Argo Blockchain PLC Board Appointment and New Machine Installs (9334A)

TIDMARB

RNS Number : 9334A

Argo Blockchain PLC

27 January 2020

27 January 2020

ARGO BLOCKCHAIN PLC

("Argo" or "the Company")

Ian MacLeod appointed Executive Chairman

New machine installation ahead of schedule

Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), announces that Ian MacLeod, a non-executive director of the Company, has been appointed the executive chairman of its Board with immediate effect.

Ian brings more than 20 years of international experience providing strategic and legal advice at board level. Since 2007, Ian has served as corporate secretary and general counsel to the Teligence Group of Companies in Canada which operate a private equity investment fund focused on telecoms, payments, ecommerce and software development. He is responsible for acquisitions, structuring and the strategic direction of the portfolio.

Mr MacLeod succeeds Mike Edwards, who is leaving to focus on his global e-sports venture in South East Asia.

Mike Edwards, outgoing executive chairman, said: "It was a pleasure to lead the Company through its admission to the main market for its first full year of operations. I am proud of the team we have built and the excellent set of results we have delivered. I feel that it is the appropriate time for me to hand over the reins so that the new leadership team can build on the Company's strong foundations."

In a trading update issued last week, the Company announced that it expects to report a 10-fold increase in annual revenues to approximately GBP8.5m for the year ended 31 December 2019 compared with the previous year. The Company's audited results will be reported in April.

Peter Wall, chief executive of Argo, said: "On behalf of the Company, I would like to thank Mike for his leadership and drive in establishing Argo from start-up to a well-established, high growth business in less than two years. He leaves the Company in good shape and we wish him every success in his future career. I am pleased to welcome Ian as chairman where his experience will play a crucial role in the next stage of Argo's evolution."

Ian MacLeod commented, "I am delighted to accept the baton from Mike as we continue to rapidly scale up our in-house mining operations, which will further strengthen our position as a leading publicly listed cryptocurrency miner based in one of the world's top financial centres. I look forward to working closely with Argo's leadership team to take the business to the next level and deliver value to our shareholders."

Installed machine base

The Company is pleased to announce that it is ahead of schedule to reach its Q1 goal of 17,000 machines. It now has 15,730 installed machines which currently produce 581 petahash.

For further information please contact:

 
 Argo Blockchain 
 Ian MacLeod                      via Tancredi [phone] 
  Executive Chairman               2334 
 
  Neil Thapar 
  Financial Communications         [phone] 
  Adviser 
                                 ------------------------- 
 Mirabaud 
                                 ------------------------- 
 Corporate Broker 
  Peter Krens                     [phone] 
                                 ------------------------- 
 Tancredi Communication 
  Media Relations 
                                 ------------------------- 
 Salamander Davoudi 
  [e-mail]    [phone] 
 
  Emma Valgimigli 
  [e-mail]           [phone] 
                                 ------------------------- 
 

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB.

www.argomining.co

See Argo's largest facility in Quebec:

https://youtu.be/LDWWaZ75Zbk

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January 27, 2020 02:00 ET (07:00 GMT)