Argo Blockchain PLC Announces Appointment of CEO and PDMR Notification

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.

PDMR notification

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

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Forward-Looking Statements

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…