Argo Blockchain PLC Announces Result of Annual General Meeting

Rhea-AI Summary

Argo Blockchain, a leading cryptocurrency mining company, announced the results of its annual general meeting held on June 6, 2024. Several resolutions were voted on, with resolutions 1, 4, 5, 6, and 7 passed as ordinary resolutions and resolutions 9, 10, and 12 passed as special resolutions. However, resolutions 2, 3, 8, and 11 did not achieve the necessary majority. Key resolutions included the re-appointment of Thomas Chippas as a director and PKF Littlejohn as auditors. Notably, the Directors' Remuneration Report and Policy faced significant opposition, with only 29.62% and 24.59% approval respectively. The company will reflect on the adverse votes and update the market accordingly.

Positive

• Re-appointment of Thomas Chippas as Director with 88.56% approval.
• PKF Littlejohn re-appointed as auditors with 93.86% approval.
• Authority to allot shares approved with 90.93% in favor.
• General authority to disapply pre-emption rights passed with over 91% support.
• Notice of general meetings resolution passed with 92.62% approval.

Negative

• Directors' Remuneration Report only received 29.62% approval.
• Directors' Remuneration Policy garnered just 24.59% approval.
• Authority to allot further shares faced 72.88% opposition.
• Additional/Further authority to disapply pre-emption rights received 73.39% opposition.

LONDON, ENGLAND / ACCESSWIRE / June 7, 2024 / Argo Blockchain plc ('Argo' or 'the Company'), (LSE:ARB)(NASDAQ:ARBK), a global leader in cryptocurrency mining announces the results of the Company's annual general meeting held on Thursday, 6 June 2024.

A poll was held on each of the resolutions in which Resolutions 1, 4, 5, 6, and 7 (inclusive) were passed as ordinary resolutions and resolutions 9, 10 and 12 (inclusive) were passed as special resolutions. The results of the poll were as follows:

Resolutions		For		Against		Total Votes	% of ISC Voted	Votes Withheld
		Votes	%	Votes	%
Ordinary Resolutions
1.	To receive the Annual Report and Accounts	24,258,680	51.15%	23,165,756	48.85%	47,424,436	8.20%	582,052
2.	To approve the Directors' Remuneration Report	14,039,146	29.62%	33,351,508	70.38%	47,390,654	8.19%	615,834
3.	To approve the Directors' Remuneration Policy	11,624,065	24.59%	35,643,827	75.41%	47,267,892	8.17%	738,596
4.	To re-appoint Thomas Chippas as a Director of the Company	41,833,621	88.56%	5,404,579	11.44%	47,238,200	8.17%	768,288
5.	To re-appoint PKF Littlejohn as auditors of the Company	44,413,478	93.86%	2,903,114	6.14%	47,316,592	8.18%	689,896
6.	To authorise the directors to fix the auditor's remuneration	44, 056,590	92.90%	3,368,560	7.10%	47,425,150	8.20%	581,338
7.	Authority to allot shares	43,068,658	90.93%	4,296,013	9.07%	47,364,671	8.19%	641,817
8.	Authority to allot further shares	12,845,500	27.12%	34,527,280	72.88%	47,372,780	8.19%	633,708
Special Resolutions
9.	General authority to disapply pre-emption rights	42,925,954	91.11%	4,187,829	8.89%	47,113,783	8.15%	892,705
10.	Additional authority to disapply pre-emption rights	43,006,818	91.29%	4,103,704	8.71%	47,110,522	8.15%	895,966
11.	Additional/Further authority to disapply pre-emption rights	12,545,007	26.61%	34,607,096	73.39%	47,152,103	8.15%	854,385
12.	Notice of general meetings	43,874,225	92.62%	3,497,095	7.38%	47,371,320	8.19%	635,168

While most of the proposed resolutions were passed, we note that resolutions 2, 3, 8 and 11 did not receive the necessary majority. The Company also notes the votes against resolution 1. In compliance with the QCA Code, the Company has recognised the adverse votes and will consider and reflect on the votes cast and update the market in due course.

For further information please contact:

Argo Blockchain
Investor Relations	ir@argoblockchain.com
Tennyson Securities
Corporate Broker Peter Krens	+44 207 186 9030
Fortified Securities
Joint Broker Guy Wheatley, CFA	+44 74930989014 guy.wheatley@fortifiedsecurities.com
Tancredi Intelligent Communication UK & Europe Media Relations	argoblock@tancredigroup.com

About Argo:

Argo Blockchain plc is a dual-listed (LSE:ARB);(NASDAQ:ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining operations in Quebec and Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Argo Blockchain PLC

View the original press release on accesswire.com

FAQ

What were the results of Argo Blockchain's AGM resolutions on June 6, 2024?

Resolutions 1, 4, 5, 6, and 7 passed as ordinary resolutions and resolutions 9, 10, and 12 passed as special resolutions. Resolutions 2, 3, 8, and 11 did not receive the necessary majority.

How did shareholders vote on the Directors' Remuneration Report at Argo Blockchain's AGM?

The Directors' Remuneration Report received 29.62% approval and 70.38% opposition.

Was Thomas Chippas re-appointed as a director at Argo Blockchain's AGM?

Yes, Thomas Chippas was re-appointed as a director with 88.56% approval.

Did PKF Littlejohn get re-appointed as auditors at Argo Blockchain's AGM?

Yes, PKF Littlejohn was re-appointed as auditors with 93.86% support.

What was the outcome for the authority to allot further shares resolution at Argo Blockchain's AGM?

The authority to allot further shares faced 72.88% opposition and did not pass.

How did the vote go for the general authority to disapply pre-emption rights at Argo Blockchain's AGM?

The general authority to disapply pre-emption rights was approved with 91.11% in favor.