected” a bid from Lumon Acquisitions Limited, a vehicle of Pollen Street Capital; and also an offer from its founder and former CEO Harry Adams along with Irish serial entrepreneur Terry Clune, founder and chair of TransferMate.
However it has entered talks with IFX Payments.
“In order to provide the necessary immediate financing for the company, the board is seeking to reach an agreement with IFX Payments on the terms of an initial bridging loan in addition to further ongoing liquidity support over the near term,” it added.
“The purpose of the bridging loan will be to provide the company with immediate working capital flexibility to assist with its near-term liquidity needs.”
When its shares were last traded, on Thursday 17th April, the price stood at 42.68p. It currently has a market cap of £51.4m.
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