Company: ARBK
Filing Date: 2025-11-07
Form Type: 6-K
Source: 0001654954-25-012677
Chunk: 3

Company: Argo Blockchain Plc
Filing Date: 2025-11-07
Form: 6-K
Chunk 3
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, as secured creditor.

The Valuation and Plan Benefits analysis determined a going-concern enterprise-value range of approximately US$30.5 million - US$35.3 million and a derived equity-value range of approximately US$25.3 million - US$30.1 million, indicating that the Company's value as a going concern is higher than in the liquidation scenario and that accordingly Plan Participants would be no worse off under the Restructuring Plan.

The no worse off test is, however, only one of a number of factors that the Court will consider when deciding whether or not to sanction the Restructuring Plan. Fairness is the overriding consideration for the Court.

#### Current financial position
To date, the liquidity position of the Company and its subsidiaries ("Group") remains critically constrained. Prior to the entry into the loan facility with Growler, the Group's available cash was limited to approximately US$753,000 as at 7 September 2025. The Group has continued to incur operating losses since September 2025 and is primarily being supported by the Growler facility. The Group urgently requires an injection of new money and the creation of a stable financial platform to be able to meet the fixed and variable costs payable to its critical unsecured creditors and other creditors of the Group to be able to continue as a going concern. It is intended that that the Restructuring Plan will resolve these issues and return the Company to a stable footing.

#### Tax liabilities
Argo Innovation and Argo Quebec are subject to ongoing federal and provincial tax reassessments in Canada covering the 2021 and 2022 tax years. Whilst this liability is at the subsidiary level, this has had the effect of creating a drag on the Company and exacerbating the inability of the Company and the Group to raise further working capital. The reassessments by the Canada Revenue Agency and Revenu Québec are being formally contested by Argo Innovation and Argo Quebec (as appropriate), with enforcement stayed pending the outcome of the objection process. The Group has not taken a financial reserve for the potential liability, having taken into account, for financial reporting purposes, the probability and remoteness of a successful assessment.

#### General meeting
The Company has called a general meeting of shareholders for 2.30 p.m. on 2 December 2025 at the offices of Fladgate LLP, 16 Great Queen Street, London WC2B 5DG ("General Meeting"). This meeting is in addition to the meeting of shareholders convened by the Court to consider the Restr