ARGAN INC — Director's Dealing 2005

Sep 23, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARGAN INC (AGAX)
CIK: 0000100591
Period of Report: 2005-08-17

Reporting Person: LEVINSON DANIEL (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-17	Common Stock	P	95321	—	Acquired	599937	Indirect

Footnotes

F1: On January 28, 2005, the Issuer sold and issued to MSR I SBIC, L.P. 129,032 shares of Common Stock, pursuant to a
Subscription Agreement dated as of January 28, 2005, at a purchase price of $7.75 per share. On August 17, 2005, the Issuer
issued 95,321 additional shares of Common Stock to MSR I SBIC, L.P. for no additional consideraton pursuant to terms and
conditions of the Subscription Agreement.

F2: Mr. Levinson may be deemed to beneficially own (i) 546,937 shares of Common Stock held by MSR I SBIC, L.P. (including the
95,321 shares of Common Stock issued to MSR I SBIC, L.P. on August 17, 2005); (ii) 3,000 shares of Common Stock held by
Tri-Lev LLC; and (iii) 50,000 shares of Common Stock underlying warrants held by MSR Advisors, Inc.