Exercise of warrants, £0.5 million raised, TVR

RNS Number : 3905U

Manx Financial Group PLC

24 October 2017

 

FOR IMMEDIATE RELEASE                                              24th October 2017

Manx Financial Group PLC (the 'Group')

Exercise of Warrants Raising Additional £0.5 million, Issue of Equity

Total Voting Rights

The Group announces that it has today received a notice to exercise 8,333,333 ordinary shares at 6 pence per ordinary share of no par value (the "Exercise") from ICS Risk Solutions Limited ("New Ordinary Shares") for a consideration of £0.5 million. The Group intend to use the exercise proceeds to augment the regulatory capital available to Conister Bank Limited, a wholly owned subsidiary, to support new business growth.

The warrant was originally issued on 8 October 2012 to Southern Rock Insurance Company Limited and assigned to ICS Risk Solutions Limited ("ICS") on 27 July 2017.

Application has been made to issue the New Ordinary Shares, which will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM ("Admission"). Admission is expected on or around 30 October 2017.

The New Ordinary Shares will be allotted in the name of Rene Nominees (IOM) Limited as nominee for ICS Risk Solutions Limited.

John Banks, a Director of the Group is also a Director of ICS.  Following the Exercise, ICS will hold no further warrants in the Group.

The Group's new total issued shares will be 127,239,335 ordinary shares of no par value with voting rights. The Group does not hold any ordinary shares in Treasury.

The figure of 127,329,335 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: [phone]

Beaumont Cornish Limited

Roland Cornish/James Biddle

Tel: [phone]

Britton Financial PR

Tim Blackstone

Tel [phone]

 

END

 

 

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