Argo Blockchain PLC Announces Appointment of Chief Executive Officer
Rhea-AI Summary
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has appointed Justin Nolan as Chief Executive Officer and Director, effective March 22, 2025. Nolan, who previously served as CEO at Arkon Energy and Chief Growth Officer at Argo, brings significant industry experience to the role.
During his earlier tenure at Argo, Nolan was instrumental in expanding operations, particularly in developing the Helios project. He co-founded DPN , which initially developed Helios before Argo's acquisition in March 2021.
As part of his compensation package, Nolan has been awarded 22,250,000 performance share units (PSUs) that vest over three years, subject to performance conditions and continued employment. The PSUs vest in three equal tranches at 12, 24, and 36 months from the grant date.
Positive
- New CEO brings direct experience with company's operations and Helios project
- CEO appointment includes performance-based compensation structure aligned with shareholder interests
- CEO has proven track record in scaling mining operations
Negative
- Significant potential shareholder dilution from 22,250,000 PSUs granted to new CEO
Appointment of Chief Executive Officer and PDMR Notification
LONDON, UNITED KINGDOM / ACCESS Newswire / March 24, 2025 / Argo Blockchain plc, (LSE:ARB)(NASDAQ:ARBK), is pleased to announce that it has appointed Justin Nolan as Chief Executive Officer and Director with effect as of 22 March 2025.
Justin Nolan most recently was Chief Executive Officer at Arkon Energy, a digital infrastructure company. Prior to his role at Arkon Energy, Mr. Nolan served as Chief Growth Officer at Argo. In this capacity, he played a pivotal role in expanding the Company's operations, including the development of the Helios project. Earlier in his career, Nolan co-founded and led DPN LLC, which was instrumental in the initial development of the Helios project before its acquisition by Argo Blockchain in March 2021.
Argo's chairman, Matthew Shaw said, "We are delighted to welcome Justin back to Argo at this pivotal time for the Company. His deep industry expertise, strategic vision, and leadership in scaling mining operations, including his previous contributions to the Helios project, make him the ideal leader for our next phase of growth. Under his guidance, we look forward to further strengthening Argo's market position and operational efficiency."
Justin Nolan said, "I am honored to rejoin Argo as CEO and lead the Company into its next chapter. Argo has a strong foundation, a talented team, and a commitment to operational excellence. I look forward to working closely with the Board and our stakeholders to drive innovation, enhance efficiency, and create sustainable value for shareholders."
In connection with the appointment, the Company has awarded 22,250,000 performance share units relating to the Company's ordinary shares ("PSUs") to Justin Nolan. In accordance with the Company's remuneration policy, which applies to the Company's CEO, the PSUs contain performance conditions relevant to Mr. Nolan's 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. Nolan 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.
This announcement contains inside information.
PDMR notification
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Justin Nolan | |||
2. | Reason for the Notification | ||||
a) | Position/status | PDMR | |||
b) | Initial notification / Amendment | Initial notification | |||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | Argo Blockchain PLC | |||
b) | LEI | 213800WPCCYSDYY26J54 | |||
4. | 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 | ||||
a) | Description of the Financial instrument, type of instrument |
| PSUs in respect of Ordinary Shares |
| |
Identification Code |
| GB00BZ15CS02 |
|
| |
b) | Nature of the transaction | Grant of PSUs in respect of Ordinary Shares | |||
c) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
PSUs - N/A | 22,250,000 | ||||
d) | Aggregated information: Aggregated volume Price | N/A | |||
e) | Date of the transaction | 22 March 2025 | |||
f) | Place of the Transaction | Not on a trading venue | |||
For further information please contact:
Argo Blockchain |
|
Investor Relations | |
Tennyson Securities |
|
Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
|
Joint Broker Guy Wheatley, CFA | +44 7493 989014 |
Tancredi Intelligent Communication UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With a mining facility in Quebec 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Argo Blockchain PLC
View the original press release on ACCESS Newswire
FAQ
When will Justin Nolan start as CEO of Argo Blockchain (ARBK)?
How many performance share units (PSUs) were granted to ARBK's new CEO?
What is the vesting schedule for the new ARBK CEO's performance share units?
What was Justin Nolan's previous role before becoming ARBK's CEO?
What is Justin Nolan's connection to ARBK's Helios project?
