Results of Offer to raise £1,

RNS Number : 8964N

Manx Financial Group PLC

18 June 2010

 



FOR IMMEDIATE RELEASE                                                                     18 June 2010

Manx Financial Group PLC (the 'Company')

Open Offer of up to 21,138,817 New Ordinary Shares at 9p per share on the basis of 1 New Ordinary Share for every 3 Existing Ordinary Shares (the "Open Offer")

Results of Offer to raise £1,902,494

The Company is pleased to announce the results of the Open Offer to Eligible Shareholders to subscribe for New Ordinary Shares on the terms and subject to the conditions set out in a document published on 14 May 2010 ("the Circular").

1.         Results

The Company has received applications for a total of 26,949,439 New Ordinary Shares from 189 Eligible Shareholders representing 127.49 per cent. of  the number of New Ordinary Shares available under the Open Offer.  Accordingly, the excess applications for 12,803,453 New Ordinary Shares will be scaled down to 6,992,831 New Ordinary Shares.  As set out in the Circular, it is the intention of the Board to prioritise subscriptions from existing smaller Shareholders.   The resultant holdings of Directors will be notified following the completion of the scaling-down process.

2.         Admission of New Ordinary Shares

Application has been made for 21,138,817 NewOrdinary Shares issued pursuant to the Offer to be admitted to trading on AIM. It is expected that Admission will become effective and dealings for normal settlement in the New Ordinary Shares will commence on 22 June 2010.  The New Ordinary Shares will, following allotment, rank pari passu in all respects with the existing issued Ordinary Shares and have the right to receive all dividends and other distributions declared, made or paid in respect of the issued Ordinary Share capital of the Company

3.         Chairman's Statement and Use of Proceeds

"We are delighted to report to you the results of this Open Offer which has successfully raised the £1,900,000, before expenses, we were seeking.  The funds raised will firmly put Conister Bank in a position to maximise the utilisation of its liquidity to fund the Group's current business plan, centred on augmenting the traditional lending business of the Bank. We can now look forward to being able to support incremental lending and other opportunities which in turn, the Directors anticipate, will generate sufficient revenues to turn the Group back into profit by the end of 2010."

Contacts

Manx Financial Group PLC

Denham Eke, Chief Executive

Tel:  [phone]

Beaumont Cornish Limited

Roland Cornish

Tel:  [phone]

Britton Financial PR

Tim Blackstone

Tel  [phone]

 

END

 

 

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