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This has gone from a bad joke to a complete calamity. Under Nigel Railton’s 24-month chairmanship, a once-profitable, dividend-paying company has been driven into bankruptcy. How is he still in post? Shareholders who once believed in the business have been left with virtually nothing and now risk being left with absolutely nothing. Railton cannot simply hide behind a CV or in a Post Office. Accountability is overdue.

If deemed appropriate, the Group will make a valuation adjustment to the estimated fair value of a financial instrument. In the year, the Group included a CVA of £1.1m (2023: £0.5m) to represent the credit risk inherent in the fair value of derivative financial instruments. In the opinion of the Directors, the carrying amount of the Group's financial assets best represents the maximum exposure

There’s the profit…..

Just finished going through the AGM circular - shareholders really need to take a serious look at what’s being proposed here. The LTIP alone could dilute shareholders by up to 12%, handing nearly £49 million to execs if the share price hits 350p. The CEO gets £22 million of that. Meanwhile, the rank-and-file folk, the people who actually drive the business, get crumbs via a separate ESOP. That’s 200 current employees (and likely to be many more in time) fighting over 4.5% of the company spread across 10 years. If the goal is long-term value, morale, and retention, this isn’t it. A modern, high-performing company should reward the whole team, not just the CEO. Just look at Alpha Group—they’ve built their culture around broad employee ownership, not top heavy carve-outs.

But it gets worse. The company is planning to loan the CEO and CFO a combined £680,000 (interest free!), so they can buy into this LTIP. Zero downside risk, massive upside. And let’s not forget: just ten months ago, Argentex raised capital from shareholders. Now, more than 20% of that raise is being used to fund these free loans. That’s shareholder money, supposedly raised to grow ‘Alternative Banking’, being redirected to help insiders avoid income tax on a scheme already ridiculously skewed in their favour.

And don’t be fooled by the so-called “performance” hurdles. The LTIP starts paying out at 65p, which is a level we hadn’t even got close to until after the change in Chairman. Any kind of AIM recovery or FX sector tailwind would gift the CEO £1.5 million.

I’ve got no issue with rewarding strong performance. But this? It’s opportunistic, badly timed, and shows a total disregard for shareholder value. It’s a carve-up for the fat cats.

Turnaround? The business was growing and profitable with a share price of 120+ before Railton took over.

A post on Linkedin from Daniel Ross the Chief Commercial Officer and member of Exco @ Argentex Group PLC-

"As we close the books on the first half of the year, I am filled with immense pride and gratitude for the incredible journey we've had. Our H1 has been nothing short of transformational, and it's all thanks to the dedication, hard work, and passion of our amazing team.

From overcoming challenges to achieving remarkable milestones, each one of you has played a crucial role in our success. Your commitment to excellence and innovation has set us up on a path of continued growth and achievement.

As we look ahead to H2, I am excited about the opportunities that lie ahead. Together, we will build on our momentum, strive for even greater heights, and continue to deliver outstanding results.

Thank you to each and every one of you for your unwavering support and contributions. Let's make H2 even more extraordinary!"