Assignment and Exercise of Warrants, Equity Issue

RNS Number : 6369M

Manx Financial Group PLC

31 July 2017

 

IMMEDIATE RELEASE                                                                 31 July 2017

Manx Financial Group PLC

Assignment and Exercise of Warrants raising £1.0 million, Issue of Equity

Total Voting Rights

The board of Manx Financial Group plc ("MFG" or the "Company") is pleased to announce that on 28 July 2017, Burnbrae Limited ("Burnbrae") assigned 16,835,750 warrants over 16,835,750 of the Company's ordinary shares to Citibank N.A. London ("Citibank") as custodian on behalf of Dr Greg Bailey (the "Assignment"), and that following the Assignment, 16,835,750 warrants have been exercised by Citibank at 6 pence per share (the "Exercise"), for a total consideration of £1,010,145.

Following the Assignment, the remaining holding of warrants over ordinary shares in the Company by Burnbrae, an entity indirectly wholly owned by Jim Mellon, Executive Chairman, will be reduced to 3,164,250.

Following the Exercise, Dr Greg Bailey will be indirectly interested in 17,835,750 ordinary shares, representing 14.99% of the enlarged issued equity of the Company.  Jim Mellon, will be interested in 17,635,332 ordinary shares, representing 14.83% of the enlarged issued share capital, comprising of 968,666 ordinary shares held by Pershing Nominees and 666,666 ordinary shares held by Vidacos Nominees on his behalf, together with 16,000,000 ordinary shares held by Burnbrae.

Pursuant to the Exercise, 16,835,750 new ordinary shares at no par value will be issued and allotted as soon as practicable. Application for admission to trading on AIM of the new ordinary shares will be made ("Admission") and Admission is expected to take place on or around 4 August 2017. The new ordinary shares will rank pari passu with the existing ordinary shares in issue.

It is intended that the Exercise proceeds will provide Conister Bank Limited ("Conister"), the Company's wholly owned subsidiary, with additional Tier 1 capital to allow further expansion and development of business and operations.

In accordance with the provisions of the Disclosure and Transparency Rules of the Financial Conduct Authority, MFG confirms that, following this issue of new ordinary shares, its issued share capital will comprise 118,906,002 ordinary shares of no par value. All of these ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 118,906,002 following Admission.

For further information, please contact:

Manx Financial Group PLC

Denham Eke, Chief Executive

Tel:  [phone]

Beaumont Cornish Limited

Roland Cornish/James Biddle

Tel:  [phone]

Britton Financial PR

Tim Blackstone

Tel: [phone]

 

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