TIDMMFX
RNS Number : 8972P
Manx Financial Group PLC
26 August 2014
FOR IMMEDIATE RELEASE ` 26 August 2014
Manx Financial Group PLC
Unaudited Interim Results for the 6 months ended 30 June
2014
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 2014. Copies of the
Interim Report will shortly be available on our website
www.mfg.im.
Financial Highlights
Profit before GBP0.76 million - up 148% (2013: GBP0.31 million)
tax:
Net interest GBP5.05 million - up 37% (2013: GBP3.68 million)
income:
Operating income: GBP3.80 million - up 22% (2013: GBP3.11 million)
Total assets: GBP101.68 million - up 24% (2013: GBP81.73 million)
Loans: GBP83.07 million - up 28% (2013: GBP64.88 million)
Customer accounts: GBP84.51 million - up 25% (2013: GBP67.85 million)
Total equity: GBP9.25 million - up 16% (2013: GBP7.97 million)
Contacts:
Manx Financial Group PLC
Denham Eke, Chief Executive
Tel: +44 (0)1624 694694
Britton Financial PR
Tim Blackstone
Tel: +44 (0)7957 140416
Beaumont Cornish Limited
Roland Cornish/Felicity Geidt
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 2014.
Dear Shareholders,
I am pleased to report that our business has recorded a profit
of GBP0.76 million before taxation at the six month stage (2013:
GBP0.31 million). This represents a first half growth of 148% and
is the third consecutive six month period of meaningful
profitability. This performance was again underpinned both by an
increase in bank lending and a further decrease in employment and
other establishment costs. The business continues to be well placed
to exploit unsatisfied lending opportunities in our key markets:
the Isle of Man and the UK. Both regions are showing differing but
consistent signs of economic growth.
The banking market is changing rapidly, particularly on the Isle
of Man, where a number of established names are either withdrawing
or, alternatively, downsizing their banking model to treat the
Island as part of a UK branch network with lending decisions taken
remotely. In the UK, both the Government and the Bank of England
stress the importance of allowing smaller banks to lend more,
particularly the importance of lending to Small & Medium Sized
Enterprises (SMEs), coupled with the need to introduce more
competition into the UK banking system. These changes provide a
number of real and potentially lucrative opportunities for our
company and demonstrate a significant improvement in the market
conditions in which we operate.
Our earnings per share (EPS) have more than doubled, with basic
EPS at 0.71 pence (2013: 0.28 pence). This, together with the EPS
for the previous half, provides an earnings multiple of 8.71 for
twelve months - a very low figure in relation to our peers. The
diluted EPS is 0.47 pence (2013: 0.23 pence).
Although we remain an Isle of Man centric institution, we
continue to diversify our risk exposure by developing additional
lending lines into the UK. We support Island life through
charitable donations and a wide variety of sponsorships. Our staff
give their time freely to support these activities - a fine example
of how we work together to the benefit of the Island.
Manx Financial Group PLC
Turning to the Income Statement, our net interest income
increased by 37% to GBP5.05 million (2013: GBP3.68 million); net
trading income increased by 22% to GBP3.71 million (2013: GBP3.05
million), leading to a 22% growth in operating income to GBP3.80
million (2013: GBP3.11 million), reflecting the increase in overall
lending. Personnel and other establishment costs fell by 3% to
GBP2.44 million (2013: GBP2.52 million).
As a result, profit before income tax improved by GBP0.45
million to GBP0.76 million (2013: GBP0.31 million). We have
prudently more than doubled our provisions to GBP0.49 million
(2013: GBP0.24 million). After deducting depreciation and tax, our
net profit for the period showed a growth of 177% to GBP0.72
million (2013: GBP0.26 million).
The Statement of Financial Position shows that our total assets
now exceed the GBP100 million milestone for the first time in our
history, growing by 24% to GBP101.68 million (2013: GBP81.73
million). Our loans and advances to customers grew by 28% to
GBP83.07 million (2013: GBP64.88 million), supported by a 25%
increase in our customer accounts to GBP84.51 million (2013:
GBP67.85 million). This key relationship demonstrates the
efficiency of the business in turning deposits into loans: a ratio
which improved by 2% to 98% (2013: 96%). During the period, our
shareholder equity grew by 16% to GBP9.25 million (2013: GBP7.97
million). As a result, we remain well capitalised, with our Risk
Asset Ratio in excess of 16%, a very much higher figure than the UK
major banks.
We recently announced the formation of Manx Financial Limited,
an Isle of Man registered company with full UK Consumer Credit
licenses, in partnership with a consortium led by Andrew Flowers,
Chairman of Enterprise Insurance Company Limited. This partnership
will provide lending to UK professional services providers and will
be funded through UK financial institutions. Whilst we expect this
business to make a positive contribution in this year, its full
benefit will not flow through the income statement until 2015.
Conister Bank Limited
Net interest income increased by 37% to GBP5.3 million (2013:
GBP3.8 million), driven by a 28% growth in loans and advances.
This, in turn, benefitted from both first half advances of GBP26.5
million (2013: GBP26.0 million) and a lower cost of funds. Deferred
income - being the income from existing loans not yet released to
the income statement - increased by 65% to GBP20.3 million (2013:
GBP12.4 million). This is the equivalent of 3.2 times the period's
interest income and will provide a partial counter to any rise in
interest rates. The Bank's capital indemnified business, where our
partner guarantees the performance of loans under a variety of
mechanisms, continues to expand with no significant arrears. This
has helped to reduce the relative proportion of provisions as a
percentage of loans by 0.8% to 2.6% (2013: 3.4%), even though the
absolute level has increased. The period also witnessed the
successful collection of the final debtor relating to litigation
funding, a lending stream we stopped in 2007.
The Bank's lending remains wholly funded by retail deposits
which are not subject to the vagaries of the UK interbank lending
rate. The Bank's prudent deposit management strategy - to almost
exactly match deposit maturity with loan maturity - means that the
current lower interest rates on long term deposits provide an
element of insulation against any future interest rate rises.
We continue with our prudent approach to lending by increasing
our network of partners who guarantee the loan book performance,
thus lessening reliance on our more traditional direct and
broker-introduced lending streams. This has the added benefit of
providing greater granularity and an improved risk profile to our
loan book.
Edgewater Associates Limited
In my last statement, I set out our twofold strategy for growth
for this business. Firstly, developing our core renewal income, and
secondly, increasing our market share both organically and through
acquisition. Whilst we achieved a 12% increase in renewal income,
we experienced a slower start to the year due to the introduction
of the Retail Distribution Review (RDR). New business conversion
rates were lower than expected and our financial performance was
breakeven (2013: GBP0.1 million). However, the introduction of RDR
has provided acquisition opportunities and your executive team have
been reviewing suitable potential candidates. I hope to announce
some positive news on this front in the near future.
Conister Card Services Limited
The executive team will be bolstered later this year by an
experienced Island-based banker whose remit will include executing
this subsidiary's strategy through the issuance of prepaid cards
both in the Isle of Man and the UK.
Outlook
We are committed to our strategy of taking advantage of
unsatisfied low risk lending demand in order to grow our balance
sheet both steadily and prudently. Our focus on matching deposit
maturity with term loans provides considerable protection to
earnings compared to our competitors should interest rates increase
as we expect. The addition of our new Manx Financial Limited
partnership will provide access to new lending opportunities
hitherto unavailable to the Bank. In addition, we hope to be
shortly able to announce new initiatives in foreign exchange
services and also loan broking, both of which have significant
profit potential.
Against this background, we are well placed to continue
increasing overall profitably and I anticipate that our full year
results will be no exception to this continuing trend.
Finally, I would like to welcome John Banks as a non-executive
director and thank our executives, our staff, our customers and our
shareholders for their sustained support as we proceed with our
plans to revitalise the Group.
Jim Mellon
Executive Chairman
21 August 2014
Condensed Consolidated Income Statement
For the For the For the
6 6
months ended months ended year ended
30 June 30 June 31 Dec 2013
2014 2013
GBP000 GBP000 GBP000
Notes (unaudited) (unaudited) (audited)
--------------------------------------- ------ -------------------- --- ---------------- -------------
Interest income 2 6,416 4,899 10,750
Interest expense (1,370) (1,223) (2,493)
Net interest income 5,046 3,676 8,257
Fee and commission income 576 713 1,399
Fee and commission expense (1,915) (1,340) (3,239)
Net trading income 3,707 3,049 6,417
Other operating income 90 62 163
Operating income 3,797 3,111 6,580
Personnel expenses (1,427) (1,585) (2,863)
Other expenses (1,016) (937) (1,657)
Provision for impairment on loan
assets (493) (236) (850)
Depositors' Compensation Scheme
recovery - 66 100
Depreciation (130) (129) (252)
Realised gains on available-for-sale
financial assets - 19 18
Unrealised gain / (loss) on financial
assets carried at fair value 24 (4) (3)
Profit before income tax (expense)
/ recovery 755 305 1,073
Income tax (expense) / recovery (35) (50) 14
Profit for the period / year 720 255 1,087
-------------------- ---------------- -------------
Basic earnings per share (pence) 4 0.71 0.28 1.12
Diluted earnings per share (pence) 4 0.47 0.23 0.78
Condensed Consolidated Statement of Other Comprehensive
Income
For the For the
6
For the year ended
6 months
months ended ended
30 June 30 June 31 Dec 2013
2014 2013
GBP000 GBP000 GBP000
Notes (unaudited) (unaudited) (audited)
--------------------------------------- ------ -------------- ------------- --------------------
Other comprehensive income:
Items that will be reclassified
to profit or loss
Available for sale gains taken
to equity - - 10
Items that will never be reclassified
to profit or loss
Actuarial losses on defined benefit
pension scheme taken to equity - - (53)
-------------- ------------- --------------------
Total comprehensive income for
the period / year attributable
to Shareholders 720 255 1,044
-------------- ------------- --------------------
Basic earnings per share (pence) 4 0.71 0.28 1.08
Diluted earnings per share (pence) 4 0.47 0.23 0.76
Condensed Consolidated Statement of Financial Position
30 June 30 June 31 Dec
2014 2013 2013
GBP000 GBP000 GBP000
Notes (unaudited) (unaudited) (audited)
------------------------------------------ ------- ------------- ------------- -----------
Assets
Cash and cash equivalents 2,982 2,331 4,183
Financial assets at a fair value
through profit or loss 5 72 47 48
Available for sale financial instruments 6 10,974 9,500 9,000
Loans and advances to customers 7 83,071 64,878 75,819
Commissions receivable 288 371 289
Property, plant and equipment 644 684 629
Trade and other receivables 8 944 1,241 1,014
Deferred tax asset 359 330 394
Goodwill 11 2,344 2,344 2,344
Total assets 101,678 81,726 93,720
Liabilities
Customer accounts 84,509 67,845 78,115
Creditors and accrued charges 9 1,297 801 754
Loan notes 10 6,415 4,760 6,065
Deferred consideration - 160 -
Pension liability 203 190 252
Total liabilities 92,424 73,756 85,186
Equity
Called up share capital 12 18,933 18,933 18,933
Profit and loss account (9,679) (10,963) (10,399)
Total equity 9,254 7,970 8,534
Total liabilities and equity 101,678 81,726 93,720
Condensed Consolidated Statement of Cash Flows
For the
For the
6 months
ended year ended
For the
6 months
30 June ended 30
2014 June 2013 31 Dec 2013
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
----------------------------------------- ---- --- ------------- ------------- -------------
RECONCILIATION OF PROFIT BEFORE
TAXATION TO OPERATING CASH FLOWS
Profit before tax on continuing
activities 755 305 1,073
Unrealised (gain) / loss on financial
assets carried at fair value (24) 4 3
(Gain) / loss on disposal of property,
plant and equipment (6) 21 17
Depreciation charge 130 129 252
Realised gains on available for
sale investments - (19) (18)
Actuarial loss on defined benefit
pension scheme taken to equity - - (53)
Movement in pension liability (49) (10) 52
Share-based payment credit - - (50)
Decrease in trade and other receivables 70 2 238
Increase / (decrease) in trade
and other payables 543 (1,352) (1,408)
Decrease / (increase) in commission
debtors 1 (59) 23
Net cash inflow / (outflow) from
trading activities 1,420 (979) 129
Increase in loans and advances
to customers (7,252) (6,383) (17,324)
Increase in deposit accounts 6,394 4,114 14,384
Cash inflow / (outflow) from operating
activities 562 (3,248) (2,811)
Condensed Consolidated Statement of Cash Flows (continued)
For the
6 months
ended For the
30 June
2014 year ended
GBP000 For the
6 months
ended 30
June 2013 31 Dec 2013
(unaudited) GBP000 GBP000
(unaudited) (audited)
--- --- ------------- ------------- -------------
CASH FLOW STATEMENT
Cash flows from operating activities
Cash inflow / (outflow) from operating
activities 562 (3,248) (2,811)
Taxation paid - - -
Net cash inflow / (outflow) from
operating activities 562 (3,248) (2,811)
Cash flows from investing activities
Purchase of property, plant and
equipment (147) (92) (156)
(Purchase) / sale of available
for sale financial instruments (1,974) 3,003 3,512
Sale of property, plant and equipment 8 - -
Payment of deferred consideration - - (335)
Net cash (outflow) / inflow from
investing activities (2,113) 2,911 3,021
Cash flows from financing activities
Issue of loan notes 350 750 2,055
Net cash inflow from financing
activities 350 750 2,055
(Decrease) / increase in cash
and cash equivalents (1,201) 413 2,265
-------- -------- --------
Significant non-cash flows in
the period / year
Conversion of loan notes to share
capital - 500 500
Condensed Consolidated Statement of Changes in Equity
Total Total
Retained Total 30 June 31 Dec
30 June
earnings 2014 2013 2013
Share and other
capital reserves GBP000 GBP000 GBP000
GBP000 GBP000 (unaudited) (unaudited) (audited)
------------------------------- --------- ----------- ------------- ------------- -----------
Balance carried forward 18,933 (10,399) 8,534 7,215 7,215
Profit for the period / year - 720 720 255 1,087
Other comprehensive income - - - - (43)
Transactions with
Shareholders:
Shares issued - - - 500 500
Shares to be issued - - - - (175)
Share-based payment expense - - - - (50)
Balance carried forward 18,933 (9,679) 9,254 7,970 8,534
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 2014 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
2013 and comply with IFRSs and IFRIC interpretations applicable to
companies reporting under IFRS.
2. Interest income
Interest income represents charges and interest on finance and
leasing agreements attributable to the year after adjusting for
early settlements and interest on bank balances.
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 three 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 Prepaid Wealth Total
and
Personal Card Management Investing 30 June
2014
Finance Division Division Activities GBP000
GBP000 GBP000 GBP000 GBP000 (unaudited)
For the 6 months ended 30
June 2014
Net interest income / (expense) 5,258 - - (212) 5,046
Operating income / (loss) 3,482 (53) 576 (208) 3,797
Profit/(loss) before income
tax recovery / (expense) 1,562 (76) (38) (693) 755
Capital expenditure 132 - 15 - 147
Total assets 100,596 106 902 12 101,616
4. Earnings per share
For the
For the
6 months
ended year ended
For the
6 months
30 June ended 30
2014 June 2013 31 Dec 2013
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
Profit for the period / year GBP720,000 GBP255,000 GBP1,087,000
------------------------------------- --- --- ------------- ------------- -------------
Weighted average number of ordinary
shares in issue 102,070,252 91,642,072 96,899,019
Basic earnings per share 0.71p 0.28p 1.12p
Diluted earnings per share 0.47p 0.23p 0.78p
Total comprehensive income for the GBP720,000 GBP255,000 GBP1,044,000
period / year
------------------------------------- --- --- ------------- ------------- -------------
Weighted average number of ordinary
shares in issue 102,070,252 91,642,072 96,899,019
Basic earnings per share 0.71p 0.28p 1.08p
Diluted earnings per share 0.47p 0.23p 0.76p
The basic earnings per share calculation is based upon the
profit for the period / year after taxation and the weighted
average of the number of shares in issue throughout the period /
year.
The diluted earnings per share calculation assumes that all
convertible loan notes, warrants and share options have been
converted/exercised at the beginning of the period where they are
dilutive.
5. Financial assets at fair value through profit or loss
The investment represents shares in a UK quoted company which
was elected to be classified as a financial asset at fair value
through profit or loss. The investment is stated at market value
and is classified as a level 1 investment in the IFRS 13 fair value
hierarchy. The cost of the shares was GBP471,000. The unrealised
difference between cost and market value has been taken to the
income statement. Dividend income of GBP350,000 has been received
from this investment since it was made.
6. Available for sale financial instruments
Available for sale financial instruments comprise UK Government
Treasury Bills which are stated at fair value and unrealised
changes in the fair value are reflected in equity.
7. Loans and advances to customers
30 June 30 June 31 Dec
2014 2013 2013
GBP000 GBP000 GBP000
Group (unaudited) (unaudited) (audited)
HP 48,306 39,826 45,409
Finance leases 8,825 7,212 8,175
Litigation funding - 883 677
Unsecured personal loans 2,557 4,085 3,509
Vehicle stocking plans 1,465 1,282 1,476
Block discounting 6,604 5,419 5,192
Secured commercial loans 8,922 6,171 6,556
Secured personal loans 6,392 - 4,825
83,071 64,878 75,819
8. Trade and other receivables
30 June 30 June 31 Dec
2014 2013 2013
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
Trade debtors 232 110 116
Prepayments and other debtors 246 665 432
VAT claim 466 466 466
944 1,241 1,014
Included in trade and other receivables is an amount of
GBP466,000 (30 June and 31 December 2013: 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 as 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 (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
was scheduled to be heard in October 2013. However, this was
delayed by HMRC pending reference to a relevant European Court of
judgement in the case of Banco Mais (C183/13). The judgement in
this case was released on 10 July 2014 and ruled against the
taxpayer; however the impact of the judgement on the VWFS case is
unclear and the VWFS is still proceeding with the appeal to the
Court of Appeal.
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 (from Q4 2012
the Bank reverted back to the previous method). 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.
9. Creditors and accrued charges
30 June 30 June 31 Dec
2014 2013 2013
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
Commission creditors 996 183 577
Other creditors and accruals 301 618 177
1,297 801 754
10. Loan notes
30 June 30 June 31 Dec
2014 2013 2013
GBP000 GBP000 GBP000
Notes (unaudited) (unaudited) (audited)
Related parties
J Mellon JM 1,750 1,750 1,750
Burnbrae Limited BL 1,200 1,200 1,200
Southern Rock Insurance Company
Limited SR 460 460 460
Copper Development Corporation CDC 500 500 500
3,910 3,910 3,910
Unrelated parties UP 2,505 850 2,155
6,415 4,760 6,065
JM - Two loans, one of GBP500,000 maturing on 31 July 2017 with
interest payable of 7% per annum, and one of GBP1,250,000 maturing
on 26 February 2015 paying interest of 9% per annum. Both loans are
convertible at the rate of 4 pence and 9 pence respectively. JM is
also entitled to 8.3 million warrants at an exercise price of 6
pence which lapse on 31 July 2017.
BL - One loan consisting of GBP1,200,000 maturing on 31 July
2017 with interest payable of 7% per annum. 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. BL is also entitled to 20
million warrants at an exercise price of 6 pence which lapse on 31
July 2017.
SR - One loan consisting of GBP460,000, maturing on 26 February
2015 with interest payable of 9% per annum. The loan is convertible
at a rate of 9 pence. SR is also entitled to 8.3 million warrants
at an exercise price of 6 pence which lapse on 24 October 2017.
Arron Banks, a significant shareholder holds a major stake in
SR.
CDC - One loan of GBP350,000 maturing on 5 September 2017 with
interest payable of 5% per annum, and another loan of GBP150,000
maturing on 3 October 2017 paying interest of 5% per annum. Denham
Eke is a director of CDC.
UP - Thirteen loans consisting of an average GBP192,692, with an
average interest payable of 5.46% per annum. The earliest maturity
date is 22 October 2014 and the latest maturity is 20 January
2019.
With respect to the convertible loans, the interest rate applied
was deemed by the Directors to be equivalent to the market rate at
that time with no conversion option hence no equity component has
been recognised with respect to any of these loans.
11. Goodwill
30 June 30 June 31 Dec
2014 2013 2013
GBP000 GBP000 GBP000
(unaudited) (unaudited) (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
12. Called up share capital
Authorised: ordinary shares of no par value Number
--------------------------------------------- ------------
At 31 December 2013 150,000,000
As 30 June 2014 150,000,000
--------------------------------------------- ------------
Issued and fully paid: ordinary shares of no par Number GBP000
value
-------------------------------------------------- ------------ -------
At 31 December 2013 102,070,252 18,933
At 30 June 2014 102,070,252 18,933
-------------------------------------------------- ------------ -------
There are a number of convertible loans at 30 June 2014 of
GBP3.41 million (30 June and 31 December 2013: GBP3.41 million)
involving warrants of 28.3 million (30 June and 31 December 2013:
28.3 million) (see note 10 for further details). The total number
of warrants in issue at 30 June 2014 is 36.6 million (30 June and
31 December 2013: 36.6 million) (see note 10 for further
details).
On 23 June 2014, 1.75 million share options were issued to
Executive Directors and senior management within the Group at an
exercise price of 14 pence. The options vest over three years with
a charge based on the fair value of 8 pence per option at the date
of grant. No expense is included in the current period due to the
options being granted at period end.
13. Regulator
Conister Bank Limited is licensed to undertake banking
activities and Edgewater Associates Limited is licensed to conduct
investment business by the Isle of Man Financial Supervision
Commission.
14. Contingent Liabilities
Conister Bank Limited is required to be a member of the Isle of
Man Government Depositors' Compensation Scheme (the 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.
15. Approval of Interim Statements
The Interim Statements were approved by the Board on 21 August
2014. The interim report will be available shortly from 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 adviser and broker is Beaumont Cornish Limited, 2nd
Floor, Bowman House, 29 Wilson Street, London, EC2M 2SJ. The
Interim and Annual reports along with other supplementary
information of interest to Shareholders, are included on the
Group's 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
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