No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Argentex said in an update on Thursday that Terry Clune and Harry Adams had confirmed they did not intend to make an offer for the company, following a prior announcement on 23 April.
The AIM-traded firm said the statement, made under the Takeover Code, meant both individuals and any parties acting in concert with them were now subject to the restrictions of Rule 2.8.
However, it said they reserved the right to set aside the restrictions under certain conditions, including with Argentex board approval if the current recommended offer by IFX UK lapses or was withdrawn, or if a third party announced a firm intention to make an offer.
The restrictions could also be lifted in the event of a Rule 9 waiver proposal, a reverse takeover, or a material change in circumstances as determined by the Takeover Panel.
At 1417 BST, shares in Argentex were up 5.74% at 2.58p.
Reporting by Josh White for Sharecast.com.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.