Argo Blockchain PLC Response to Board Nomination (7459Y)
13 May 2019 - 4:00PM
UK Regulatory
TIDMARB
RNS Number : 7459Y
Argo Blockchain PLC
13 May 2019
PRESS RELEASE
13 May 2019
Argo Blockchain PLC
("Argo" or "The Company")
Response to Board nomination
Following the announcement of the Company on 18 April 2019
relating to the general meeting requisitioned by Lynchwood Nominees
Limited, the Company announces that it has, on the last permissible
date, received formal notification of the identity of the director
proposed to be appointed and confirmation of his willingness to
act.
Lynchwood Nominees Limited holds shares on behalf of First
Investments Holding Limited (First Investments), and First
Investments, which is controlled by Mr Frank Timis, has nominated
Mr Jeff Couch to be appointed as a director of the Company.
To date the Board has been conscious to focus on the business
aspects of Mr. Timis' proposals and the interests of shareholders,
and has refrained from commenting on the persons and entities
involved despite the way Mr. Timis has proceeded with respect to
Mr. Bixby and Mr. Edwards. However now that a nomination has been
received the Board believes that its initial observations are of
relevance.
The Board understands that Mr. Couch is currently in full time
employment at the Bank of Montreal in London, alongside external
directorships at HR Owen PLC and Trophy Funds I, II and III. The
Board therefore highlights that Mr Couch will face challenging time
constraints to implement the steps advocated by First Investments,
including terminating or disposing of all of the Company's
operations and negotiating and implementing a new business
strategy, likely through an acquisition and therefore a reverse
takeover.
First Investments further claims that Mr. Couch has extensive
contacts and experience to source a suitable, cash generative,
alternative business proposition. The Board does not share this
confidence and as far as the Board can ascertain Mr. Couch's recent
experience is almost all in the natural resources sector.
In addition, First Investments claim to have proposed Mr. Crouch
purely in his capacity as a financial expert. The Board notes that
the RNS fails to mention his previous directorship of African
Petroleum Corporation Limited between 2010 and 2015, at the same
time as Mr Timis was also a director and founder.
Argo Blockchain
Neil Thapar
Financial Communications Advisor +44 (0) 7876 455323
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Tancredi Intelligent Communication
Media Relations
----------------------
Salamander Davoudi
salamander@tancredigroup.com +44 7957 549 906
Emma Valgimigli
emma@tancredigroup.com +44 7727 180 873
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END
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