09:58 AM EDT, 05/21/2025 (MT Newswires) -- Argo (ARGH.V) shares rose 8% on Wednesday after it said it would pay a special dividend to provide shareholders with their proportionate stake in proceeds realized from the eventual sale of its stake in FoodsUp, a Canadian restaurant supply platform.

To facilitate this eventual sale, Argo said it previously disclosed that it and one of its wholly-owned units are parties to option agreements, which if fully exercised, would result in proceeds of between $21.6 million and $30.2 million. The ownership interest in FoodsUp is represented by one of its wholly-owned units holding 45,932 Foodsup subordinate voting shares.

Argo common shareholders of record on Aug. 13 will receive one preferred share for each common share of Argo held, with a payment date of Aug. 20 for the stock dividend. In regard to the option agreement related to the FoodsUp divestment, the company expects to provide an update following its annual and special meeting of shareholders, as well as following the closing of any of the transactions contemplated under the option agreements, if applicable.

Shares of the company were last seen up $0.06 at $0.78 on the TSX Venture Exchange.

Price: 0.77, Change: -0.01, Percent Change: -1.28