Argo Blockchain PLC shares fell sharply on Friday morning after the company outlined details of an upcoming conversion of its ordinary shares into American Depositary Shares (ADSs) as part of a sweeping restructuring plan.
The cryptocurrency mining firm said it intends to delist from the London Stock Exchange, keeping a matched bargain facility in place for up to six months, while giving shareholders the option to switch into ADSs traded on Nasdaq.
Timetable and voting
The key times and dates of the Restructuring Plan are as follows:
|
Event |
Time (GMT) and date |
|
Shareholder plan meeting |
2.00 p.m. on 2 December 2025 |
|
General meeting of Shareholders to consider Rule 9 waiver |
2.30 p.m. on 2 December 2025 |
|
Noteholder plan meeting |
3.00 p.m. on 2 December 2025 |
|
Secured Lender plan meeting |
4.00 p.m. on 2 December 2025 |
|
Court sanction hearing |
Time to be confirmed on 8 December 2025 |
For conversions completed before the restructuring takes effect, the current ratio will remain at one ADS for every ten ordinary shares. However, once implemented, the ratio will change dramatically to one ADS for every 2,160 ordinary shares, a move designed to bring Argo back into compliance with Nasdaq’s listing requirements.
Argo also warned that shareholders converting after the changes may receive fractional entitlements, which will be pooled and sold, with proceeds distributed on a pro rata basis.
Town hall meeting video
The Company’s town hall meeting, at which Shareholders, Noteholders and other persons interested in the Restructuring Plan, had an opportunity to ask questions about the plan, was held on 19 November 2025. For those plan participants that were not able to attend the meeting, a video of it has been uploaded to both the Plan Website (https://deals.is.kroll.com/argo) and the Company’s website (https://www.argoblockchain.com/investors/financial-information/uk-restructuring-plan).
The market reaction was swift. In London trading, Argo shares were down 11% at around 1.5p, having touched an intraday low of 1.3p shortly after the open.
