A Dutch personal fairness investor is making an attempt to gatecrash the emergency sale of Argentex Group, a London-listed foreign money administration agency caught within the monetary crossfire of Donald Trump’s tariffs campaign.
Sky Information has learnt that Haerlem Capital has approached the board of Argentex with a proposal that will see it injecting £5m in change for a 50% stake within the firm.
Haerlem Capital has additionally provided to supply a £15m funding line to Argentex as a part of the deal, in keeping with individuals near the scenario.
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Argentex shareholders are scheduled to vote on the IFX deal on Wednesday.
In April, Argentex, whose shoppers embrace the FTSE 100 insurer Aviva, asset supervisor Barings, and Triumph Bikes, mentioned it had been “uncovered to vital volatility in overseas change charges, notably in relation to the fast devaluing of the US Greenback towards different main benchmark currencies which has been precipitated by the assorted latest bulletins from President Trump concerning tariff insurance policies and US authorities spending cuts”.
The corporate was pressured into emergency sale talks, with its board in the end succeeding in securing a deal on a solvent foundation – albeit at a steeply discounted value
It introduced late final month that it had drawn down £6.4m of a £20m revolving credit score facility supplied by IFX Funds.
“These drawn quantities are along with the £10.5m secured bridging mortgage supplied by IFX Funds and have been utilized to make sure that the Firm stays inside its liquid property threshold requirement (LATR) and to fulfill sure margin calls from its liquidity suppliers,” it mentioned.
Argentex floated on London’s junior AIM market in 2019, and counts Lord Jones, the previous CBI boss, amongst its board members.
Shares within the firm, which just lately resumed buying and selling on the junior AIM inventory market, have been altering palms for about 2.5p on Monday morning, giving Argentex a market capitalisation of slightly below £3m.
A spokesperson for Argentex declined to touch upon the method from Haerlem Capital.
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