FOR IMMEDIATE RELEASE 12th December 2017
Manx Financial Group PLC (the 'Group')
Exercise of Warrants Raising Additional Regulatory Capital for Conister Bank Limited, Issue of Equity,
Total Voting Rights
The Group announces that it has received confirmation from the Isle of Man FSA that it has no objection to the exercise of 3,164,250 warrants at 7.5 pence per ordinary share of no par value by Burnbrae Limited for a consideration of £237,318.75, and to exercise 692,650 ordinary warrants at 7.5 pence per ordinary share of no par value for a consideration of £51,948.75 by Jim Mellon. All remaining outstanding warrants have now lapsed.
The exercise of warrants over the last few months has raised £1.8 million additional capital for the Group without incurring administrative expenses. The Group intends to use the proceeds to augment the regulatory capital available to Conister Bank Limited, a wholly owned subsidiary, to support new business growth.
Application has been made to issue 3,856,900 new ordinary shares to satisfy the warrant exercise, which will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM. Admission is expected on or around 14th December 2017.
Following the exercise, Jim Mellon and his interests will hold 21,492,232 ordinary shares in the Group, which represents 16.39% of the enlarged issued share capital.
The Group's new total issued shares will be 131,096,235 ordinary shares of no par value with voting rights. The Group does not hold any ordinary shares in Treasury.
The figure of 131,096,235 ordinary shares may be used by shareholders in the Group from the date of admission 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 shares of the Group under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information, please contact:
Manx Financial Group PLC
Denham Eke, Chief Executive
Tel: +44 (0) 1624 694694
Beaumont Cornish Limited
Roland Cornish/James Biddle
Tel: +44 (0) 20 7628 3396
Britton Financial PR
Tim Blackstone
Tel +44 (0) 7957 140416
