Argentex Group has seen its share price tumble by over 91% after the group announced an emergency funding package from IFX Payments.

The group’s chief financial officer (CFO) and four board directors have also today announced their resignations.

Argentex, a currency management service provider, is currently undergoing an acquisition by IFX and today announced a £20m revolving credit facility (RCF) with its buyer as part of the acquisition. This is in addition to previous a bridge funding agreement of £10.5m provided to Argentex by IFX.

The new RCF, which attracts an interest rate of 15% per annum and a non-utilisation fee of 7.5% per annum, is being initially provided for six months. Argentex said the facility would allow it draw down funds to meet margin calls from its liquidity providers, in the event of “further adverse foreign exchange movements”.

Trading in the company’s share on London’s AIM market had been suspended since 22 April but following the resumption in trading this morning, the company’s price plummeted from 43.2p pence to just 3.6p.

In a separate statement today, Argentex also confirmed the resignations of CFO, Guy Rudolph, and non-executive directors Henry Beckwith, Lord Digby Jones, Rina Ladva and Jeff Parker.

The statement revealed the directors had reviewed the composition of the board and agreed that it would be in the “best interests of the company and its shareholders” to reduce the number of directors.

Argentex chairman, Nigel Railton, said: “Against the background of an extremely challenging past few weeks for Argentex, I would like to thank Henry, Lord Digby, Rina and Jeff for their expertise and contribution to Argentex during their tenure with the company.

“Each of their experiences have provided valuable perspective for both the board and the wider group. We wish each of them well for the future.”

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