Argentex Group PLC on Thursday said it has raised £3.3 million through a placing of shares.
Argentex is an international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals.
Argentex said it will issue 7.2 million shares through a placing of shares priced at 45 pence each. Through the placing it has raised £3.3 million.
Its shares closed down 21% to 35.55p each on Thursday in London.
The proceeds from the fundraising will be used by the company to fund the acceleration of the development of its Alternative Banking Platform.
Argentex also announced a separate retail offer of new shares at the placing price earlier on Thursday.
Chief Executive Officer Jim Ormonde said: ‘Since joining Argentex in October 2023, I have led a comprehensive Strategic Review of the business, which is now complete. We have identified multiple opportunities to deliver profitable growth and improve revenue visibility and have a clear and actionable plan to transform the business. We are now seeking funding to accelerate the implementation of this plan.’
Separately on Thursday, Argentex reported results for 2023.
Revenue in 2023 fell to £49.9 million from £41.0 million in the 9 months ended December 31, 2022. Pretax profit falls to £7.3 million from £7.8 million.
It announced a total dividend of 0.75p per share, down from 2.25p per share for 9 months to December 31. Following the completion of its strategic review, Argentex said it is ‘excited by the multiple opportunities for future growth.’
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