Business Context and Reporting Period
Argo Blockchain plc, a cryptocurrency mining company listed on the London Stock Exchange and Nasdaq, filed this Form 6-K for May 2022. The report, dated 25 May 2022, discloses PDMR share purchases, option exercises, option grants and the resulting increase in issued share capital.
Key Financial and Capital Metrics
- Peter Wall exercised options over 430,000 ordinary shares at £0.070 per share.
- An employee exercised options over 1,165,000 ordinary shares at £0.070 per share.
- The exercises resulted in 1,595,000 new ordinary shares and gross proceeds of £111,650.
- Following expected admission of the new shares on 30 May 2022, total shares and voting rights were expected to be 469,677,335.
- No revenue, profit, cash-flow, margin, debt or liquidity figures are provided in this filing.
Material Changes and Transactions
| Person or group | Transaction | Details |
|---|---|---|
| Maria Perrella | Purchased ADRs | 6,000 ADRs at US$6.54 per ADR on 19 May 2022 |
| Sarah Gow | Purchased ordinary shares | 20,000 shares at £0.492 per share on 19 May 2022 |
| Alex Appleton | Purchased ordinary shares | 39,415 shares at £0.4974 per share on 23 May 2022 |
| Peter Wall | Exercised options | 430,000 shares at £0.070 per share; he stated he had no current intention to sell |
| Company employee | Exercised options | 1,165,000 shares at £0.070 per share |
| Raghav Chopra | Granted options | Options over 500,000 shares at £0.490 per share |
| Staff and employees | Granted options | Options over an aggregate 4,350,000 shares at exercise prices between £0.490 and £0.506 |
The new option awards vest 6/36ths on 23 November 2022 and then 1/36th monthly, reaching full vesting on 23 May 2025. The director options granted to Raghav Chopra have no performance conditions.
Guidance, Outlook, Risks and Unusual Items
- The filing does not provide financial guidance, operating forecasts or specific management commentary on near-term performance.
- The company identifies its statements regarding future performance, strategy and operations as forward-looking and subject to material risks and uncertainties.
- Actual results may differ materially from expectations, and the company undertakes no general obligation to update forward-looking statements.
- The filing refers investors to Argo’s SEC and FCA filings, including the risk factors in its Form F-1 registration statement.
- The option exercises increase issued share capital, while the newly granted options may create future dilution if exercised.
Important Facts for Investors to Verify
- Confirm admission of the 1,595,000 new ordinary shares and the resulting 469,677,335 shares and voting rights.
- Assess the potential dilution from options over 4,850,000 shares granted on 23 May 2022.
- Review subsequent filings for changes in director holdings, option exercises or share disposals.
- Consult the company’s latest financial statements for revenue, profitability, cash flow, debt, liquidity and cryptocurrency-mining operating metrics, none of which are provided here.
- Review the Form F-1 and other SEC and FCA filings for the company’s principal business and cryptocurrency-market risks.