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MFX Manx Financial Group Plc

21.00

0.00 (0.00%)

26 Apr 2024 - Closed

Delayed by 15 minutes

Manx Financial Investors - MFX

Share Name	Share Symbol	Market	Stock Type
Manx Financial Group Plc	MFX	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.00	0.00%	21.00	07:31:04

Open Price	Low Price	High Price	Close Price	Previous Close
21.00	21.00	21.00	21.00	21.00

more quote information »

Industry Sector
GENERAL FINANCIAL

Top Investor Posts

Top Posts
Posted at 16/4/2024 20:20 by smithie6 Stewy_18 ...imo the investor relations are arguably poor since Jim Mellon & Gregory Bailey between the 2 of them + conversion of loan notes perhaps have enough votes to win any vote (JM has 19% & GB has 15%, added = 34% & in any vote that is surely enough to win if another holder of >3% voted with them to get 37-38% since many votes (except for accepting a takeover offer) only get < 76% of shares to be voted, sometimes only ~50% of shares are voted. (Many PIs never vote, & many brokers don't allow their clients to vote because of the extra work for the broker). So perhaps the directors honestly give a damn about informing the PI shareholders. It takes time & effort & the exec dirs perhaps think they are already busy enough. The PIs are imo along for the ride, without any voting power to change anything. However the biggest shareholder holds about 20% (Aeternitas Imperium Privatstiftung. 1) and could push for changes if they wanted. (~1% more than JM who has 19%). Although they perhaps are not fussed enough to try to reduce the number of directors who have been on the bod for >17 years, or protest about the bod's 21% pay rise. Although maybe they might vote against it, we have to wait to see. (But then they perhaps couldn't get any private meetings with the bod to discuss progress/plans). Personally I don't think a lot of the holders of >3% live on the IoM. But it is a tax haven, & JM is resident there for that reason so I guess there might be a few more rich people there like him. (But if it was me I would prefer Jersey or Monaco or .....since the IoM weather is not ideal & the sea water is surely freezing all year round). 1. Biggest shareholder has an address in a tax haven if my memory is correct. One time it was I think in Lichtenstein & another time in British Virgin Islands or somewhere. RNS on 20/3/2020 gives their office address as Industriering 14, 9490 Ruggell, Liechtenstein. Is it the holding of a fund or just 1 person ? no idea. They went to 9-10% when Aaron Banks was selling shares in early 2020, & others were perhaps selling as the COVID crisis hit. A lot of the big shareholders are linked to tax havens, IoM (JM (19% + CLNs, most of the bod dirs), Lichtenstein (Aeternitas Imperium Privatstiftung 20%) , British Virgin Islands (Zeno Capital >4% at one time, now ?)... Do any of the people involved know each other at all ? Read Full Thread Reply
Posted at 16/4/2024 13:03 by stewy_18 People, I'm not sure who is invested here but you can vote for/against the re-appointment of Mr Eke by voting in the AGM agenda TO RE-APPOINT MR DENHAM EKE, A DIRECTOR RETIRING BY ROTATION IN ACCORDANCE WITH THE COMPANY'S ARTICLES OF ASSOCIATION I have done so via my broker. Something has to change at board level IMO. Very disappointed in last nights Mello. I found the opening 5-10 minutes completely unnecessary and very wooden and perfunctory. That left no time for questions which I guess was their goal? The have no need to state a disclaimer for 1 minute. No one is going to invest off the back of that presentation. Just a wasted opportunity to attract new investors. Is it just the case that this is a jobs for the boys company? I guess all the major investors in MFX are probably known to the board and live on the island, so they know they don't need to do anything in terms of investor relations? This is probably the grim reality of the situation. If that is the case, then liquidity will be the killer here. If you can't invest in size, why invest at all? I was hoping liquidity would improve as the story developed. I think the way they have reported their results and lack of forecasts have not helped at all. So next news in 5 months time. Nice. Read Full Thread Reply
Posted at 16/4/2024 12:21 by spangle93 If they were bothered about anyone attending, they wouldn't hold it in the Isle of Man Jim Mellon may be boss of Master Investor, but for his own bank he's not exactly retail investor friendly Smithie - you could also point out that Eke has been on the board for 17 years - rather longer than expected under good governance Read Full Thread Reply
Posted at 14/4/2024 23:22 by davidosh So many posts on here thst you miss the key info... melloteam 27 Mar '24 - 16:50 - 2093 of 2211 Just to let shareholders and prospective investors know that Manx Financial Group will presenting on the MelloMonday webinar, starting at 5pm on Monday 15th April 2024. Use code MMTADVFN50 for 50% OFF. Read Full Thread Reply
Posted at 03/4/2024 18:02 by smithie6 Jim Mellon I would agree that his score out of 10 for making money for investors is perhaps a bit mixed, but I don't know his record over last 30-40 yrs. At MFX investors that paid ~8p for new shares in 2008-10 are sitting on a good profit. The annual % return depends on the year they bought. While at WEB investors are sitting on a loss (JM & Denham Eke are involved, Denham Eke is on the bod). I've just checked the website for SEED & Jim Mellon is not named as being on the bod, nor Denham Eke !, so, JM can't be blamed imo for the performance of the current bod). At lse:BHL yes Jim Mellon is on the bod as non exec vice chairman & Denham Eke is on the bod, finance director. (DE is vice chairman at MFX & plays a major part in running J.M.'s investment company Burnbrae). It is a lithium exploration & extraction company. Well, shares in start up mining companies, everyone knows that is like spinning a coin, so JM cant be blamed imo, or credited, if BHL finds lithium, or doesn't. So, I don't think the success or failure of lse:BHL is affected much by JM sitting on the board. And under JM's skill list I don't think you'll find any mention of mining !! He is there imo as an investor since lithium is such a hot subject for batteries for EVs & phones. ---- But worth noting that many famous entrepreneurs have had successes & failures, including:- Luke Johnson (cake/pastry chain went bust I think while pizza chain he backed made him a fortune), Alan Sugar, he has had winners & losers Bob Holt ? Etc etc. .....most/many small companies start off because some entrepreneur puts in a notable amount of cash & then devotes their time & energy to try to help to make it a success. Society & the stock market (& investors) need such people since a) the Government won't do it (& wouldn't have a clue how to; & failed badly investing in the UK car companies in the 70s) b) us PIs ain't going to do it since we don't have the time or motivation nor enough cash, nor the skills, experience & contacts. ------ I think JM has made most of his money as an investor in companies where he was not on the bod, I might be wrong, ...his record as a director, I know very little, but at MFX the investors from the various cash raises in 2008-10 at 8p are sitting on a healthy profit at 23p now but yes they had to wait until 2022-24 !! Apparently he has an MSc from Cambridge, & has made many millions over the years, so he is probably smarter than most of us ! Read Full Thread Reply
Posted at 01/4/2024 14:41 by smithie6 Changes in shareholdings between AR for '22 & '23 The first number is for '23. Lynchwood. (Aerestet..) 23.37: 23.33 J.Mellon. 21.7_m: 21.75m G.Bailey 17.96m: 18.02 Vidacos Nominees. 6.5m: 7.08 Rock Nominees 4.2m: 3.97m Interactive Investors 4.2m: 4.6m Island Farms. 4.35m: 4.4m Chase 3.48m: probably still ~3.48m which is now <3% & not reportable. Rock Nominees have reduced by ~200k shares. Vidacos have increased by ~600k shares. (Perhaps Zeno Capital adding) Interactive up by ~400k shares. Island Farms. Negligible change. So, in general, the holders of >3% were adding in 2023. Normally to add 400-600k shares needs a number of buys over a period, since it is a high volume/amount for MFX. ======== Since a number of the holders of >3% that are not directors are located in tax havens (Lichtenstein, British Virgin Islands etc) & have schrewd successful rich investors involved (otherwise they would just invest via Barclays in the high street !!) ....imo it is a good sign that a number of them were adding to their holdings in '23. Read Full Thread Reply
Posted at 01/4/2024 13:27 by smithie6 Some notes on big shareholders. ---- The shares of Gregory Bailey are held by Vidacos Nominees ltd ...which is owned by Citigroup Europe, located in Ireland, ...which is then owned by Citigroup USA. G.Bailey is I assume located in Canada due to the location of the bigger companies where he is a director. Vidacos holds another 6% of MFX. Logic says that that/those investors are probably in the USA & some might be known to G.Bailey. Or they could be clients of Citibank Europe, but less likely imo. There was a >3% holder, Zeno Capital ltd, in the British Virgen Islands, buying in Oct '22. Paying 8-14p imo. It was the first ramp up, take off, from 8p. (If any reader admits to selling any shares during that rapid rise, please write out 100 times "For shares, I have no idea at all what I am doing" !) Then in Nov. '22 they bt another 1.1% to go over 4%. Declared on 15 Dec. '22. 4 966 000 shares. But they are not now listed as a separate holder of >3% in the AR. Not with the name Zeno Capital anyway, nor in the '22 accounts. Conclusion. They used a different name in the '22 accounts. ;-) Which one ? Ok, it's Vidacos, the '22 accounts reveal that. (The '23 accounts don't). Inside a Vidacos 5.66% holding. That Vidacos holding is now >6% (imo without the move up thru 6% being disclosed to the market). 7.1m shares. In '22 it was 6.5m. so, Vidacos nominee holding has risen in '22 by 600k shares. £138k worth at current 23p selling price. If that was Zeno Capital increasing then their holding would now be 4.966m + 600k shares = ~5.5m shares. ~£1.3m worth at 23p ! A sizeable investment. If so, then imo they did not report going below 3%. Or who knows, perhaps they have increased & hold that 6% at Vidacos. Be interesting to look at 2022 accounts to see if that 6% at Vidacos existed then. ---- During the first months of the COVID crisis this company in Lichtenstein went from ~11% to ~14%, paying 7-8p/share. Aeternitas Imperium Privatstiftung. They had first appeared as a big shareholder when a big part of the Aaron Banks holding was being sold down in Jan. 2020. On 9th Jan. 2020 they went from 0 to ~6%. (But in some RNSs they declare the address as in Kingstown, St Vincent (Caribbean), so, who knows, they could also be behind Zeno Capital or have connections with it. A lot of the tax haven people know other tax haven people, since they are schrewd awake professionals in that same sector. And they now hold 20%. They are clearly big fans & they are sitting on a big profit. Whether the investor(s) are in Europe or USA or wherever in the world, difficult to guess. Perhaps USA. Read Full Thread Reply
Posted at 31/3/2024 10:30 by smithie6 Btw Investors' Chronicle & Investors' Champion both like TIME, so, now that MFX has issued it's first annual results including 1 full year of owning 50.1% of PA ltd (which doubled its profit & loans up by ~60%)....the writers at Inv.Chron. & Inv. Ch. will surely be running an eye once the MFX AR. (The pdf for the results are now available btw on the group's website). TIME has the benefit of a broker's forecast (Cavendish) whereas I don't think any forecasts exist for MFX. Read Full Thread Reply
Posted at 16/1/2024 15:22 by smithie6 My target price is - day of annual results for '23. (Expected in late March) 30p - 1 month after annual results 35p But of course everything is very dependent on the text with the AR. If it says that January '24 was the busiest month ever for PA Ltd that would help the share price. And depends whether estimates are given for any one off cost (such as for obtaining the UK banking licence ) which would allow investors to calculate an underlying profit. And one interesting piece of info will be how much money has the UK bank managed to get in deposits & whether investors like the info. Etc etc. Read Full Thread Reply
Posted at 14/6/2023 07:16 by castleford tiger AGM notes many thanks to the shareholder who attended and produced these. Questions for the MFX AGM 2023 Payment Assist Questions 1) Question - Are we still a preferred supplier to Halfords & National Tyres? . PAL are still the main supplier to Halfords & National Tyres (As well as Formula 1), Halfords & National Tyres, approx. 98% in garage, bikes & tyre sales, a large increase in profits predicted from PAL contribution to MFX group profits for 2023. 2) What are the future plans for PAL, will it include such thing as a. Football season tickets b. Rugby season tickets c. Season train tickets d. Etc? UK Branch Licence 1) How is it going with the UK Branch deposit taking licence? Answer – This is progressing well, we expect to have this completed prior to the Y/E, we will be updated if anything changes between now and then. Generalised Questions 1) The Y/E end accounts seem to be taking longer to complete, why can we not have the accounts signed off by the end of March each year this would allow the AGM to take place before the end of April, this is currently taking too long to complete and report for smaller investors to manage their own investment portfolios. Answer – The board understands why we asked this question, and yes, they agree, but they did have some issues this year getting the numbers collated, and the board members availability. JM will discuss this with Douglas and Denham and find a better solution, they would like to say Y/E accounts out by the end of March / First week of April, and the AGM 21 days after that. We will await an update. 2) Why has the company not offer the option to utilise ZOOM or TEAMS as this would open up the meeting to non-IoM resident investors? Answer – JM stated this was a good idea and it will be investigated, and report back to us as soon as possible, may also assist board meetings in the future (Dr Bailey appeared at this meeting for the first time ever!!) 3) The original date of the AGM was the 19th May, why changed, and has caused problems for some investors a. Was this the registrar or MFX issue? b. Why during TT fortnight? Answer – There was a problem with Computer serve / registrar, this will not happen again, and apologies to all affected, I informed JM that one investor may send him a bill caused by the late change. Tiger!! 4) Agenda 6, why is this still required if it has not been used since the original request date? Answer – Again, it may be a requirement in the future, but no one could state why. It has NOT been utilised to buy / sell and shares, but I now understand that it “could be used” when we have to issue new shares to pay back JM loans options! 5) Are MFX doing a revised brokers note / update and do they have forecasts for 2023 / 24 Answer - They will look at Mello as suggested, I asked them to review the Green Target relationship with MFX, as I understand there is a lot of change going on with this company that the board were / are not aware of, but they are now, and THEY will review MFX relationship with them urgently. 6) Have the board any plans to increase the current dividend as a % of earnings? 10% is currently quite low. Answer – Always under review, but they currently like the idea of keeping the 90% cash in the company until at least next year, when they will review again. 7) How can we get the share price ahead of the NAV especially as it currently retains 90% of the profits? Answer – This always bugs JM, he keeps saying he wants to do something about it, but I don’t think he knows what, any solutions that we could give him? 8) Strategy, do we have one? What is it, and is it available to investors? the acquisitions list is rather large at present, this needs to be managed better by the board and is a priority, they currently have several possibilities in the pipeline nearing completion if all bodes well. These will be announced hopefully before Y/E. Read Full Thread Reply

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