Revised Deferred Consideration for Edgewater

RNS Number : 1849A

Manx Financial Group PLC

27 March 2012

 



FOR IMMEDIATE RELEASE                                                   27 March 2012

Manx Financial Group PLC (the 'Company')

Revised Deferred Consideration for Edgewater Associates Limited

On 2 August 2010 Manx Financial Group PLC announced the acquisition of Edgewater Associates Limited ("Edgewater") and provided details of a deferred consideration element which becomes payable on the approval of Edgewater's accounts for the financial years ending 31 December 2010, 2011 and 2012.

The deferred consideration has been paid in respect of 2010 (as announced on 4 April 2011). The deferred element payable on approval of the accounts for the financial year ending 31 December 2011 was expected to be £158,000 in cash and £175,000 payable in Consideration Shares.  It has now been agreed that a total amount of £333,000 will be paid in cash in full satisfaction of the Company's obligations under the agreement and Consideration Shares will not be issued to the Vendors. The deferred consideration element for 2012 remains due on signature of the Edgewater accounts for the year end 31 December 2012.

For further information, please contact:

Manx Financial Group PLC Denham Eke Tel [phone]

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

Britton Financial PR Tim Blackstone Tel [phone]

 

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