Manx Financial Share Discussion Threads

[smithie6] 17/10/2023 22:44

...you could have bought below the price range where CT & me said that we had bt shares...16-17p

The share price to buy went below 16p.

Whether any particular poster chooses to post, or not to, that they have bought (or sold) shares is of course up to them. And up to each person to make their own buy/sell decisions & share picks.

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You didn't buy any shares.

I honestly don't care !

If the growth of the last 4 years & last 6 months keeps happening (& it looks like it will (impressive growth in the total loan book & loans+ profit at PA ltd) then the share price will look after itself.

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... the H1 reporting & results presentation
....all old news now ....it's been discussed ad infinitum before.

[seagreen] 17/10/2023 12:44

Smithie6 relax...

You have researched the company far more than I.

I was drawn attention to it by the UK banking licence RNS and was put off investing in it by your month long attack on the directors and Jim which you have a valid observation worthy of highlighting on but you are wrong on the "pure" accounting treatment of.

I did not feel comfortable on the personal attack and vitriol you repeated many times.

It seems a tad cynical that now you have added at a lower level you are telling the world it is a screaming buy.

Everyone is entitled to an oppinion it looks like a fairly iliquid stock and the chart is in a down trend but I shall put it on my watch list.

I am probably being over cynical.

GLA

[stewy_18] 17/10/2023 09:49

No, hxxps://www.edisongroup.com/research/manx-financial-group-uk-deposit-taking-licence-approved/32769/. This is the new one, but there is not a lot mentioned

[smithie6] 17/10/2023 09:22

....is that the new one, out today ...that includes mention of the UK banking licence?

(Today's note is on research tree .com)

[stewy_18] 17/10/2023 08:58

Regarding visibility, you are right. There was a Edison note put out. I did not see it posted here so here it is:- hxxps://www.edisongroup.com/research/rapid-growth-tempered-by-margin-pressure/32744/

[smithie6] 17/10/2023 08:19

Seagreen

Let me state black & white facts/data from the H1 report, to show you (& the exec dirs ! are wrong.

"Jim Mellon, Executive Chairman, commented:

" I am pleased to announce another record half year showing an increase in our Profit Before Tax Payable to GBP3.0 million, a 30% improvement on the previous Interim results of 30 June 2022 of GBP2.3 million ."

When the reality was/is

"Profit attributable to:
Owners of the Company 1,927 2,161 "

ie. a fall in PAT from £2.161 million to £1.927 million.

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One can choose to believe the exec dirs or the numbers in the accounts.

The mkt has chosen to believe the numbers inside the accounts & disregard the text written by the Exec chairman & given by the CEO & the CFO in the presentation, this is shown by the share price fall from 22p to 16p.

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The shares are underpriced imo.
The underlying gross profit/income is up nicely & continues its growth trend of the last few years. Every year the company is getting bigger. The loan book has been growing very quickly. And PA ltd has grown it's loan book a lot & MFX owns 1/2 of that & has an option to buy the other 1/2 in the future. The dip in profits in H1 will imo turn out to be just a temporary bump in the road, due to some one off costs (which have been discussed on this thread).

[castleford tiger] 16/10/2023 20:24

Xxxxxy
I am convinced this could be making 10 m a year by the time we take full control of PAL

[xxxxxy] 16/10/2023 19:43

I may get interested.

[xxxxxy] 16/10/2023 19:43

An Isle of Man bank owned by Brexit backer Jim Mellon has won a City licence that will allow it to accept deposits in the UK.Conister Bank, a subsidiary of Mr Mellon's Manx Financial Group, has been granted permission by the Bank of England's Prudential Regulation Authority (PRA) to accept deposits in a bid to boost its balance sheet.Shares in Manx Financial, which is listed on London's smaller Aim market, jumped nearly 6pc on Monday to 16.7p, valuing the group at £19.2m.... Daily Telegraph

[seagreen] 16/10/2023 19:09

You wonder why no one posts ........it is your way or the highway

I do not agree with you or your style you are being economical with the truth and have slagged off Jim and the Directors accusing them of presenting false numbers

all the accountants would understand which is why you did not challenge him in the Q&A etc etc...

Infact the interim accounts make it quite clear


My point is the agressive wording of your quote below is virtually libelous

"The numbers which the directors decided to ignore & to present different numbers instead, to give a false number for profit."

You could have easily pointed out your conclusion in a polite manner but you bashed the company and the point about 20 times

Then it drops 7p or so and ping you say you have added and start ramping it

Read CT's post you are wrong..it is not a false number,,,even if you make an interpretation which has some validity

[smithie6] 16/10/2023 18:53

.the shares are underpriced...imo

(While reporting in text that the profit was up 30% when actually it was down. 0/10 for the dirs for that.
...one assumes the dirs will provide correct text & presentations in the future)

[smithie6] 16/10/2023 18:45

Seagreen

You wrote
"If you have to prepare consolidated accounts you HAVE to include the whole subsidiaries results if you own more than 50% you then remove the percentage of the results you do not own via adjustments for the minority interests,...."

ie. you completely agree with me !!

But
You are not able to realise that you do !

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The true results for LSE:mfx for PAT & EPS are given in the accounts. The H1 PAT & EPS for 2023 being lower than in 2022.
But the numbers in the presentation to shareholders are not those numbers and the numbers in the dirs presentation are wrong & meaningless. The profit for LSE:mfx did not rise by 30% as claimed by the exec. chairman & the exec. dirs in their presentation. We all know that.

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This is all an old story, I had thought that everyone had digested it by now. Bit surprised it has surfaced again.

[castleford tiger] 16/10/2023 18:22

Under IAS 27 they have to consolidate all of PAL revenue , costs and profit in group accounts.
Then deduct the minority interest.

However a note explaining this could and will be included going forward.
Had we kept all the profit EPS would have been up 32% at 2.21p per share.
When we buy out the remaining shares at a max of 2 times earnings ( capped at 5 million ) whilst balance sheet equity will initially fall it will probably only do so by 2 million
5m cost less profit of 3 million.
ROE would jump to about 30% .
By any measure the shares are well under valued as it continues through its growth phase and pays about 2.2% dividend
Tiger

[smithie6] 16/10/2023 18:08

Yes....

The numbers which the directors decided to ignore & to present different numbers instead, to give a false number for profit.

The EPS was down 12% if my memory is correct, according to GAAP & international accounting standards (& reported in the accounts) & not up 30% as claimed in text & the presentation to shareholders.

The directors could have chosen to use the true data from the accounts if they had wanted to. They chose not to.

[seagreen] 16/10/2023 18:05

If you have to prepare consolidated accounts you HAVE to include the whole subsidiaries results if you own more than 50% you then remove the percentage of the results you do not own via adjustments for the minority interests,


So you can think what you like but that is the law and they are not going to change it for you or anyone else currently

If you are so upset having slagged it off for weeks why do you buy more shares when the price came off...

Go figure

You are in the wrong not the Directors...that is a fact go and do a basic accountancy course

Sorry Smithie Probably a little harsh but I was trying to read up on the company and all I could read was you bashing it so missed the price....however silly it might appear that is the way it is done..

[seagreen] 16/10/2023 18:00

Are you referring to the figures correctly presented in line with UK GAAP and International Accounting Standards and the companies act by any chance...

[smithie6] 16/10/2023 17:20

..are you referring to Jim Mellon stating in his signed part of the accounts that the profit was up 30% when the accounts state in black & white that the PAT was down !!.

And that the accounts state in black & white that EPS was down 12% & not up by 30% as Jim Mellon stated.

Don't blame me, the real data is in the accounts. ;-)
Just ignore the claim of profits being up 30%.

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If you want to believe that profits are up by 30%, feel free, but you will probably be the only one.

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I also note that the market & investors were initially duped by the claim of 'profit up 30%' & the share price rose briefly to 24p. The share price then fell over X days to 16-17p, with a brief dip to 15.5-16p.

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A presentation was also given to shareholders in LSE:mfx (which does not own 49.9% of PA Ltd) where exec. dirs imo intentionally misled shareholders in lse:mfx by again including the profit from the not-owned part of PA Ltd.
imo that presentation needs to be completely ignored by shareholders since it is ...well....not true.

If anyone should apologise it should imo be the directors.
Giving a presentation with numbers which you know to be false is not very good imo.
They were asked about it & their reply was, I think, 'we will be buying the other half of PA Ltd in 2 years. Well, include the profit for it after you have bought it, not now in 2023 when you don't !!

[seagreen] 16/10/2023 17:01

Perhaps an appology to Mr Mellon from the so called expert who has been making false accusations because he does not understand consolidated accounts would be the decent thing to do...

Some would be forgivenfor thinking you were just deramping to pick up some cheap stock?

[smithie6] 16/10/2023 10:17

A good day for money lenders listed on the UK market.
Lse:time is also up, + ~6%.

[smithie6] 16/10/2023 10:15

..indeed..

A major building block...

Strategic event.

..& yes, surprising that there hasn't been more volume & a bigger % price rise.

Maybe just need to change the trading name for the UK part, perhaps to 'Revolut', 'Wise' or something like that. ;-)

[castleford tiger] 16/10/2023 09:35

It’s confirmed . It was expected but it’s massive in the growth plans for the company.
Onwards we go.
Tiger

[clocktower] 16/10/2023 09:14

I'm surprised at the low level response to todays news.

[smithie6] 16/10/2023 08:08

...one poster on here looks to have had good timing with their buys last week, including below 16p I think.
Well done to them.

....I bt some below 17p so hopefully those will be in profit this week