Company: ARBK
Filing Date: 2025-05-09
Form Type: 6-K
Source: 0001654954-25-005344
Chunk: 11

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 11
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otion of the Company for the benefit of the members as a whole

The directors believe they have acted in the way most likely to promote the success of the Company for the benefit of its members as a whole, as required by s172 of the Companies Act 2006.

The requirements of s172 are for the directors to:

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Consider the likely consequences of any decision in the long term

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Act fairly between the members of the Company

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Maintain a reputation for high standards of business conduct

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Consider the interests of the Company’s employees

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Foster the Company’s relationships with suppliers, customers and others

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Consider the impact of the Company’s operations on the community and the environment

The Company operates as a crypto mining business, which is inherently speculative in nature and, with volatile revenue, at times may be dependent upon fund-raising for its continued operation. The nature of the business is well understood by the Company’s members, employees, and suppliers, and the directors are transparent about the cash position and funding requirements.

The application of the s172 requirements can be demonstrated in relation to the most significant decisions made during 2024, in addition to the disclosures made in the Directors’ Report and the Strategic Report:

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On 9 March 2024, the Company granted equity awards in the form of restricted stock units (RSUs) to all employees. The Company’s performance, and therefore long-term value creation, is driven by the performance of its staff, placing the incentivisation and retention of its staff as a key focus for the Company’s board and senior management. After careful review of the Company’s existing employee incentivisation arrangements, it was decided to ensure that all staff have the opportunity to benefit directly from the Company’s long-term success. In order to ensure their incentivisation is aligned with creating long-term value for shareholders, the RSUs vest over a three-year period, with the first vesting occurring twelve months from the date of the grant..

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During 2024, the Company continued to focus its efforts on reducing debt and strengthening the balance sheet. The Group’s long term success is dependent on a strong financial footing. The Company spent considerable time and effort to identify sustainable cost savings and utilised all excess cash flow for debt reduction. As a result, the Company was able to reduce debt by $23.5 million in 2024, including paying off the Galaxy debt in full.

Responsibilities to local communities

As a crypto mining company with operations in Canada and the United