StockMarketWire.com - Argo Group is seeking shareholder approval to use up to GBP2m to acquire ordinary shares in the market.

The minimum price Argo intends to pay is 5p per ordinary share over a 12 month period. The independent directors believe it is in the best interests of the company to be able to buy ordinary shares if they become available for purchase at an attractive price as an important mechanism for creating liquidity in the stock market. The Whitewash Resolution is proposed to seek approval for a waiver granted by the Takeover Panel of the obligations under Rule 9 of the Code which would otherwise apply to Kyriakos Rialas and Andreas Rialas as the holders of 36.20% of the company's net issued share capital.

Shareholder approval will be sought at an extraordinary general meeting to be held at its registered offices on 3 March at 3 p.m.




At 9:01am: [LON:ARGO] Argo Group Ltd share price was 0p at 9p



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