30th May 2025 11:42
(Alliance News) - Argentex Group PLC was left with just one potential buyer on Friday, after Lumon Acquisitions Ltd, as well as Irish fintech entrepreneur Terry Clune and former Argentex Chief Executive Officer Harry Adams, each confirmed they no longer intend to make an offer for the UK-based currency services firm.
In a statement released Friday, Lumon, an international payments and currency risk manager, backed by Pollen Street Capital Ltd, said it does not intend to make an offer under.
On Thursday, Argentex said Clune and Adams also confirmed they would not proceed with an offer.
Argentex is a London-based currency risk management firm. The company became a takeover target in April after experiencing a severe liquidity crisis triggered by margin calls on its forward and options trading books, which followed heightened foreign exchange market volatility.
The company had previously said: "Argentex has been exposed to significant volatility in foreign exchange rates, particularly in relation to the rapid devaluing of the US dollar against other major benchmark currencies, which has been precipitated by the various recent announcements from President Trump regarding tariff policies and US government spending cuts."
The exits leave IFX (UK) Ltd as the only remaining bidder. On April 25, Argentex agreed to a GBP3.0 million cash offer from IFX, a London-headquartered global fintech company trading as IFX Payments.
IFX's offer, worth 2.49 pence per share, was accompanied by a secured GBP6.5 million bridging loan, with further liquidity support under discussion. At the time, the offer had secured irrevocable undertakings from holders of 58% of Argentex shares.
Argentex Chair Nigel Railton described the proposal as "fair and reasonable", stating that the deal, alongside the loan and potential additional funding, would provide sufficient working capital to ensure the company's solvency.
Just days later, on April 28, Argentex confirmed that CEO Jim Rudman had stepped down with immediate effect. Chief Operating Officer Tim Rudman was appointed interim CEO.
Shares in Argentex were 1.1% higher at 2.59 pence in London on Friday morning.
By Eva Castanedo, Alliance News reporter
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