Company: ARBK
Filing Date: 2025-06-30
Form Type: 6-K
Source: 0001654954-25-007500
Chunk: 3

Company: Argo Blockchain Plc
Filing Date: 2025-06-30
Form: 6-K
Chunk 3
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 expenses and payments to be made included in the approved budget.

#### The Court process
The implementation of the Restructuring Plan will be subject to the approval of the Court and will include the following steps:

● an initial explanation of the main terms of the Restructuring Plan and proposed meetings of creditors and members (or classes of either of them) ("Practice Statement Letter") will be sent to affected creditors and members;

● an application will be made to Court to approve the composition of classes of creditors and, if appropriate, members and the convening of meetings of such persons to consider the Restructuring Plan, proposed in the Practice Statement Letter ("Convening Hearing");

● meetings of creditors and if appropriate, members (or classes of them) will be convened in accordance with terms approved by the Court in the Convening Hearing. A detailed explanation of the terms of the Restructuring Plan will be sent to affected creditors and members with the notices convening meetings of them ("Explanatory Statement");

● the meetings of creditors and, if appropriate, members, will seek the approval of the Restructuring Plan and will be deemed to have approved the Restructuring Plan if approved at such meetings by 75% by value of such creditors (and, if appropriate, members);

● the Court will then be asked to sanction the Restructuring Plan ("Sanction Hearing"). If the Restructuring Plan has not been approved by all meetings of creditors and, if appropriate, members, convened in accordance with the orders of the Court in the Convening Hearing, the Court may, in its discretion, still sanction the Restructuring Plan if satisfied that (a) the Restructuring Plan has been approved by at least one "in the money" class of creditors or members; and (b) any dissenting class is not worse off under the proposed plan than it would be in the relevant alternative ("Relevant Alternative"). The Explanatory Statement will contain a detailed analysis of the Relevant Alternative, but it is likely to be formal insolvency of Argo (that is liquidation or administration), which will return far less to creditors of Argo than is believed to be the case under the Restructuring Plan, and nothing for members; and

● shortly after the order of the Court in the Sanction Hearing ("Sanctions Order"), Argo will file the Sanctions Order at Companies House (the English companies registry) on which event the Restructuring Plan will be effective and bind all affected creditors and members ("Effective Date").

It