Dutch investor Haerlem Capital tries to gatecrash sale of FX firm Argentex
A Dutch private equity investor is trying to gatecrash the emergency sale of Argentex Group, a London-listed currency management firm caught in the financial crossfire of Donald Trump's tariffs crusade.
Sky News has learnt that Haerlem Capital has approached the board of Argentex with a proposal that would see it injecting £5m in exchange for a 50% stake in the company.
Haerlem Capital has also offered to provide a £15m funding line to Argentex as part of the deal, according to people close to the situation.
Money latest:
Sources said the approach had been rebuffed because it was deemed unworkable in the context of a sale of the whole company, which has already been agreed to IFX Payments.
Argentex shareholders are scheduled to vote on the IFX deal on Wednesday.
In April, Argentex, whose clients include the FTSE 100 insurer Aviva, asset manager Barings, and Triumph Motorcycles, said it had been "exposed to significant volatility in foreign exchange rates, particularly in relation to the rapid devaluing of the US Dollar against other major benchmark currencies which has been precipitated by the various recent announcements from President Trump regarding tariff policies and US government spending cuts".
The company was forced into emergency sale talks, with its board ultimately succeeding in securing a deal on a solvent basis - albeit at a steeply discounted price
It announced late last month that it had drawn down £6.4m of a £20m revolving credit facility provided by IFX Payments.
"These drawn amounts are in addition to the £10.5m secured bridging loan provided by IFX Payments and have been applied to ensure that the Company remains within its liquid assets threshold requirement (LATR) and to satisfy certain margin calls from its liquidity providers," it said.
Argentex floated on London's junior AIM market in 2019, and counts Lord Jones, the former CBI boss, among its board members.
Shares in the company, which recently resumed trading on the junior AIM stock market, were changing hands for about 2.5p on Monday morning, giving Argentex a market capitalisation of just under £3m.
A spokesperson for Argentex declined to comment on the approach from Haerlem Capital.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
Meta Platforms (META) Bets Big on AGI With $10 Billion Push and New AI Dream Team
Meta Platforms, Inc. (NASDAQ:) is one of the 10 AI Stocks on Wall Street's Radar. On June 10, Bloomberg News reported that the company's CEO, Mark Zuckerberg, is setting up a team of experts to achieve what is known as 'artificial general intelligence' (AGI), or machines that can match or surpass human capabilities. Citing sources, the report has revealed that the new AI team is being set up along with a reported investment of over $10 billion in Scale AI. It further reported how Scale AI founder Alexandr Wang is expected to join the group after a deal is done. Reportedly, Zuckerberg is planning to personally recruit around 50 people, including a new head of AI research for the AGI team. The decision is being made after looking at the performance and reception of Meta's latest large language model, Llama 4, the report stated. While we acknowledge the potential of META as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.
Yahoo
27 minutes ago
- Yahoo
TSMC (TSM) Reports 40% Revenue Surge in May as AI Chip Demand Booms
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the 1. On June 10, the company reported its May revenue, which surged 40% year-over-year to NT$320.5 billion ($10.7 billion) as demand remained high for its AI chips. The contract chipmaker, which supplies to tech giants such as Apple and Nvidia, had its revenue up 39.6% from a year earlier but down 8% from April's figure. According to TSMC's CEO C.C. Wei, April softening was seasonal, and the company is ramping advanced nodes to ease bottlenecks. Its capacity expansions in Arizona and Taiwan are progressing according to plan. Moreover, new EUV tools and packaging lines are launching to boost throughput for the latest H100 and next-gen Gaudi GPUs. A macro view of a 5G/4G chips and modules, displaying the cutting edge technology of the company. Back in March, Wei joined President Donald Trump in announcing his intent to invest $100 billion in U.S.-based chip-manufacturing facilities. He acknowledged TSMC's projection of 'full-year 2025 revenue to increase by close to mid-20s percent in U.S. dollar terms' in the company's first-quarter earnings call in April. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures and sells advanced chips used in artificial intelligence applications. While we acknowledge the potential of TSM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28 minutes ago
- Yahoo
QUALCOMM (QCOM) to Acquire Alphawave for $2.4 Billion in Data Center Expansion Push
QUALCOMM Incorporated (NASDAQ:QCOM) is one of the 10 AI Stocks on Wall Street's Radar. On June 9, the company reported that it has agreed to buy semiconductor company Alphawave IP Group Plc for an estimated $2.4 billion in cash, aiming to expand its technology and key assets for expanding into data centers. The companies revealed in a Monday statement that the offer is equivalent to about 183 pence per share for Alphawave, a 96% premium to the company's share price on March 31. This was the last trading day prior to the companies disclosing the deal discussion. While the deal is subject to regulatory and shareholder approval, it is anticipated to close in the first quarter of 2026. A medical staff analyzing data in an occupational health center. 'The acquisition of Alphawave Semi aims to further accelerate and provide key assets for Qualcomm's expansion into data centers,' the company said. While Qualcomm has made two alternative all-share offers for Alphawave following multiple deadline extensions from the UK takeover panel, Alphawave plans to unanimously recommend the cash offer to its shareholders. They deem it to be fair and reasonable. 'Under Tony's leadership Alphawave Semi has developed leading high-speed wired connectivity and compute technologies that are complementary to our power-efficient CPU and NPU cores. Qualcomm's advanced custom processors are a natural fit for data center workloads. The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data center infrastructure.' – Cristiano Amon, president and CEO of Qualcomm Incorporated. QUALCOMM Incorporated (NASDAQ:QCOM) develops wireless technologies, supplies chips for mobile, automotive, and IoT devices, licenses patents, and invests in emerging industries worldwide. While we acknowledge the potential of QCOM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None. Sign in to access your portfolio
