Unaudited Interim Results

RNS Number : 0408M
Manx Financial Group PLC
20 August 2013
 



FOR IMMEDIATE RELEASE

20 August 2013

Manx Financial Group PLC

Unaudited Interim Results for the 6 months ended 30 June 2013

Manx Financial Group PLC (LSE: MFX), the financial services Group which includes Conister Bank Limited, Conister Card Services Limited and Edgewater Associates Limited presents its interim results for the six months ended 30 June 2013.  Copies of the Interim Report will shortly be available on our website www.mfg.im.

 

 

Financial Highlights

 

 

Net Interest Income:

£3.68 million - up 44% (2012: £2.55 million)

 

 

Net Trading Income:

£3.05 million - up 16% (2012: £2.64 million)

 

 

Trading Profit:

£0.42 million  - up 367% (2012: £0.09 million)

 

 

Profit for 6 months:

£0.26 million - up 145% (2012: loss of £0.57 million)

 

 

Loans:

£64.88 million - up 23% (2012: £52.65 million)

 

 

Total Assets:

£81.73 million - up 18% (2012: £69.00 million)

 

 

Customer Deposits:

£67.85 million - up 18% (2012: £57.73 million)

 

Contacts: 

Manx Financial Group PLC

Denham Eke, Chief Executive

Tel: +44 (0)1624 694694

 

Tim Blackstone

Britton Financial PR

Tel: +44 (0)7957 140416

 

Roland Cornish/Felicity Geidt

Beaumont Cornish Limited

Tel: +44 (0)20 7628 3396 

 

The financial information set out below comprises non-statutory accounts. The financial information has been extracted from published accounts for the six months ended 30 June 2013. 

 

Chairman's Statement

 

I am pleased to confirm that, as expected, we have now turned the corner into profitability. I can report that the Group's bottom line Total Comprehensive Income is £0.255 million for the period, an improvement of £0.822 million on last year's Interim results (2012: loss of £0.567 million). The Profit Before Tax increased by £1.022 million in the six months to £0.305 million (31 December 2012: loss of £0.717 million).

 

The encouraging news is that this improvement was not solely driven by the cost reduction exercise we undertook last year but also, more importantly, by a significant growth in sustainable income. Both Conister Bank Limited and our Isle of Man based Independent Financial Advisor (IFA) subsidiary, Edgewater Associates Limited, delivered a much improved financial performance.

 

We are proud of our Isle of Man heritage, being now the Island's only independent bank. Using the metrics supplied by the Department of Economic Development, we contribute just under £10 million to the Island's national income. But we encompass more than just banking. We have a diversified portfolio of financial services companies which complement each other and our Isle of Man based licence allows us to be part of a wider solution to the UK's Consumer and Small to Medium Enterprises' liquidity drought. This not only benefits our UK based customers but also generates profits for the company and further tax receipts for the Isle of Man government.

 

Unfortunately, none of this positive performance is reflected by our share price which remains hugely undervalued. Our market capitalisation is currently less than shareholder equity. The value of our banking licence and profit potential are not factors properly recognised by the market and we will be addressing this issue in the months to come.

 

Group Financial Review

 

Our Interest Income has grown by over 35% to £4.899 million (2012: £3.621 million) and our Operating Income by nearly 14% to £3.111 million (2012: £2.733 million). Profit Before Specific Items has grown by over 355% to £0.419 million (2012: £0.092 million). Profit Before Tax is now £0.305 million, a positive movement of £0.877 million (2012: loss of £0.572 million), and Total Comprehensive Income is £0.255 million, a positive movement of £0.822 million (2012: loss of £0.567 million). All this provides Earnings Per Share of 0.28 pence (2012: negative 0.64 pence).

 

Our Cash and near cash have together risen to £11.831 million (2012: £11.591 million) and our loan book has increased by over 23% to £64.878 million (2012: £52.654 million). Thus our Total Assets have increased by over 18% to £81.726 million (2012: £69.001 million). Our Customer Accounts have increased by nearly 18% to £67.845 million (2012: £57.728 million), making our Total Liabilities £73.756 million (2012: £61.918 million).

 

Conister Bank Limited

 

Our belief and focus on the Bank has not been misplaced. On a like for like basis, the Bank increased earnings by 6.3 times to £1.014 million (2012: £0.160 million). The majority of this growth came through lending and was not bolstered by one-off adjustments and will, I believe, be sustainable in this economic environment. Our deferred income - that is income already committed which will be released in future financial periods - increased by nearly 39% to £12.358 million (2012: £8.899 million).

 

Growing both sides of the balance sheet in tandem is key to minimising profit leakage and the key indicator in this regard, the deposit to loan ratio, has improved from 92% at the year end to 96%. Our deposit base remains loyal and with £17 billion of retail deposits available on the Island, securing additional deposits should not prove to be a barrier to future growth.

 

Although the adoption of BASEL III is still some years away, it is now common for banks to report their Tier 1 capital within the Chairman's statement. Our Tier 1 capital was £9.582 million (2012: £9.331 million) which provided a Regulatory Risk Asset Ratio of 16%. This figure remains greatly in excess of the UK major banks and continues to provide a solid foundation for both our lending and our deposit taking. Indeed, in comparing the recently published 2.8% leverage ratio for Barclays plc (against the European Banking Authority's recommended 3%), on the same basis, we would currently have a ratio of over 14%. Thus the Bank is well placed to capitalise on the window of opportunity to lend created by the mainstream banks' weaker balance sheets which in turn cause them to be reluctant to lend.

 

The Bank continues to believe its VAT recovery rate is neither fair nor reasonable and continues to carry a VAT debtor on its balance sheet. The resolution of this debtor will follow the Volkswagen Financial Services Limited case against HM Revenue & Customs which is next due to heard in court in autumn of this year.

 

Edgewater Associates Limited

 

Edgewater experienced a greatly improved financial performance with earnings increasing by 7.6 times to £0.114 million (2012: £0.015 million). We have nearly completed a cost reduction programme - however the full effect of this initiative will not become apparent until 2014.

 

With the introduction of the Retail Distribution Review (RDR) on 1 January 2014 now drawing closer, it is evident that many of the Island's IFA firms will not be able to execute business following RDR's introduction. For a RDR compliant IFA firm like our own, there will be opportunities to gain market share and we are also considering potential acquisitions to strengthen our offering.

 

We acquired a small general insurer last year and, having now assimilated it into our business, we are positioned to grow both by cross-selling into our existing customer base and by extending our reach into the commercial general insurance market. Whilst the business is currently small, the opportunity is large.

 

Conister Card Services Limited

 

We continue to actively seek ways to monetise our MasterCard® licence but we will not be rushed into entering partnerships until we are sure the relationships will be profitable. Whilst the dynamics of the contactless payment market are encouraging, we must ensure that the technology platforms are proven and accepted by the consumer before committing ourselves. We will progress our on-Island tests and we will continue to provide solutions to Island based businesses and government departments.

 

Outlook

 

The outlook is extremely promising for the company. Conister Bank is accelerating wholesale funding agreements with credit-strapped but profitable enterprises. An easy access to the Isle of Man deposit market will ensure liquidity is not a restriction to growth. With Edgewater Associates now re-organised, we are well placed to capitalise on the introduction of RDR on the Island with new business coming from both existing customers and the gaining of market share.

 

Thus we have created a sustainable group of companies capable of generating capital upon which further growth can be founded. The opportunities available to us are both numerous and likely to prove profitable. I continue to expect a positive conclusion to the 2013 year-end. This will provide a solid platform for further growth in 2014 and thereafter.

 

In conclusion, I would like to thank both staff and shareholders for the loyalty that they continue to demonstrate to the company.

 

 

 

Jim Mellon

Executive Chairman

16 August 2013

 

  

Condensed Consolidated Statement of Comprehensive Income

 


Notes


 For the

period ended

30June 2013 

 £000   (unaudited)


      For the

period ended  30 June 2012£000   (unaudited)


For the

year ended  31 Dec 2012  £000 

(audited)

Interest income

2


               4,899


            3,621


             7,800

Interest expense



             (1,223)


           (1,076)


           (2,259)

 

Net interest income

3


              3,676


            2,545


            5,541

Fee and commission income

Fee and commission expense

Profit share on joint lending schemes

6


                 713

                (529)

(811)


                658

              (281)

(282)


             1,226

(612)

(1,032)

 

Net trading income



              3,049


             2,640


             5,123

Other operating income



                 62


               93


212

 

Operating income

3


                3,111


             2,733


            5,335

 

Personnel expenses



             (1,585)


(1,456)


(2,831)

Other expenses



(937)


(1,032)


(2,144)

Provision for impairment on loan assets



(236)


(153)


(7)

Depositors' Compensation Scheme recovery



 66


-


37

 

Profit before specific items



                   419


92


390









Acquisition and restructuring costs

4


-


(412)


(864)

VAT recoverable



-


  -


                  71

Realised gains on available-for-sale financial assets



   19


 14


                  28

Unrealised loss on financial assets carried at fair value



(4)


              (146)


              (128)

Depreciation



(129)


(120)


(214)

 

Profit/(loss) before income tax (expense)/recovery



305


(572)


(717)

Income tax (expense)/recovery



                (50)


         -


          380

 

Profit/(loss) for the period/year



255


(572)


(337)

 

Other comprehensive income:








Available-for-sale gains taken to equity



                      -


                   5


                    -

Actuarial loss on pension scheme



                   -


-


(98)

 

Total comprehensive income/(loss) for the period/year attributable to owners



255


(567)


(435)

 

Basic profit/(loss) per share (pence)

Diluted profit/(loss) per share (pence)

5

5


0.28

0.23


(0.64)

(0.64)


(0.38)

(0.38)









 



 

Condensed Consolidated Statement of Financial Position

 

 

Notes


 30 June  2013  

£000   (unaudited)

 


  30 June 2012

 £000   (unaudited)

 


 31 Dec 2012 

 £000  (audited)

 

Assets








Cash and cash equivalents



2,331


2,598


1,918

Financial assets at a fair value through profit or loss

7


47


43


51

Available for sale financial instruments

8


9,500


8,993


12,484

Loans and advances to customers

9


64,878


52,654


58,495

Commissions receivable



371


286


312

Property, plant and equipment



684


820


742

Trade and other receivables

10


1,241


1,263


1,243

Deferred tax asset



330


-


380

Goodwill

13


2,344


2,344


2,344

 

Total assets



81,726


69,001


77,969

















Liabilities








Customer accounts



67,845


57,728


63,731

Creditors and accrued charges

11


801


719


2,153

Pension liability



190


69


200

Loan notes

12


4,760


2,910


4,510

Deferred consideration



160


492


160

 

Total liabilities



73,756


61,918


70,754

















Equity








Called up share capital

14


18,933


18,433


18,433

Profit and loss account and other reserves



(10,963)


(11,350)


(11,218)

Total equity



 

7,970


7,083


7,215









Total liabilities and equity


 

81,726


69,001


77,969









 



 

Condensed Consolidated Statement of Cash Flows

 


 Notes


   For the

period ended  30 June 2013£000   (unaudited)


   For the

period ended  30 June 2012£000   (unaudited)


 For the

year ended 31 Dec 2012  £000  (audited)

Reconciliation of profit/(loss) before taxation to operating cash flows








Profit/(loss) before income tax expense



305


(572)


(717)

Unrealised loss on financial assets carried at fair value through profit or loss



4


146


128

Realised gains on available-for-sale investments



(19)


(14)


(28)

Available-for-sale gains taken to equity



                       -


5


-

Loss/(gain) on disposal of property, plant and equipment



21


-


(7)

Depreciation charge



129


120


214

Actuarial gain on defined benefit pension scheme taken to equity



-


-


(98)

(Decrease)/increase in pension liability



(10)


(10)


121

Decrease in trade debtors



2


109


18

(Decrease)/increase in trade creditors



(1,352)


(248)


1,307

Increase in commission debtors



(59)


(52)


(78)

 

Net cash (outflow)/inflow from trading activities



(979)


(516)


860

Increase in loans and advances to customers



(6,383)


(3,129)


(8,970)

Increase in deposit accounts



4,114


1,818


7,821









 

Cash outflow from operating activities



 

(3,248)


(1,827)


(289)

















CASH FLOW STATEMENT








Cash flows from operating activities








Cash outflow from operating activities



(3,248)


(1,827)


(289)

Taxation paid



-


-


-

 

Net cash outflow from operating activities



(3,248)


(1,827)


(289)









Cash flows from investing activities








Purchase of tangible fixed assets



(92)


(122)


(186)

Sale of fixed assets



-


9


51

Sale/(purchase) of available-for-sale financial instruments

8


3,003


1,503


(1,961)

Payment of deferred consideration



-


                  -


(332)

 

Net cash inflow/(outflow) from investing activities



2,911


1,390


(2,428)









Cash flows from financing activities








Issue of loan notes



750


700


2,300

 

Net cash inflow from financing activities



 

750


700


2,300









Increase/(decrease) in cash and cash equivalents



413


263


(417)

 

Significant non-cash flows in the period/year

Conversion of loan notes to share capital

                 12


500


-


-

















 



Condensed Consolidated Statement of Changes in Equity

 




 

Share

Capital


Retained earnings

and other

reserves


Total

30 June

2013


Total

30 June

2012


Total

31 Dec

2012


















£000


£000


£000

(unaudited)


£000

(unaudited)


£000

(audited)

 

Balance brought forward           

18,433


(11,218)


7,215


7,650


7,650

Profit/(loss) for the period/year

-


255


255


(572)


(337)

Other comprehensive income

-


-


-


5


(98)

Transactions with shareholders:










Shares issued

500


-


500


-


                -

Balance carried forward

18,933


(10,963)


7,970


7,083


7,215











 

 

Notes to the Consolidated Financial Statements

 

1. Preparation of the interim statements

 

The financial information included in this interim financial report for the six months ended 30 June 2013 is unaudited.

 

The interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting". The accounting policies have been applied consistently with those presented in the Annual Report for the twelve months to 31 December 2012 and comply with IFRSs and IFRIC interpretations applicable to companies reporting under IFRS.

 

2. Interest income

Interest income comprises 



   For the

period ended  30 June 2013£000   (unaudited)

 


   For the

period ended  30 June 2012

£000(unaudited)

 


For the

year ended

31 Dec 2012

£000

(audited)

 

Interest income - asset financing



4,898


3,620


7,799

Interest income - deposits



1


1


1

Total



4,899


3,621


7,800









 

3. Segmental analysis

 

Segment information is presented in respect of the Group's business segments. The Directors consider that the Group currently operates in one geographic segment, the Isle of Man and UK. The primary format, business segments, is based on the Group's management and internal reporting structure. The Directors consider that the Group operates in four product orientated segments in addition to its investing activities: Asset and Personal Finance (including provision of HP contracts, finance leases, personal loans, commercial loans, block discounting and other specialised secured credit facilities); a Prepaid Card division, Conister Card Services Limited; and a Wealth Management division, Edgewater Associates Limited. 

 

For the six months to 30 June 2013

Asset and Personal Finance



Prepaid Card Division


 

Wealth Management

Division


Investing Activities


Total

30 June 2013

 

£000

 



£000

 


£000

 


£000

 


£000

(unaudited)

 

Net interest income

3,843



               -


                     -


(167)


3,676

 

Operating income

2,546



               32


700


(167)


3,111

 

 

Profit/(loss) before specific items

520



             (40)


 

 

114


(175)


419

 

Capital expenditure

92



            -


-


            -


92

 












 

Total assets

 

79,153



            104


 

529


        1,940


81,726

 




















 












 



4. Acquisition and restructuring costs




For the period ended 30 June 2013

£000

(unaudited)


For the period ended 30 June 2012

£000

(unaudited)


For the period ended

31 Dec 2012

£000

(audited)

Acquisition costs

Legal, professional and other acquisition costs



-


                    117


                       493

 

Re-organisation of UK and IOM operations

Salary and redundancy costs



-


295


371




-


412


864









 

Acquisition and restructuring costs in the prior period relate to a re-organisation and rationalisation across the Group.

 

5. Profit/(loss) per share




     For the

period ended  30 June 2013£000 

 (unaudited)  


      For the

period ended 

30 June 2012£000  

(unaudited)


  For the

year ended

31 Dec 2012

£000

(audited)

 

Profit/(loss) for the period/year

Diluted profit/(loss) for the period/year



255

314


(572)

(572)


(337)

(337)



















Number


Number


Number

 

Weighted average number of ordinary shares in issue



 

91,642,072


 

89,570,252


89,570,252

Diluted weighted average number of ordinary shares in issue

Basic profit/(loss) per share

Diluted profit/(loss) per share



134,142,072

0.28p

0.23p


89,570,252

(0.64)p

(0.64)p


89,570,252

(0.38)p

(0.38)p

 

The basic profit/(loss) per share calculation is based upon profit/(loss) for the period/year after taxation and the weighted average of the number of shares in issue throughout the period/year.  The diluted profit/(loss) per share calculation assumes that all convertible loan notes, warrants and share options have been converted/exercised at the beginning of the period/year where they are dilutive.

 

 

6. Profit share on joint lending scheme

 

On 3 February 2010, a joint lending scheme was entered into by the Bank, being divided up between the parties in a profit sharing ratio. During 2013, two additional joint lending schemes were established. The amount which the other party has received in profits shared is analysed below.

 




     For the

period ended  30 June 2013£000 

 (unaudited)  


      For the

period ended 

30 June 2012£000 

(unaudited)


  For the

year ended

31 Dec 2012£000

(audited)

Scheme One



744


282


1,032

Scheme Two



41


-


-

Scheme Three



26


-


-




811


282


1,032









 

 

7. Financial assets at fair value through profit or loss

 

Financial assets at fair value through profit or loss represents shares in a UK quoted company, designated at fair value through profit or loss on initial recognition. The investment is stated at market value with the difference between cost and market value included within the Condensed Consolidated Statement of Comprehensive Income.

 

 

8. Available-for-sale financial assets




 30 June

2013

£000 unaudited)

 


   30 June 2012

£000 (unaudited)

 


 31 Dec

2012

£000(audited)

 

UK Government Treasury Bills



9,500


8,993


12,484

 

 



9,500


8,993


12,484









 

UK Government Treasury Bills are stated at fair value and unrealised changes in fair value are reflected in equity.

 

 

 

 

9. Loans and advances to customers




 30 June

2013

£000(unaudited)


   30 June 2012

 £000 (unaudited)


 31 Dec

2012

£000(audited)

Hire purchases



39,826


35,020


37,072

Finance leases



7,212


3,964


5,847

Litigation funding



883


1,106


899

Unsecured personal loans



4,085


4,401


3,551

Vehicle stocking plans



1,282


1,461


1,404

Block discounting



5,419


3,890


4,601

Secured commercial loans



6,171


2,812


5,121




64,878


52,654


58,495









 

 

10. Trade and other receivables

 




 30 June

 2013

£000(unaudited)


30 June 

2012

£000 (unaudited)


 31 Dec

 2012

£000

(audited)

Trade debtors



110


121


53

Prepayments and other debtors



211


346


733

VAT claim



466


684


466

VAT recoverable/(payable)



454


112


(9)




1,241


1,263


1,243









 

Included in trade and other receivables is an amount of £466,000 (2011: £466,000) relating to a reclaim of value added tax (VAT).

 

Conister Bank Limited (the Bank), as the Group VAT registered entity, has for some time considered the VAT recovery rate being obtained by the business was neither fair nor reasonable, specifically regarding the attribution of part of the residual input tax relating to the HP business not being considered as a taxable supply. Queries have been raised with the Isle of Man Government Customs & Excise Division (C&E), and several reviews of the mechanics of the recovery process were undertaken by the Company's professional advisors.

 

The decision of the First-Tier Tax Tribunal released 18 August 2011 in respect of Volkswagen Financial Services Limited (UK) Limited v HM Revenue & Customs (TC01401) ("VWFS Decision") added significant weight to the case put by the Bank and a request for a revised Partial Exemption Special Method was submitted in December 2011. The proposal put forward by the Bank was that the revised method would allocate 50% of costs in respect of HP transactions to a taxable supply and 50% to an exempt supply. In addition at this time a Voluntary Disclosure was made as a retrospective claim for input VAT under-claimed in the last 4 years.

 

In November 2012, it was announced that the HMRC Upper Tribunal had overturned the First-Tier Tribunal in relation to the VWFS Decision. VWFS has subsequently been given leave to appeal and this is scheduled to be heard in October 2013.

 

The Bank's total exposure in relation to this matter is £589,000, comprising the debtor balance referred to above plus an additional £123,000 VAT reclaimed under the Partial Exemption Special Method, in the period from Q4 2011 to Q3 2012.

 

On the basis of the discussions and correspondence which have taken place between the Bank and C&E, in addition to the VWFS appeal, the Directors are confident that the VAT claimed referred to above will be secured.

 

 

11. Creditors and accrued charges

 


Notes


 30 June

  2013

£000 (unaudited)


   30 June

2012

£000(unaudited)


 31 Dec

   2012

£000

(audited)

Creditors and accruals



801


650


2,153

Short-term employee benefits



-


69


-




801


719


2,153

 

 

 

 

 

 

 

 

12. Loan Notes

 




30 June

 2013

 £000 

 (unaudited)  


30 June

2012

£000

(unaudited)


31 Dec

 2012

£000

(audited)

Related parties








J Mellon

JM


1,750


1,250


1,750

Burnbrae Limited

BL


1,200


1,200


1,200

Southern Rock Insurance Company Limited

SR


460


-


500

Copper Development Corporation

CDC


500


-


500

Rock Holdings Limited

RH


-


460


460




3,910


2,910


4,410

Unrelated parties

UP


850


-


100




4,760


2,910


4,510

 

JM - Two loans consisting of £500,000, maturing on 31 July 2017 with interest payable of 7% p.a. and £1,250,000 maturing on 26 February 2015 paying interest of 9% p.a. Both loans are convertible at the rate of 4 pence and 9 pence respectively. The £500,000 loan is also entitled to 8.3 million warrants at an exercise price of 6 pence.

 

BL - One loan consisting of £1,200,000, maturing on 31 July 2017 with interest payable of 7% p.a. Jim Mellon is the beneficial owner of BL and Denham Eke is also a director. The loan is convertible at a rate of 4 pence and is entitled to 20 million warrants at an exercise price of 6 pence.

 

SR - One loan previously consisting of £500,000, maturing on 24 October 2017, paying interest of 7% p.a. Arron Banks, a significant shareholder, holds a 100% stake in SR. The loan was converted into equity on 31 May 2013 at the rate of 4 pence, and remains entitled to 8.3 million warrants at an exercise price of 6 pence. On 24 April 2013 RH assigned its loan to SR.

 

CDC - Two loans consisting of £350,000, maturing on 5 September 2017 with interest payable of 5% p.a. and £150,000 maturing on 3 October 2017 paying interest of 5% p.a. Denham Eke is a director of CDC.

 

RH - Previously one loan consisting of £460,000, maturing on 26 February 2015 with interest payable of 9% p.a. The loan is convertible at the rate of 9 pence. RH is linked to Arron Banks. This loan was assigned to SR on 24 April 2013.

 

UP - Three loans consisting of £100,000, £500,000 and £250,000 maturing on 16 November 2017, 30 May 2018 and 18 June 2018 respectively with interest payable of 5% p.a.

 

With respect to the convertible loans, the interest rate applied was deemed by the Directors to be equivalent to the market rate with no conversion option hence no equity component has been recognised with respect to any of these loans.

 

13. Goodwill




 30 June

2013

£000(unaudited)


   30 June

2012

£000(unaudited)


 31 Dec

   2012

£000

(audited)

Edgewater Associates Limited



1,849


1,849


1,849

ECF Asset Finance PLC



454


454


454

Three Spires Insurance Services Limited



41


41


41

 

 



2,344


2,344


2,344









 

14. Called up share capital and share premium

 

Authorised:  Ordinary shares of no par value





Number



At 31 December 2012





150,000,000



At 30 June 2013





150,000,000











Issued and fully paid:  Ordinary shares of no par value





Number


£000

 

At 31 December 2012

At 30 June 2013





89,570,252

102,070,252


18,433

18,933

 

15. Regulatory

 

The Company's wholly owned subsidiaries Conister Bank Limited and Edgewater Associates Limited are licensed by the Isle of Man Government Financial Supervision Commission to undertake banking activity and investment business respectively. The Financial Supervision Commission reviews the appointment of all Directors of both regulated companies.

 

16. Contingent liabilities

 

Conister Bank Limited is required to be a member of the Isle of Man Government Depositors' Compensation Scheme which was introduced by the Isle of Man Government under the Banking Business (Compensation of Depositors) Regulations 1991. The Scheme creates a liability on the Company to participate in the compensation of depositors should it be activated.

 

17. Litigation

 

The Bank is vigorously pursuing the repayment of litigation funding loans made to clients of solicitor firms and further litigation may be required in this regard. There is a risk of an adverse outcome in all litigation and the costs and timescale to resolve these matters are uncertain.

 

18. Post balance sheet disclosures

 

There are no significant post balance sheet events

 

19. Approval of interim statements

 

The interim statements were approved by the Board on 16 August 2013. The interim report will be available from that date at the Group's website - www.mfg.im and at the Registered Office: Clarendon House, Victoria Street, Douglas, Isle of Man, IM1 2LN.

 

The Group's nominated advisor and broker is Beaumont Cornish Limited, 2nd Floor, Bowman House, 29 Wilson Street, London, EC2R 7DE.

The Interim and Annual reports along with other supplementary information of interest to Shareholders, are included on our website. The address of the website is www.mfg.im which includes investor relations information and contact details.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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