5 December 2023

Manx Financial Group PLC ("the Group")

Exercise of Share Options and Director Dealings

Issue of Equity, TVR and Employee RSU Award

Manx Financial Group PLC (AIM:MFX), the holding company providing a range of diversified financial services to the Isle of Man and the United Kingdom, announces that on 30 November 2023, Douglas Grant, Chief Executive Officer, exercised options over 700,000 ordinary shares of no par value ("New Ordinary Shares") in the Company (the "Options"), at an exercise price of 14 pence per New Ordinary Share, for an aggregate consideration of £98,000.

The Options were granted on 23 June 2014, and were due to lapse on 22 June 2024.

Following Admission (as defined below), Douglas Grant's resultant interest in the Company will be as follows:

Admission

Application has been made to the London Stock Exchange for the 700,000 New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and trading will commence at 8.00 a.m. on 8 December 2023.

Following Admission, the total number of Ordinary Shares in issue will be 116,191,936 and the total number of voting rights will therefore be 116,191,936. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Restricted Share Units

The Company also announces that on 29 November 2023, a further 2,252,500 Restricted Share Units ("RSUs") were awarded under its 2022 Restricted Share Unit Plan, approved at the Company's 2022 Annual General Meeting. Of these, 850,000 are awarded to the Company's Chief Executive Officer, Douglas Grant; 300,000 to James Smeed, the Company's Finance Director; 300,000 to Haseeb Qureshi, Branch Director UK, and the remaining 802,500 to certain employees. The RSUs have a 2-year term and are subject to certain vesting conditions based upon overall profitability of the Company, the satisfaction of individual performance targets and other metrics. Any RSUs granted will fall away should the recipient leave employment before the 2-year term expires. Should the individual vesting conditions be satisfied in full at the end of the term, the stock will be granted at nil cost.

As a result, the Company has now awarded 4,687,500 RSUs in total which represents 4.1% of the issued share capital of the Company.

Following these awards, the details pursuant to the AIM disclosure and Market Abuse Regulations of the PDMR who received the RSUs are as follows:

·    Douglas Grant, a director of the Company, was awarded a further 850,000 RSUs, bringing his total entitlement to 1,925,000. Including the 1,243,129 Ordinary Shares in the Company he currently owns, he would hold a total of 3,168,129 on a fully diluted basis, being 2.0% of the new issued share capital of the Company.

·    James Smeed, a director of the Company, was awarded a further 300,000 RSUs, bringing his total entitlement to 475,000. Should these vest in full, he would own 0.3 % of the diluted issued share capital of the Company

·    Haseeb Qureshi, a Person Discharging Managerial Responsibilities on behalf of the Company, was awarded a further 300,000 RSUs, bringing his total entitlement to 500,000. Should these vest in full, he would own 0.3% of the diluted issued share capital of the Company

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

For further information, please contact:

APPENDIX

Market Abuse Regulation (MAR) Disclosure

The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').

Notification and Public Disclosure of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with Them.