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Argo Blockchain and activist investor First Investments agree peace plan just days before crunch meeting

Separately, First Investments has signed an outline agreement to become Argo's first and potentially largest enterprise-level mining-as-a-service customer ploughing in up to US$1mln a month

Blockchain handshake
Argo sees this as validation of its partnership with business-to-business miner HIVE Blockchain

Peace has broken out between Argo Blockchain PLC (LON:ARB) and activist investor First Investments just days before a crunch meeting, helping its shares soar higher.

The two now plan to work together, though Jonathan Bixby will step down as chairman to be replaced by fellow founder Mike Edwards.

The crypto-currency miner will also propose the appointment of a new non-executive director at the annual meeting next month, who will be chosen in consultation with First Investments, the vehicle of entrepreneur Frank Timis.

Separately, First Investments has signed an outline agreement to become Argo's first and potentially largest enterprise-level mining-as-a-service customer ploughing in up to US$1mln a month.

Argo sees this as validation of its partnership with business-to-business miner HIVE Blockchain.

"We have listened to shareholders and look forward to enhanced engagement with them going forward. We are fully focused on delivering long-term value for all investors,” Edwards said.

“This announcement is further validation that both the crypto market and our enterprise level mining-as-a-service strategy has been well received by our shareholders. I would like to thank Jonathan for his dedicated service to the Company and for helping to establish a strong foundation for the business," he added.

In early trading, Argo Blockchain shares were 26% higher at 6.00p.

Quick facts: Argo Blockchain Plc

Price: 6.8 GBX

LSE:ARB
Market: LSE
Market Cap: £19.98 m
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Argo Blockchain's Bixby details partnership with leading crypto-miner HIVE

Argo Blockchain PLC's (LON:ARB) chairman Jonathan Bixby discusses a share swap deal that's been struck with a headline value of £5.1mln with a company called HIVE Blockchain. HIVE is a business-to-business mining service provider aimed at large-scale enterprise and institutional...

on 13/5/19

2 min read