19 February 2025
Argo
Group Limited
("Argo",
the "Company" or the "Group")
Results of Tender Offer
PDMR
Dealings
The Company today announces the
results of the Tender Offer set out in the circular published by
the Company on 16 January 2025 (the "Circular"), which closed at 1.00 p.m.
on 18 February 2025. The Tender Price was 5 pence per Ordinary
Share.
The Company also announces the sale
of Ordinary Shares in the Tender Offer by Michael Kloter and
Kenneth Watterson, who are classified as PDMRs of the
Company.
Results of Tender Offer
The Company offered to purchase up
to a maximum of 11,221,673 Ordinary Shares (being approximately
28.8 per cent. of the Company's current issued share capital) under
the Tender Offer. In total, 4,294,580 Ordinary Shares were validly
tendered under the Tender Offer, representing approximately 11.0
per cent. of the Company's current issued share capital and
approximately 38.3 per cent. of the number of Ordinary Shares
available to tender. All valid tenders will be satisfied in
full.
It is expected that cheques will be
despatched and CREST accounts will be credited with proceeds in
respect of successfully tendered shares from 4 March
2025.
The 4,294,580 Ordinary Shares
tendered under the Tender Offer will be repurchased by the Company
and cancelled.
The ordinary share capital of the
Company following the purchase will be 34,665,406 (no Ordinary
Shares are held in treasury). The total voting rights in the
Company following the purchase will be 34,665,406.
The figure of 34,665,406 may be used
by Shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.
Cancellation
As previously announced, Argo will
proceed with cancellation of trading of its Ordinary Shares on AIM.
It is anticipated that the last day of dealings in the Ordinary
Shares on AIM will be on 20 February 2025 and that Cancellation
will take effect from 7.00 a.m. on 21 February 2025.
PDMR Dealings
Michael Kloter and Kenneth
Watterson, each a Director of the Company, have tendered,
respectively, 1,000,000 and 88,141 Ordinary Shares under the Tender
Offer.
The FCA notification, made in
accordance with the requirements of the Market Abuse Regulation, is
appended below.
Terms used in this announcement have
the same meaning as in the Circular. The Circular can be viewed on,
and downloaded from, the Company's website at
www.argogrouplimited.com.
For
further information:
Argo Group Limited
Jeremy Bradshaw
Telephone: +44 (0)20 7016
7660
Panmure Liberum Limited
Nominated Adviser and
Broker
Atholl Tweedie
Telephone: +44 (0)20 7886
2500
For
more information visit:
www.argogrouplimited.com
Notification and public
disclosure of transactions by persons discharging managerial
responsibilities and persons closely associated with
them
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Michael Kloter, Non-Executive
Chairman
Kenneth Watterson, Non-Executive
Director
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
See 1(a) above - all classified as
PDMRs of the Company
|
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Argo Group Limited
|
|
b)
|
LEI
|
2138006AZQPG1K8GHO83
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary Shares of $0.01 each in
Argo Group Limited
|
|
|
|
|
Identification code
|
IM00B2RDSS92
|
|
b)
|
Nature of the transaction
|
Sale of Ordinary Shares pursuant to
the Tender Offer
|
|
c)
|
Price(s) and volume(s)
|
Michael Kloter:
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£0.05
|
1,000,000
|
|
|
|
Kenneth Watterson:
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£0.05
|
88,141
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A Single transaction in each
case
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
18 February 2025
|
|
f)
|
Place of the transaction
|
London Stock Exchange, AIM
(XLON)
|