FOR IMMEDIATE RELEASE 24 June 2014
Manx Financial Group PLC (the 'Company')
Grant of Employee Options
Manx Financial Group PLC announces that on 23 June 2014 the Company granted share options over 1,750,000 Ordinary Shares of no par value. If fully exercised, the options would represent 1.69% of the enlarged issued share capital of the Company (Note: 1). The exercise price of the option is 14 pence, being a premium of 3.54% over the volume weighted average share price over the previous 30 days and a premium to the closing price of 13.88p on 23 June 2014. The options vest after three years.
The grant comprised of:-
· 700,000 share options for Juan Kelly, Group Director and Managing Director of Conister Bank Limited
· 700,000 share options for Douglas Grant, Group Chief Finance Officer and Group Director
· 350,000 share options for Sandra Cardwell, Director of Edgewater Associates Limited
They were granted under the Manx Financial Group PLC Employee Share Option Scheme 2007 (as amended).
Juan Kelly, who currently owns 27,860 ordinary shares in the Company representing a holding of 0.02%. On a diluted basis, as above, he would hold a total of 727,860 ordinary shares, being 0.70% of the new issued share capital of the Company.
Douglas Grant, who currently owns 680,821 ordinary shares in the Company representing a holding of 0.66%. On a diluted basis, as above, he would hold a total of 1,723,287 ordinary shares, being 1.65% of the new issued share capital of the Company.
Note 1: The calculation is based upon all current options granted being exercised. In this case, the subscription would generate £298,740 for the Company.
Contacts:
Manx Financial Group PLC
Denham Eke, Chief Executive
Tel: +44 (0) 1624 694694
Beaumont Cornish Limited
Roland Cornish/Felicity Geidt
Tel: +44 (0) 20 7628 3396
Britton Financial PR
Tim Blackstone
Tel +44 (0) 7957 140416
