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Manx Financial raises £2m through loans

By BFN News | 09:45 AM | Thursday 15 October, 2020


Isle of Man financial services group Manx Financial has raised £2 million through two loans to boost the regulatory capital of its subsidiary, Conister Bank. The two loans, each for £1 million, were supplied by Burnbrae and Culminant reinsurance, entities fully owned by directors James Mellon and Greg Bailey respectively. Burnbrae also has fellow Manx Financial director Denham Eke on its board. The independent directors of Manx Financial said in a statement that they had 'carefully considered the most suitable method of further augmenting the regulatory capital' for Conister. The loans are for five years with a coupon of 6% a year. At 9:45am: (LON:MFX) Manx Financial Group PLC share price was 0p at 7.75p Story provided by StockMarketWire.com

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