TIDMMFX
RNS Number : 0408M
Manx Financial Group PLC
20 August 2013
FOR IMMEDIATE RELEASE
20 August 2013
Manx Financial Group PLC
Unaudited Interim Results for the 6 months ended 30 June
2013
Manx Financial Group PLC (LSE: MFX), the financial services
Group which includes Conister Bank Limited, Conister Card Services
Limited and Edgewater Associates Limited presents its interim
results for the six months ended 30 June 2013. Copies of the
Interim Report will shortly be available on our website
www.mfg.im.
Financial Highlights
Net Interest Income: GBP3.68 million - up 44% (2012:
GBP2.55 million)
Net Trading Income: GBP3.05 million - up 16% (2012:
GBP2.64 million)
Trading Profit: GBP0.42 million - up 367% (2012:
GBP0.09 million)
Profit for 6 months: GBP0.26 million - up 145% (2012:
loss of GBP0.57 million)
Loans: GBP64.88 million - up 23% (2012:
GBP52.65 million)
Total Assets: GBP81.73 million - up 18% (2012:
GBP69.00 million)
Customer Deposits: GBP67.85 million - up 18% (2012:
GBP57.73 million)
Contacts:
Manx Financial Group PLC
Denham Eke, Chief Executive
Tel: +44 (0)1624 694694
Tim Blackstone
Britton Financial PR
Tel: +44 (0)7957 140416
Roland Cornish/Felicity Geidt
Beaumont Cornish Limited
Tel: +44 (0)20 7628 3396
The financial information set out below comprises non-statutory accounts. The financial information
has been extracted from published accounts for the six months ended 30 June 2013.
Chairman's Statement
I am pleased to confirm that, as expected, we have now turned
the corner into profitability. I can report that the Group's bottom
line Total Comprehensive Income is GBP0.255 million for the period,
an improvement of GBP0.822 million on last year's Interim results
(2012: loss of GBP0.567 million). The Profit Before Tax increased
by GBP1.022 million in the six months to GBP0.305 million (31
December 2012: loss of GBP0.717 million).
The encouraging news is that this improvement was not solely
driven by the cost reduction exercise we undertook last year but
also, more importantly, by a significant growth in sustainable
income. Both Conister Bank Limited and our Isle of Man based
Independent Financial Advisor (IFA) subsidiary, Edgewater
Associates Limited, delivered a much improved financial
performance.
We are proud of our Isle of Man heritage, being now the Island's
only independent bank. Using the metrics supplied by the Department
of Economic Development, we contribute just under GBP10 million to
the Island's national income. But we encompass more than just
banking. We have a diversified portfolio of financial services
companies which complement each other and our Isle of Man based
licence allows us to be part of a wider solution to the UK's
Consumer and Small to Medium Enterprises' liquidity drought. This
not only benefits our UK based customers but also generates profits
for the company and further tax receipts for the Isle of Man
government.
Unfortunately, none of this positive performance is reflected by
our share price which remains hugely undervalued. Our market
capitalisation is currently less than shareholder equity. The value
of our banking licence and profit potential are not factors
properly recognised by the market and we will be addressing this
issue in the months to come.
Group Financial Review
Our Interest Income has grown by over 35% to GBP4.899 million
(2012: GBP3.621 million) and our Operating Income by nearly 14% to
GBP3.111 million (2012: GBP2.733 million). Profit Before Specific
Items has grown by over 355% to GBP0.419 million (2012: GBP0.092
million). Profit Before Tax is now GBP0.305 million, a positive
movement of GBP0.877 million (2012: loss of GBP0.572 million), and
Total Comprehensive Income is GBP0.255 million, a positive movement
of GBP0.822 million (2012: loss of GBP0.567 million). All this
provides Earnings Per Share of 0.28 pence (2012: negative 0.64
pence).
Our Cash and near cash have together risen to GBP11.831 million
(2012: GBP11.591 million) and our loan book has increased by over
23% to GBP64.878 million (2012: GBP52.654 million). Thus our Total
Assets have increased by over 18% to GBP81.726 million (2012:
GBP69.001 million). Our Customer Accounts have increased by nearly
18% to GBP67.845 million (2012: GBP57.728 million), making our
Total Liabilities GBP73.756 million (2012: GBP61.918 million).
Conister Bank Limited
Our belief and focus on the Bank has not been misplaced. On a
like for like basis, the Bank increased earnings by 6.3 times to
GBP1.014 million (2012: GBP0.160 million). The majority of this
growth came through lending and was not bolstered by one-off
adjustments and will, I believe, be sustainable in this economic
environment. Our deferred income - that is income already committed
which will be released in future financial periods - increased by
nearly 39% to GBP12.358 million (2012: GBP8.899 million).
Growing both sides of the balance sheet in tandem is key to
minimising profit leakage and the key indicator in this regard, the
deposit to loan ratio, has improved from 92% at the year end to
96%. Our deposit base remains loyal and with GBP17 billion of
retail deposits available on the Island, securing additional
deposits should not prove to be a barrier to future growth.
Although the adoption of BASEL III is still some years away, it
is now common for banks to report their Tier 1 capital within the
Chairman's statement. Our Tier 1 capital was GBP9.582 million
(2012: GBP9.331 million) which provided a Regulatory Risk Asset
Ratio of 16%. This figure remains greatly in excess of the UK major
banks and continues to provide a solid foundation for both our
lending and our deposit taking. Indeed, in comparing the recently
published 2.8% leverage ratio for Barclays plc (against the
European Banking Authority's recommended 3%), on the same basis, we
would currently have a ratio of over 14%. Thus the Bank is well
placed to capitalise on the window of opportunity to lend created
by the mainstream banks' weaker balance sheets which in turn cause
them to be reluctant to lend.
The Bank continues to believe its VAT recovery rate is neither
fair nor reasonable and continues to carry a VAT debtor on its
balance sheet. The resolution of this debtor will follow the
Volkswagen Financial Services Limited case against HM Revenue &
Customs which is next due to heard in court in autumn of this
year.
Edgewater Associates Limited
Edgewater experienced a greatly improved financial performance
with earnings increasing by 7.6 times to GBP0.114 million (2012:
GBP0.015 million). We have nearly completed a cost reduction
programme - however the full effect of this initiative will not
become apparent until 2014.
With the introduction of the Retail Distribution Review (RDR) on
1 January 2014 now drawing closer, it is evident that many of the
Island's IFA firms will not be able to execute business following
RDR's introduction. For a RDR compliant IFA firm like our own,
there will be opportunities to gain market share and we are also
considering potential acquisitions to strengthen our offering.
We acquired a small general insurer last year and, having now
assimilated it into our business, we are positioned to grow both by
cross-selling into our existing customer base and by extending our
reach into the commercial general insurance market. Whilst the
business is currently small, the opportunity is large.
Conister Card Services Limited
We continue to actively seek ways to monetise our MasterCard(R)
licence but we will not be rushed into entering partnerships until
we are sure the relationships will be profitable. Whilst the
dynamics of the contactless payment market are encouraging, we must
ensure that the technology platforms are proven and accepted by the
consumer before committing ourselves. We will progress our
on-Island tests and we will continue to provide solutions to Island
based businesses and government departments.
Outlook
The outlook is extremely promising for the company. Conister
Bank is accelerating wholesale funding agreements with
credit-strapped but profitable enterprises. An easy access to the
Isle of Man deposit market will ensure liquidity is not a
restriction to growth. With Edgewater Associates now re-organised,
we are well placed to capitalise on the introduction of RDR on the
Island with new business coming from both existing customers and
the gaining of market share.
Thus we have created a sustainable group of companies capable of
generating capital upon which further growth can be founded. The
opportunities available to us are both numerous and likely to prove
profitable. I continue to expect a positive conclusion to the 2013
year-end. This will provide a solid platform for further growth in
2014 and thereafter.
In conclusion, I would like to thank both staff and shareholders
for the loyalty that they continue to demonstrate to the
company.
Jim Mellon
Executive Chairman
16 August 2013
Condensed Consolidated Statement of Comprehensive Income
Notes For the For the For the
period period year ended
ended ended 31 Dec
30 June 2012 GBP000
2012GBP000
(unaudited)
30June (audited)
2013
GBP000
(unaudited)
Interest income 2 4,899 3,621 7,800
Interest expense (1,223) (1,076) (2,259)
---------------------- --------------------- ---------------------
Net interest income 3 3,676 2,545 5,541
Fee and commission income 713 658 1,226
Fee and commission expense (529) (281) (612)
Profit share on joint lending
schemes 6 (811) (282) (1,032)
---------------------- --------------------- ---------------------
Net trading income 3,049 2,640 5,123
Other operating income 62 93 212
Operating income 3 3,111 2,733 5,335
Personnel expenses (1,585) (1,456) (2,831)
Other expenses (937) (1,032) (2,144)
Provision for impairment on loan
assets (236) (153) (7)
Depositors' Compensation Scheme
recovery 66 - 37
---------------------- --------------------- ---------------------
Profit before specific items 419 92 390
Acquisition and restructuring
costs 4 - (412) (864)
VAT recoverable - - 71
Realised gains on
available-for-sale
financial assets 19 14 28
Unrealised loss on financial
assets
carried at fair value (4) (146) (128)
Depreciation (129) (120) (214)
Profit/(loss) before income tax
(expense)/recovery 305 (572) (717)
Income tax (expense)/recovery (50) - 380
---------------------- --------------------- ---------------------
Profit/(loss) for the
period/year 255 (572) (337)
Other comprehensive income:
Available-for-sale gains taken -
to equity 5 -
Actuarial loss on pension scheme - - (98)
---------------------- --------------------- ---------------------
Total comprehensive
income/(loss)
for the period/year attributable
to owners 255 (567) (435)
---------------------- --------------------- ---------------------
Basic profit/(loss) per share
(pence) 5 0.28 (0.64) (0.38)
Diluted profit/(loss) per share
(pence) 5 0.23 (0.64) (0.38)
Condensed Consolidated Statement of Financial Position
Notes 30 June 30 June 31 Dec
2013 2012 2012
GBP000 (unaudited) GBP000 GBP000
(unaudited) (audited)
Assets
Cash and cash equivalents 2,331 2,598 1,918
Financial assets at a fair
value through profit or loss 7 47 43 51
Available for sale financial
instruments 8 9,500 8,993 12,484
Loans and advances to customers 9 64,878 52,654 58,495
Commissions receivable 371 286 312
Property, plant and equipment 684 820 742
Trade and other receivables 10 1,241 1,263 1,243
Deferred tax asset 330 - 380
Goodwill 13 2,344 2,344 2,344
--------------------- -------------- ------------
Total assets 81,726 69,001 77,969
Liabilities
Customer accounts 67,845 57,728 63,731
Creditors and accrued charges 11 801 719 2,153
Pension liability 190 69 200
Loan notes 12 4,760 2,910 4,510
Deferred consideration 160 492 160
--------------------- -------------- ------------
Total liabilities 73,756 61,918 70,754
Equity
Called up share capital 14 18,933 18,433 18,433
Profit and loss account and
other reserves (10,963) (11,350) (11,218)
--------------------- -------------- ------------
Total equity 7,970 7,083 7,215
Total liabilities and equity 81,726 69,001 77,969
Condensed Consolidated Statement of Cash Flows
Notes For the For the For the
period ended period year ended
30 June ended 30 31 Dec
2013GBP000 June 2012GBP000 2012 GBP000
(unaudited) (unaudited) (audited)
Reconciliation of profit/(loss)
before taxation to operating
cash flows
Profit/(loss) before income
tax expense 305 (572) (717)
Unrealised loss on financial
assets carried at fair value
through profit or loss 4 146 128
Realised gains on
available-for-sale
investments (19) (14) (28)
Available-for-sale gains
taken to equity - 5 -
Loss/(gain) on disposal of
property, plant and equipment 21 - (7)
Depreciation charge 129 120 214
Actuarial gain on defined
benefit pension scheme taken
to equity - - (98)
(Decrease)/increase in pension
liability (10) (10) 121
Decrease in trade debtors 2 109 18
(Decrease)/increase in trade
creditors (1,352) (248) 1,307
Increase in commission debtors (59) (52) (78)
------------------------ ------------------- --------------
Net cash (outflow)/inflow
from trading activities (979) (516) 860
Increase in loans and advances
to customers (6,383) (3,129) (8,970)
Increase in deposit accounts 4,114 1,818 7,821
Cash outflow from operating
activities (3,248) (1,827) (289)
CASH FLOW STATEMENT
Cash flows from operating
activities
Cash outflow from operating
activities (3,248) (1,827) (289)
Taxation paid - - -
------------------------ ------------------- --------------
Net cash outflow from operating
activities (3,248) (1,827) (289)
Cash flows from investing
activities
Purchase of tangible fixed
assets (92) (122) (186)
Sale of fixed assets - 9 51
Sale/(purchase) of
available-for-sale
financial instruments 8 3,003 1,503 (1,961)
Payment of deferred consideration - - (332)
Net cash inflow/(outflow)
from investing activities 2,911 1,390 (2,428)
Cash flows from financing
activities
Issue of loan notes 750 700 2,300
------------------------ ------------------- --------------
Net cash inflow from financing
activities 750 700 2,300
Increase/(decrease) in cash
and cash equivalents 413 263 (417)
Significant non-cash flows
in the period/year
Conversion of loan notes
to share capital 12 500 - -
Condensed Consolidated Statement of Changes in Equity
Retained
earnings
and Total Total Total
Share other 30 June 30 June 31 Dec
Capital reserves 2013 2012 2012
GBP000 GBP000 GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
Balance brought forward 18,433 (11,218) 7,215 7,650 7,650
Profit/(loss) for the
period/year - 255 255 (572) (337)
Other comprehensive
income - - - 5 (98)
Transactions with
shareholders:
Shares issued 500 - 500 - -
Balance carried forward 18,933 (10,963) 7,970 7,083 7,215
Notes to the Consolidated Financial Statements
1. Preparation of the interim statements
The financial information included in this interim financial
report for the six months ended 30 June 2013 is unaudited.
The interim financial statements have been prepared in
accordance with IAS 34 "Interim Financial Reporting". The
accounting policies have been applied consistently with those
presented in the Annual Report for the twelve months to 31 December
2012 and comply with IFRSs and IFRIC interpretations applicable to
companies reporting under IFRS.
2. Interest income
For the For the For the
period period year ended
ended 30 ended
June 2013GBP000 30 June
(unaudited) 2012
GBP000(unaudited) 31 Dec
2012
GBP000
Interest income comprises (audited)
Interest income - asset financing 4,898 3,620 7,799
Interest income - deposits 1 1 1
-------------------- --------------------- ------------
Total 4,899 3,621 7,800
3. Segmental analysis
Segment information is presented in respect of the Group's
business segments. The Directors consider that the Group currently
operates in one geographic segment, the Isle of Man and UK. The
primary format, business segments, is based on the Group's
management and internal reporting structure. The Directors consider
that the Group operates in four product orientated segments in
addition to its investing activities: Asset and Personal Finance
(including provision of HP contracts, finance leases, personal
loans, commercial loans, block discounting and other specialised
secured credit facilities); a Prepaid Card division, Conister Card
Services Limited; and a Wealth Management division, Edgewater
Associates Limited.
Asset
and Wealth Total
Personal Prepaid Management Investing 30 June
Finance Card Division Division Activities 2013
GBP000 GBP000 GBP000 GBP000 GBP000
For the six months (unaudited)
to 30 June 2013
Net interest income 3,843 - - (167) 3,676
Operating income 2,546 32 700 (167) 3,111
Profit/(loss)
before
specific items 520 (40) 114 (175) 419
--------- --------------------- ------------------------ --------------- -------------
Capital expenditure 92 - - - 92
Total assets 79,153 104 529 1,940 81,726
4. Acquisition and restructuring costs
For the For the For the
period period period ended
ended 30 ended 30
June 2013 June 2012
GBP000 GBP000 31 Dec 2012
(unaudited) (unaudited) GBP000
(audited)
Acquisition costs
Legal, professional and other
acquisition costs - 117 493
Re-organisation of UK and IOM
operations
Salary and redundancy costs - 295 371
------------------- ----------------------- --------------------------
- 412 864
Acquisition and restructuring costs in the prior period relate
to a re-organisation and rationalisation across the Group.
5. Profit/(loss) per share
For the For the For the
period period year ended
ended 30 ended
June 2013GBP000
(unaudited) 30 June 31 Dec
2012GBP000 2012
(unaudited) GBP000
(audited)
Profit/(loss) for the period/year 255 (572) (337)
Diluted profit/(loss) for the
period/year 314 (572) (337)
Number Number Number
------------------- ------------------ -------------
Weighted average number of ordinary
shares in issue 91,642,072 89,570,252 89,570,252
Diluted weighted average number
of ordinary shares in issue 134,142,072 89,570,252 89,570,252
Basic profit/(loss) per share 0.28p (0.64)p (0.38)p
Diluted profit/(loss) per share 0.23p (0.64)p (0.38)p
The basic profit/(loss) per share calculation is based upon
profit/(loss) for the period/year after taxation and the weighted
average of the number of shares in issue throughout the
period/year. The diluted profit/(loss) per share calculation
assumes that all convertible loan notes, warrants and share options
have been converted/exercised at the beginning of the period/year
where they are dilutive.
6. Profit share on joint lending scheme
On 3 February 2010, a joint lending scheme was entered into by
the Bank, being divided up between the parties in a profit sharing
ratio. During 2013, two additional joint lending schemes were
established. The amount which the other party has received in
profits shared is analysed below.
For the For the For the
period period year ended
ended 30 ended
June 2013GBP000
(unaudited) 30 June 31 Dec
2012GBP000 2012GBP000
(unaudited) (audited)
Scheme One 744 282 1,032
Scheme Two 41 - -
Scheme Three 26 - -
------------------- ------------------ --------------
811 282 1,032
7. Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss represents
shares in a UK quoted company, designated at fair value through
profit or loss on initial recognition. The investment is stated at
market value with the difference between cost and market value
included within the Condensed Consolidated Statement of
Comprehensive Income.
8. Available-for-sale financial assets
30 June 30 June 31 Dec
2013 2012 2012
GBP000 GBP000 GBP000(audited)
unaudited) (unaudited)
UK Government Treasury Bills 9,500 8,993 12,484
------------- --------------- ------------------
9,500 8,993 12,484
UK Government Treasury Bills are stated at fair value and
unrealised changes in fair value are reflected in equity.
9. Loans and advances to customers
30 June 30 June 31 Dec
2013 2012 2012
GBP000(unaudited) GBP000 GBP000(audited)
(unaudited)
Hire purchases 39,826 35,020 37,072
Finance leases 7,212 3,964 5,847
Litigation funding 883 1,106 899
Unsecured personal loans 4,085 4,401 3,551
Vehicle stocking plans 1,282 1,461 1,404
Block discounting 5,419 3,890 4,601
Secured commercial loans 6,171 2,812 5,121
-------------------- --------------- ------------------
64,878 52,654 58,495
10. Trade and other receivables
30 June 30 June 31 Dec
2013 2012 2012
GBP000(unaudited) GBP000 GBP000
(unaudited)
(audited)
Trade debtors 110 121 53
Prepayments and other debtors 211 346 733
VAT claim 466 684 466
VAT recoverable/(payable) 454 112 (9)
-------------------- -------------- ------------
1,241 1,263 1,243
Included in trade and other receivables is an amount of
GBP466,000 (2011: GBP466,000) relating to a reclaim of value added
tax (VAT).
Conister Bank Limited (the Bank), as the Group VAT registered
entity, has for some time considered the VAT recovery rate being
obtained by the business was neither fair nor reasonable,
specifically regarding the attribution of part of the residual
input tax relating to the HP business not being considered as a
taxable supply. Queries have been raised with the Isle of Man
Government Customs & Excise Division (C&E), and several
reviews of the mechanics of the recovery process were undertaken by
the Company's professional advisors.
The decision of the First-Tier Tax Tribunal released 18 August
2011 in respect of Volkswagen Financial Services Limited (UK)
Limited v HM Revenue & Customs (TC01401) ("VWFS Decision")
added significant weight to the case put by the Bank and a request
for a revised Partial Exemption Special Method was submitted in
December 2011. The proposal put forward by the Bank was that the
revised method would allocate 50% of costs in respect of HP
transactions to a taxable supply and 50% to an exempt supply. In
addition at this time a Voluntary Disclosure was made as a
retrospective claim for input VAT under-claimed in the last 4
years.
In November 2012, it was announced that the HMRC Upper Tribunal
had overturned the First-Tier Tribunal in relation to the VWFS
Decision. VWFS has subsequently been given leave to appeal and this
is scheduled to be heard in October 2013.
The Bank's total exposure in relation to this matter is
GBP589,000, comprising the debtor balance referred to above plus an
additional GBP123,000 VAT reclaimed under the Partial Exemption
Special Method, in the period from Q4 2011 to Q3 2012.
On the basis of the discussions and correspondence which have
taken place between the Bank and C&E, in addition to the VWFS
appeal, the Directors are confident that the VAT claimed referred
to above will be secured.
11. Creditors and accrued charges
Notes 30 June 30 June 31 Dec
2013 2012 2012
GBP000 GBP000(unaudited) GBP000
(unaudited)
(audited)
Creditors and accruals 801 650 2,153
Short-term employee benefits - 69 -
--------------- --------------------- ------------
801 719 2,153
12. Loan Notes
30 June 30 June 31 Dec
2013 2012 2012
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
Related parties
J Mellon JM 1,750 1,250 1,750
Burnbrae Limited BL 1,200 1,200 1,200
Southern Rock Insurance Company
Limited SR 460 - 500
Copper Development Corporation CDC 500 - 500
Rock Holdings Limited RH - 460 460
-------------- ------------- -----------
3,910 2,910 4,410
Unrelated parties UP 850 - 100
-------------- ------------- -----------
4,760 2,910 4,510
JM - Two loans consisting of GBP500,000, maturing on 31 July
2017 with interest payable of 7% p.a. and GBP1,250,000 maturing on
26 February 2015 paying interest of 9% p.a. Both loans are
convertible at the rate of 4 pence and 9 pence respectively. The
GBP500,000 loan is also entitled to 8.3 million warrants at an
exercise price of 6 pence.
BL - One loan consisting of GBP1,200,000, maturing on 31 July
2017 with interest payable of 7% p.a. Jim Mellon is the beneficial
owner of BL and Denham Eke is also a director. The loan is
convertible at a rate of 4 pence and is entitled to 20 million
warrants at an exercise price of 6 pence.
SR - One loan previously consisting of GBP500,000, maturing on
24 October 2017, paying interest of 7% p.a. Arron Banks, a
significant shareholder, holds a 100% stake in SR. The loan was
converted into equity on 31 May 2013 at the rate of 4 pence, and
remains entitled to 8.3 million warrants at an exercise price of 6
pence. On 24 April 2013 RH assigned its loan to SR.
CDC - Two loans consisting of GBP350,000, maturing on 5
September 2017 with interest payable of 5% p.a. and GBP150,000
maturing on 3 October 2017 paying interest of 5% p.a. Denham Eke is
a director of CDC.
RH - Previously one loan consisting of GBP460,000, maturing on
26 February 2015 with interest payable of 9% p.a. The loan is
convertible at the rate of 9 pence. RH is linked to Arron Banks.
This loan was assigned to SR on 24 April 2013.
UP - Three loans consisting of GBP100,000, GBP500,000 and
GBP250,000 maturing on 16 November 2017, 30 May 2018 and 18 June
2018 respectively with interest payable of 5% p.a.
With respect to the convertible loans, the interest rate applied
was deemed by the Directors to be equivalent to the market rate
with no conversion option hence no equity component has been
recognised with respect to any of these loans.
13. Goodwill
30 June 30 June 31 Dec
2013 2012 2012
GBP000(unaudited) GBP000(unaudited) GBP000
(audited)
Edgewater Associates Limited 1,849 1,849 1,849
ECF Asset Finance PLC 454 454 454
Three Spires Insurance Services
Limited 41 41 41
-------------------- --------------------- ------------
2,344 2,344 2,344
14. Called up share capital and share premium
Authorised: Ordinary shares
of no par value Number
--------------------------------- --- --- --- --- ------------- --------
At 31 December 2012 150,000,000
At 30 June 2013 150,000,000
Issued and fully paid: Ordinary
shares of no par value Number GBP000
At 31 December 2012 89,570,252 18,433
At 30 June 2013 102,070,252 18,933
15. Regulatory
The Company's wholly owned subsidiaries Conister Bank Limited
and Edgewater Associates Limited are licensed by the Isle of Man
Government Financial Supervision Commission to undertake banking
activity and investment business respectively. The Financial
Supervision Commission reviews the appointment of all Directors of
both regulated companies.
16. Contingent liabilities
Conister Bank Limited is required to be a member of the Isle of
Man Government Depositors' Compensation Scheme which was introduced
by the Isle of Man Government under the Banking Business
(Compensation of Depositors) Regulations 1991. The Scheme creates a
liability on the Company to participate in the compensation of
depositors should it be activated.
17. Litigation
The Bank is vigorously pursuing the repayment of litigation
funding loans made to clients of solicitor firms and further
litigation may be required in this regard. There is a risk of an
adverse outcome in all litigation and the costs and timescale to
resolve these matters are uncertain.
18. Post balance sheet disclosures
There are no significant post balance sheet events
19. Approval of interim statements
The interim statements were approved by the Board on 16 August
2013. The interim report will be available from that date at the
Group's website - www.mfg.im and at the Registered Office:
Clarendon House, Victoria Street, Douglas, Isle of Man, IM1
2LN.
The Group's nominated advisor and broker is Beaumont Cornish
Limited, 2(nd) Floor, Bowman House, 29 Wilson Street, London, EC2R
7DE.
The Interim and Annual reports along with other supplementary
information of interest to Shareholders, are included on our
website. The address of the website is www.mfg.im which includes
investor relations information and contact details.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DKLFFXVFLBBB
Manx Financial (LSE:MFX)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Manx Financial (LSE:MFX)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
