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Pin to quick picksArgo Blockchai. Share News (ARB)

Share Price Information for Argo Blockchai. (ARB)

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Share Price: 12.25
Bid: 12.00
Ask: 12.50
Change: 0.55 (4.70%)
Spread: 0.50 (4.167%)
Open: 12.25
High: 12.25
Low: 12.25
Prev. Close: 11.70
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UPDATE: Argo Blockchain Investor Unhappy With HIVE Partnership

Mon, 13th May 2019 15:34

LONDON (Alliance News) - First Investment Holding Ltd said Monday Argo Blockchain PLC's recent tech venture is a "flagrant abuse of shareholders' trust".

Earlier on Monday, Argo Blockchain unveiled a new strategic partnership with HIVE Blockchain Technologies Ltd. The deal will see Argo receive 16.3 million HIVE shares - 5% of HIVE's share capital - in exchange for 44.1 million Argo shares representing 15% of Argo's share capital. The deal values Argo's shares at 11.6 pence each and will involve no cash exchange.

Shares in Argo Blockchain were up 34% Monday afternoon at 4.70 pence each.

Under the strategic partnership, for which conditional heads of terms have been signed, Argo and Hive intend to create "the world's largest purpose-built business-to-business [bitcoin] mining service provider" which will target "large-scale enterprise and institutional customers".

According to Argo, the partnership is the culmination of three months of discussions and will give cryptocurrency miners access to Argo's 10.5 megawatt and part of HIVE's 45 megawatt capacity.

First Investment - which holds a 14% stake in Argo - said the deal is a "last frantic attempt" by the company to change shareholders' minds ahead of a requisitioned general meeting this week - where First Investment is looking to appoint a new director, Jeff Couch, and remove two existing directors, including Chair Jonathan Bixby.

"Given management has now announced a change to their purported strategy three times since February 2019, First Investments questions how meaningful the 'three months of discussions' regarding the conditional heads of terms were and why they were not mentioned before this latest announcement," said First Investment.

First Investments added: "Further, in the event that the contemplated strategic partnership is ultimately concluded on the terms described, current shareholders will see their ability to determine the company's future strategy greatly diminished particularly as a result of the issuance of 15% of the company's issued share capital to Hive, meaning that management and Hive would control approximately 24.5% of Argo's enlarged share capital."

First Investment is also concerned with the USD1.5 million being spent on additional equipment required for the partnership, which First Investment believes is "rapidly depreciating".

"First Investment believes that to commit capital ahead of such an uncertain, conditional,venture which may never happen is highly inappropriate and deliberately vexatious. This course of action by management is particularly disrespectful to all shareholders, given the company is just days away from the requisitioned general meeting, where shareholders are voting on a proposed change in strategy and board."

First Investment reiterated its "strong recommendation" that shareholder vote in favour of the resolutions at the upcoming meeting.

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5 Feb 2024 09:18

Argo Blockchain shares drop on Bitcoin production falling in January

(Alliance News) - Argo Blockchain PLC on Monday said Bitcoin production fell in January, blaming a fall in hashprice and weather affecting its facilities.

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8 Jan 2024 12:39

IN BRIEF: Cellular Goods interim CEO Darcy Taylor resigns on Monday

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8 Jan 2024 08:43

Argo Blockchain raises GBP7.8 million in placing; December revenue up

(Alliance News) - Argo Blockchain PLC on Monday said that funds raised through the share placing would be used to repay debts, after closing out 2023 with a "strong performance".

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4 Dec 2023 10:50

Argo Blockchain mining revenue up in November as mines more bitcoin

(Alliance News) - Argo Blockchain PLC on Monday reported an increase in bitcoin mined as well as revenue growth.

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27 Nov 2023 12:54

IN BRIEF: Argo Blockchain hires former CBOE Digital chief to be CEO

Argo Blockchain PLC - London-based cryptocurrency miner - Hires Thomas Chippas as chief executive officer and board member, starting immediately. New York-based Chippas most recently was CEO of CBOE Digital, a crypto trading and clearing firm that is part of Cboe Global Markets Group. He also was CEO of Citadel Technology LLC and worked at financial firms Citigroup Inc, Barclays PLC and Deutsche Bank AG. "The pace of innovation in the bitcoin mining industry continues to increase as miners seek ever greater efficiency and capacity in preparation for the bitcoin halving and beyond," Chippas says.

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14 Nov 2023 14:21

TRADING UPDATES: Byotrol interim sales flat; Argo loss narrows

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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3 Nov 2023 09:59

IN BRIEF: Argo Blockchain mines more bitcoin in October than September

Argo Blockchain PLC - London-headquartered cryptocurrency mining company - Mines 143 Bitcoin or Bitcoin equivalents, or 4.6 Bitcoins per day, in October. This compares to mining 136 Bitcoin or Bitcoin equivalents or 4.5 Bitcoins per day in September. Says daily production up 2% in October from September, despite a 7% increase in the monthly average network difficulty in October to September. Says this is primarily due to fewer hours of economic curtailment at Helios in October. October mining revenue is USD4.3 million, up 19% from USD3.6 million in September.

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5 Oct 2023 11:09

Argo Blockchain mines more bitcoin in September on power credits

(Alliance News) - Argo Blockchain PLC on Thursday reported an increase in bitcoin mined during September, which it attributed to significant power credits from economic curtailment.

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8 Sep 2023 13:56

Argo Blockchain mines less bitcoin in August on economic curtailment

(Alliance News) - Argo Blockchain PLC on Friday reported a reduction in bitcoin mined during August, which it attributed to economic curtailment at its mine in Texas.

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29 Aug 2023 10:10

Argo Blockchain reduces debt but Bitcoin decline hits revenue

(Alliance News) - Argo Blockchain PLC on Tuesday said it reduced its debt during the first half year as its interim loss narrowed, but that various cryptocurrency headwinds caused revenue to fall.

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4 Aug 2023 09:30

Argo Blockchain hails hashrate capacity while mining falls in July

(Alliance News) - Argo Blockchain PLC on Friday celebrated a return to growth in its total hashrate capacity in July, despite mining less bitcoin compared to June.

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19 Jul 2023 09:52

IN BRIEF: Argo Blockchain raises GBP6 million to pursue growth ideas

Argo Blockchain PLC - London-based cryptocurrency miner - Raises GBP5.1 million in placing of 51.3 million shares at 10 pence per share with institutional investors by Tennyson Securities. Retail investors subscribe through PrimaryBid platform for a further 6.2 million shares at the same price, adding GBP616,000. Total raise brings in around GBP5.8 million. The placing price represents a discount of 26% to Tuesday's closing price and 14% to the stock's 30-day average. The new shares are equal to about 12% of the company's total prior to the offer.

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18 Jul 2023 18:12

TRADING UPDATES: Luceco says first-half ahead of expectations

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12 Jul 2023 10:54

Argo Blockchain crypto mining falls from operations and network issues

(Alliance News) - Argo Blockchain PLC on Wednesday said bitcoin or bitcoin equivalents, or BTC, mining production fell in June from May, due network difficulties and issues at its mining facility in Texas.

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