Manx Financial Share Discussion Threads

[tigletpiglet] 12/3/2021 16:10

It's ok to pay a dividend in a loss making year as long as retained profits (i.e. the sum of profits from previous years) are greater than the current year loss. You can pay out up to the net of retained profits less CY losses.

[smithie6] 05/3/2021 20:22

"company" P & L
9.8 million loss

Can a divi legally be paid when the P & L is -ve 9.8 million ?

I didn't think it could be.

[smithie6] 05/3/2021 20:15

!!!

without the reduction of 2 million paid to introducers of borrowers

& the VAT refund of ~1 million

the profit would not have 2 million

but negative 1 million !

[smithie6] 05/3/2021 18:33

incest at MFX ?

----
The MD of MFX is D.Eke, & J.Mellon is the exec chairman.


"Denham Eke is the Managing Director of Burnbrae Group Limited, a private international asset management company."

Burnbrae is the private investment vehicle of the exec. chairman Jim Mellon.

----

the CEO of another company sits on the board of MFX as a non-exec

& Jim Mellon sits on the board of that other co. as a non- exec. !!

very housy housy


------

Do these back scratching tie ups not break the regulations ?

The board imo has far too many incestous type ties to allow board members to be independant & to make decisions which comply with the Company Act 2006 (ie. prudent decisions for the benefit of all shareholders.....rather than skewed towards benefitting the 2-3 biggest shareholders who control the voting shares).....directors are there to safeguard the interests of all shareholders....&; there should not doubts about their independence wrt other directors.

Is J.Mellon really an executive director or is he just that in name & pocketting the cash ? (I assume/guess he has no banking qualification nor authorisation & with his trips around the world & numerous other ventures & books & articles & investing presentations is unable phps to do the work of an exec. at MFX....& has he phps invested to jointly control MFX in order to get a % return on that cash invested via the pay as an exec. dir. ? (45k + expenses)

Can the MD D.Eke really carry out the numerous tasks as the exec. MD of a group including a public bank & listed company with the public as shareholders
when he is also the MD for a sizeable & active investment company, Burnbrae, owned by the exec chairman of MFX.
And does it break the regulations that the MD of a group including a public bank is arguably a puppet on strings for J.Mellon because JM is the exec. chairman & also the employer of D.Eke at Burnbrae.
..imo it is fairly clear that D.Eke could not oppose J.Mellon or he would lose his job at Burnbrae & probably also at MFX.

(& why have an exec chairman at all ?
at most micro cap companies on AIM
there is an exec. MD & an exec. FD , just 2 execs, with a non-exec. chairman, so, should J.Mellon be non-exec rather than an exec. ?)

Did any of the above notes have any input to Mr Banks selling all his shares to MFX & getting out ??

(I recall that there have also been complaints by many ppl about the numerous related party transactions at MFX, some of which have been high payments for introducing borrowers, £3.6 million in 2020 !)

----
& the main business of MFX is I think Conister Bank
...& yet neither J.Mellon nor D.Eke are the MD nor chairman of Conister bank, yet JM & D.E. are the 2 main execs at MFX (& on high wages)...doesn't make sense imo.

----

a fact that supports my argument is that J.Mellon only attended 4/6 board meetings yet officially he was/is the highest ranking board member !!

:-((

[castleford tiger] 04/3/2021 22:29

You don’t like it then?
Tiger

[smithie6] 04/3/2021 15:10

so much for the big expansion in to the UK

that exploded in a big way !

(are these guys repeatedly unlucky....or incompetent ??)

[smithie6] 04/3/2021 15:08

financing of beer brewing equipt

790k income & 22k profit

& the investment cost a few million !

As an investment that looks an absolute farce !

7 staff !

wtf are they doing !!
travelling to the different micro breweries for daily testing of the beer ?!!

------

borrow X million from Jim Mellon at 5-6% & then invest in brewing equipment & get a return of 0% !!

doesn't make sense !!

(sure, Jim's happy enough, he's getting 5-6% interest every year !)

[smithie6] 04/3/2021 14:52

key management renumeration increased 21% !!

:-(

[smithie6] 04/3/2021 11:52

year end provisions for bad debts

up by 2 million (& mostly from 1 client)
about the same as the annual profit, which is "down" by 1 million.

banks.
if your loans dont get paid back then it is not a good business !

(& I guess we can now see why Mr Banks was keen to sell all his shares to the co.)

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sizeable increase in staff costs
that looks terrible imo

[castleford tiger] 04/3/2021 10:10

Shareholder funds increased by GBP5.1 million to GBP30.1 million (2019: GBP25.0 million), a growth of 20.1%. Thus, the Bank finished the year in a stronger financial position than at the start.

remind me what the market cap is?

[castleford tiger] 04/3/2021 08:15

Lots going on need to read in full
Tiger

[castleford tiger] 01/3/2021 14:48

Cheers
They still own conister bank.
Times maybe about to change

All the best

[thebutler] 01/3/2021 09:58

Fair enough, Tiger. I was recommended this many moons ago when it had something to do with Conister Bank (?) but it didn't take me long to "dislike" the management. And in my experience with AIM stocks in particular is to get out when such a dislike manifests itself, as at the end of the day the company "is" the management and there's no point trying to fight it. So I put my money into more reliable and trustworthy stocks.

Just my opinion, and hope all goes well!

[castleford tiger] 01/3/2021 09:46

the butler

I am not sure its moaning!

I am trying to get company to work with the owners of the business. The NAV is almost 3x the share price and at some point this will turn and make money,

This is but a fraction of my portfolio but I am not a quitter. The dividend is coming and hopefully a brighter future.
#tiger

[castleford tiger] 01/3/2021 08:34

Results due delayed last year I have a feeling they will be on time this month.
Did they promise news on a dividend?

[m1keg] 27/1/2021 19:10

Tiger,

I find it slightly strange that a company that I feel is being well run, says it is mindfull of the shareholders plight of a poor share price and then goes ahead and chucks out numbers that should obviously be shared with all shareholders, instead chooses a news blog!

Jim is the "Executive" chairman and he needs to apologise for the mistake. If he can tear himself away from the spanish pool or latest book venture. He also needs to be aware that us small people do not have access to a script dividend because the financial industry have deemed it an "onerous cost" for them. I hate them with a vengeance but its impossible to act without them.

[castleford tiger] 27/1/2021 16:56

NO it was or has not been released to shareholders.

Poor form again.

Had a reply and the Board seem to think that most can get the Script.

We I cannot and I hold 2.8%

Tiger

[m1keg] 26/1/2021 21:06

Tiger,

Sorry but did I miss this info I mentioned above in some RNS or other? These are actual numbers indicating how well the business has got through 2020? This is from the 18/1/2021.

Quote

Conister Bank, part of Manx Financial Group PLC (AIM:MFX), today announces record lending levels in 2020, with advances totalling £36.7m. This represents a 16% rise on the total amount lent in 2019, providing crucial funding locally to both personal and commercial customers who attempt to navigate the economic impact of the COVID-19 pandemic.

The growth in funding can in part be attributed to Conister Bank’s (“the Bank”) new online lending platform that enables both individuals and businesses to apply for finance outside normal business hours. The Bank’s online offering now processes almost half of its lending and is expected to increase to 70% by the end of 2021. Further, the Bank has entered into new markets including ‘scheme’ finance for annual purchases, such as insurance and indemnity premiums and membership fees.

In March, the Bank partnered with the Isle of Man Government to assist local businesses applying for the Isle of Man Disruption Loan Guarantee Agreement (DLGA). Conister Bank also received accreditation for the Coronavirus Business Working Capital Loan designed specifically for businesses that cannot access working capital via their banks or do not qualify for assistance via the DLGA. Conister Bank is the Island’s only bank to be accredited to both of the Government’s financial assistance schemes. The Bank has also allocated a further £10 million to provide financial assistance to local businesses.

The UK subsidiary of the Bank, Conister Finance & Leasing Limited (“ConisterR21;), also achieved its highest lending levels in 2020 by advancing deals totalling £131m, a 7% increase on the total amount lent in 2019. This was achieved by providing critical funding to small and medium-sized enterprises as they navigated the economic impact of the COVID-19 pandemic.

Collectively Conister Bank and its subsidiary have lent £167.2m representing a 9% increase on the total amount advanced in 2019.

Unquote

[castleford tiger] 26/1/2021 16:45

M1ke join the club

[m1keg] 26/1/2021 16:01

Strange that a lot of this info was not in a RNS

hxxps://www.conisterbank.co.im/news/conister-bank-reports-growth-lending-2020/

I checked and our ISA, SIPP supplier also no longer supports script issued dividends.