Argo Blockchain PLC Response to Board Nomination (7459Y)

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       [phone] 
                                      ---------------------- 
 Tancredi Intelligent Communication 
  Media Relations 
                                      ---------------------- 
 
 Salamander Davoudi 
  [e-mail]           [phone] 
 
  Emma Valgimigli 
  [e-mail]                 [phone] 
                                      ---------------------- 
 

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May 13, 2019 02:00 ET (06:00 GMT)