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ACCESSWIRE 27-Nov-2023 2:01 AM
Appointment of Chief Executive Officer and PDMR Notification
LONDON, ENGLAND / ACCESSWIRE / November 27, 2023 / Argo Blockchain plc ("Argo" or "the Company"), a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to announce that it has appointed Thomas Chippas as Chief Executive Officer and Director with immediate effect.
Thomas Chippas, most recently the Chief Executive Officer of CBOE Digital and a former member of its Board of Directors, is a New York-based executive with significant experience in digital assets, technology and financial services. He has previously held the positions of Chief Executive Officer of Citadel Technology LLC, Chief Operating Officer of Axoni and Managing Director of Citigroup, Barclays and Deutsche Bank. He also serves as a director of TS Imagine.
Argo's chairman, Matthew Shaw said, "We are excited to welcome Tom to the Argo team. Tom is a proven technology and financial leader who will work with the Argo leadership team to drive operational excellence and stakeholder value." Mr. Shaw continued, "This appointment comes at a transformational time and Argo will be well served by Tom's ability to take advantage of the opportunities that lie ahead."
Thomas Chippas said, "I am honored and excited to join Argo. The pace of innovation in the Bitcoin mining industry continues to increase as miners seek ever greater efficiency and capacity in preparation for the Bitcoin halving and beyond. Together with the Argo team, I look forward to pursuing the opportunities ahead."
In connection with the appointment, the Company has awarded 2,850,000 performance share units relating to the Company's American Depositary Shares ("PSUs") to Thomas Chippas. In accordance with the Company's remuneration policy, which applies to the Company's CEO, the PSUs contain performance conditions relevant to Mr. Chippas' role. The PSUs vest over a three-year period, with first vesting occurring twelve months from the date of grant (at which point up to one-third vest), the second vesting occurring 24 months from the date of grant (at which point up to a further third vest) and the third vesting occurring 36 months from date of grant (at which point up to the final third vest), subject to the continued employment of Mr. Chippas and satisfaction of the performance conditions. If the performance conditions are not satisfied at particular vesting dates, but are subsequently satisfied, the relevant fraction of PSUs will vest.
The Board of Directors of the Company intends to grant further PSUs to Mr. Chippas on the first and second anniversary of his appointment subject to the limitations imposed by Argo's shareholder-approved remuneration policy and its authority to allot and issue new securities.
This announcement contains inside information.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
Details of the person discharging managerial responsibilities / person closely associated
Reason for the Notification
Initial notification / Amendment
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Argo Blockchain PLC
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the Financial instrument, type of instrument
PSUs in respect of American Depositary Shares
Nature of the transaction
Grant of PSUs in respect of American Depositary Shares
Price(s) and volume(s)
Date of the transaction
27 November 2023
Place of the Transaction
Not on a trading venue
For further information please contact:
+44 207 186 9030
Guy Wheatley, CFA
+44 7493 989014
Tancredi Intelligent Communication
UK & Europe Media Relations
This announcement contains inside information and includes forward-looking statements which reflect the Company's current views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company operates. Statements which include the words "remains confident", "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause the Company's actual results, prospects and performance to differ materially from those indicated in these statements. In addition, even if the Company's actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Regulation Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Annual Report on Form 20-F.
Argo Blockchain plc is a dual-listed ((LSE: ARB, NASDAQ:ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.
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SOURCE: Argo Blockchain PLC