Acquisition of Shareholding in Rivers Finance

RNS Number : 2272B

Manx Financial Group PLC

09 June 2021

 

FOR IMMEDIATE RELEASE                                                                                       9th June 2021

Manx Financial Group PLC (the "Group")

Acquisition of Shareholding in Rivers Finance Group Plc

The Group announces that it has acquired 10% of the issued share capital of Rivers Finance Group Plc ("Rivers Finance") through its wholly owned subsidiary, Bradburn Limited ("Bradburn"). The shares have been allotted to Bradburn at no cost and credited as fully paid up. Rivers Finance is the holding company for Rivers Leasing plc - https://www.riversleasing.com .

Rivers Finance, founded in 2002, operates a number of subsidiaries from its base in Harrow, Greater London. These subsidiaries offer leasing, hire purchase and business loans, including supplier finance, for a wide range of assets and commercial equipment to UK SMEs. Rivers Finance has been listed in the Financial Times 1000 Europe's Fastest Growing Companies for the last four years.

As part of the transaction, Bradburn has been granted two warrants to acquire further shares. The first warrant is for 5% of the share capital, and the second warrant is for a further 5% of the share capital. The second warrant is dependent upon contracting for an Integrated Wholesale Funding Agreement with the Group's banking subsidiary, Conister Bank Limited ("Bank"). Currently, the subsidiaries of Rivers Finance benefit from banking facilities totalling £6.25 million from the Bank.

This increase in shareholding continues the Group's strategy of developing the Bank's own network of specialist lenders to resilient market sectors in the UK.

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:

Manx Financial Group PLC Denham Eke, Chief Executive Tel [phone]

Beaumont Cornish Limited Roland Cornish/James Biddle Tel [phone]

Greentarget Limited Dafina Grapci- Penney Tel [phone]

 

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