30th Apr 2019 18:41
LONDON (Alliance News) - A general meeting of Argo Blockchain PLC shareholders requisitioned by Lynchwood Nominees Ltd, writing on behalf of First Investments Holding Ltd, will be held on May 16.
The meeting calls for the appointment of a new director to the Argo board and the removal of the company's existing executive directors, Jonathan Bixby and Mike Edwards.
Lynchwood, at the close of business on Monday, held just under a 14% stake in Argo on behalf of First Investments.
First Investments said Argo's share price has "plummeted" since its initial public offering, and criticised the remuneration of Bixby and Edwards.
"First Investments stresses that it is not seeking to take control of Argo but is merely seeking to prevent further attrition of value for all shareholders, via the proposed change in management and strategy," said First Investments in a statement on Tuesday.
Argo shares closed down 0.5% at 3.235 pence on Tuesday.
Related Shares:
Argo Blockchai.