Manx Financial Group PLC Unsecured Convertible Loan Agreement Extension (1700E)

TIDMMFX

RNS Number : 1700E

Manx Financial Group PLC

05 February 2015

FOR IMMEDIATE RELEASE

5 February 2015

Manx Financial Group PLC (the 'Group')

Unsecured Convertible Loan Agreement Extension

The Group is pleased to announce the extension for a further five years of two outstanding Convertible Loan Notes ("Notes") that were otherwise due for repayment on 28 March 2015. The extension of the Notes, together totalling GBP1.71 million, of which Jim Mellon, the Group's Executive Chairman, holds GBP1.25 million and Rock Holdings Limited, a company connected with John Banks, a non-executive Director of the Group, holds GBP460,000, further demonstrates the continuing support of the Group's two principal shareholders.

The independent Directors (being all the Directors with the exception of James Mellon and John Banks), have been carefully considering the most suitable method of securing the Regulatory Capital required by the Group's banking subsidiary, Conister Bank Limited ("Conister"), both to maintain and continue the excellent growth experienced over the last three years and to take advantage of further lending opportunities. Although Conister enjoys high levels of liquidity from customers' deposits, this liquidity must be underpinned by its own separate 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 negotiations with the lenders, to extend the two Notes for a further five years to 26 February 2020 at a reduced interest rate of 6.5%, down from the previous 9.0%. All other terms remain as those announced on 2 March 2010.

AIM Rule 13

Due to the beneficial interests of James Mellon (being 17.28% of the Group's issued Ordinary Shares) and John Banks via his connection with Rock Holdings Limited (being 25.76% of the Group's issued Ordinary Shares) in the transaction as set out above and the fact that both are Group Directors, the extension of the Notes is a Related Party Transaction under the AIM Rules. Accordingly, the independent Directors, consider, after consulting the Group's Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Group's shareholders are concerned.

 
  For further information, please 
   contact: 
 Manx Financial Group PLC 
  Denham Eke 
  Tel 01624 694694 
 Beaumont Cornish Limited 
  Roland Cornish 
  Tel +44 (0) 20 7628 3396 
 
   Britton Financial PR 
   Tim Blackstone 
   Tel 07957 140416

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBDGDDDXGBGUU

Manx Financial (LSE:MFX)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024