Foreign exchange specialist Argentex Group confirmed it has received proposals from three potential buyers as the company battles a severe liquidity crisis that threatens its solvency, the firm announced today.
The London-listed company confirmed it has rejected offers from Lumon Acquisitions Limited, a vehicle of Pollen Street Capital, and a joint proposal from Terry Clune and Harry Adams.
However, Argentex revealed it is in “advanced discussions” with IFX Payments regarding a possible offer to acquire the entire issued and to be issued share capital of the company.
The announcement comes amid a rapidly deteriorating financial position at Argentex.
The company disclosed that its liquidity position has worsened significantly following yesterday’s announcement that it had been exposed to substantial volatility in foreign exchange rates, resulting in increasing margin calls on its FX Forward and options book.
According to the company statement, “This further reduction in liquidity necessitates an immediate cash injection to ensure the Company’s continued solvency.”
Without such intervention, the Argentex Board has indicated it would “have to take immediate steps to secure the Company’s future and protect value in the business for the Company’s creditors and other stakeholders.”
In addition to the potential takeover, Argentex is seeking to secure a bridging loan from IFX Payments to provide “immediate working capital flexibility” and assist with near-term liquidity needs. The company is also pursuing further ongoing liquidity support from IFX Payments over the coming weeks.
Trading in Argentex shares was suspended on 22 April 2025 and will remain halted pending further announcements regarding both the possible acquisition and the bridging loan.