We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Manx Financial Group Plc | LSE:MFX | London | Ordinary Share | IM00B28ZPX83 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.00 | 20.00 | 22.00 | 21.00 | 21.00 | 21.00 | 100 | 07:31:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Personal Credit Institutions | 36.05M | 4.67M | 0.0405 | 5.19 | 24.25M |
TIDMMFX
RNS Number : 1308C
Manx Financial Group PLC
15 October 2020
FOR IMMEDIATE RELEASE 15 October 2020
Manx Financial Group PLC
(the "Company")
Manx Financial Group PLC raises GBP2 million additional regulatory capital
The Company's Independent Directors (being all the Directors with the exception of James Mellon, Dr Greg Bailey and Denham Eke), have carefully considered the most suitable method of further augmenting the regulatory capital available to its subsidiary company Conister Bank Limited ("Conister"), both to continue the excellent growth in lending opportunities, and also to take advantage of potential further acquisition. As Conister enjoys increasingly high levels of liquidity from customers' deposits, this liquidity must be underpinned by its own separate regulatory capital on the basis of a ratio as directed under the Isle of Man banking licence.
As a result, and having considered other methods of raising capital, the Independent Directors have resolved, following negotiation, to accept on arms-length and standard commercial terms, two loans of GBP1.0 million each. Each loan is for five years, with a coupon of 6.0% per annum, is repayable at any time and has no conversion rights. One loan is from Burnbrae Limited ("Burnbrae"), 100% beneficially owned by Jim Mellon and of which Denham Eke is a director, and the other is from Culminant Reinsurance Ltd ("Culminant"), 100% beneficially owned by Dr Greg Bailey. Following this, the unaudited prudential ratio of Conister will be 18.9% which compares very favourably with other banking institutions.
Due to James Mellon being the 100% beneficial owner and both he and Denham Eke being directors of Burnbrae and Dr Greg Bailey being the 100% beneficial owner and director of Culminant, the two loans are Related Party Transactions under the AIM Rules. Accordingly, the Independent Directors consider, after consulting the Group's Nominated Adviser, that the terms of the loans are fair and reasonable insofar as the Group's shareholders are concerned.
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain .
For further information, please contact:
Manx Financial Group Beaumont Cornish Limited Greentarget Limited PLC Roland Cornish/James Dafina Grapci-Penney Denham Eke, Chief Executive Biddle Tel +44 (0) 203 963 Tel +44 (0)1624 694694 Tel +44 (0) 20 7628 1887 3396
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
ROIGPGAUUUPUGRC
(END) Dow Jones Newswires
October 15, 2020 02:00 ET (06:00 GMT)
1 Year Manx Financial Chart |
1 Month Manx Financial Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions