Part 26A Restructuring Plan case concerning Argo Blockchain features in Global Restructuring Review

Following a hearing on 5 November 2025, Hildyard J granted the Argo Blockchain Plc’s (the Company) application to convene three separate Part 26A Restructuring Plan Meetings, one each for: (i) the Shareholders, (ii) Noteholders, and (iii) the Secured Lender (Growler). Under the terms of the proposed Restructuring Plan, Growler’s secured debt would be subject to full equitisation into new ordinary shares in the Company (held as American Depositary Shares) together with a release of Growler’s secured interests in the UK, US and Canadian subsidiaries. Therefore, upon implementation of the Restructuring Plan, Growler would receive 87.5 per cent of the issued share capital in the Company, in exchange for: (i) the conversion of its $7.5 million secured loan to equity, (ii) the contribution of $3.5 million of exit capital, and (iii) the contribution to the Company of assets valued between $25 to 30 million. The Noteholders would receive a pro rata allocation of 10 per cent of the total issued share capital of the Company, whilst the current Shareholders would be diluted to 2.5 per cent of the new total issued share capital of the Company. Finally, it is proposed that the Company delists from the LSE whilst it intends to keep its Nasdaq listing.

Daniel Jukes acted (unled) for the Retail Advocate, Jon Yorke, at the Convening Hearing.

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