REG - Manx Financial Group - Exercise of Share Options & Employee RSU Award

Manx FinancialAnnouncement

05/12/2023 07:15

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RNS Number : 6234V  Manx Financial Group PLC  05 December 2023

5 December 2023

 

Manx Financial Group PLC ("the Group")

 

Exercise of Share Options and Director Dealings

Issue of Equity, TVR and Employee RSU Award

 

Manx Financial Group PLC (AIM:MFX), the holding company providing a range of
diversified financial services to the Isle of Man and the United Kingdom,
announces that on 30 November 2023, Douglas Grant, Chief Executive Officer,
exercised options over 700,000 ordinary shares of no par value ("New Ordinary
Shares") in the Company (the "Options"), at an exercise price of 14 pence per
New Ordinary Share, for an aggregate consideration of £98,000.

The Options were granted on 23 June 2014, and were due to lapse on 22 June
2024.

Following Admission (as defined below), Douglas Grant's resultant interest in
the Company will be as follows:

 Director/PDMR  Date of transaction  Number of shares purchased via Option exercise  Purchase price  Total shares held  Percentage of issued share capital
 Douglas Grant  30-Nov-23            700,000                                         14p             1,243,129          1.07%

 

Admission

Application has been made to the London Stock Exchange for the 700,000 New
Ordinary Shares to be admitted to trading on AIM ("Admission") and it is
expected that Admission will become effective and trading will commence at
8.00 a.m. on 8 December 2023.

Following Admission, the total number of Ordinary Shares in issue will be
116,191,936 and the total number of voting rights will therefore be
116,191,936. This figure may be used by shareholders 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 share capital of the
Company under the FCA's Disclosure and Transparency Rules.

Restricted Share Units

The Company also announces that on 29 November 2023, a further 2,252,500
Restricted Share Units ("RSUs") were awarded under its 2022 Restricted Share
Unit Plan, approved at the Company's 2022 Annual General Meeting. Of these,
850,000 are awarded to the Company's Chief Executive Officer, Douglas Grant;
300,000 to James Smeed, the Company's Finance Director; 300,000 to Haseeb
Qureshi, Branch Director UK, and the remaining 802,500 to certain employees.
The RSUs have a 2-year term and are subject to certain vesting conditions
based upon overall profitability of the Company, the satisfaction of
individual performance targets and other metrics. Any RSUs granted will fall
away should the recipient leave employment before the 2-year term expires.
Should the individual vesting conditions be satisfied in full at the end of
the term, the stock will be granted at nil cost.

 

As a result, the Company has now awarded 4,687,500 RSUs in total which
represents 4.1% of the issued share capital of the Company.

 

Following these awards, the details pursuant to the AIM disclosure and Market
Abuse Regulations of the PDMR who received the RSUs are as follows:

 

·    Douglas Grant, a director of the Company, was awarded a further
850,000 RSUs, bringing his total entitlement to 1,925,000. Including the
1,243,129 Ordinary Shares in the Company he currently owns, he would hold a
total of 3,168,129 on a fully diluted basis, being 2.0% of the new issued
share capital of the Company.

·    James Smeed, a director of the Company, was awarded a further 300,000
RSUs, bringing his total entitlement to 475,000. Should these vest in full, he
would own 0.3 % of the diluted issued share capital of the Company

·    Haseeb Qureshi, a Person Discharging Managerial Responsibilities on
behalf of the Company, was awarded a further 300,000 RSUs, bringing his total
entitlement to 500,000. Should these vest in full, he would own 0.3% of the
diluted issued share capital of the Company

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

For further information, please contact:

 

 Manx Financial Group PLC  Beaumont Cornish Limited      Greentarget Limited

 Denham Eke,               Roland Cornish/James Biddle   Jamie Brownlee

 Executive Vice Chairman   Tel +44 (0) 20 7628 3396      Tel +44 (0) 203 307 5726

 Tel +44 (0)1624 694694

 

 

APPENDIX

 

Market Abuse Regulation (MAR) Disclosure

 

The information set out below is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

Notification and Public Disclosure of Transactions by Persons Discharging
Managerial Responsibilities and Persons Closely Associated with Them.

 

 1    Details of the person discharging managerial responsibilities

 a)   Name                                                         Douglas Grant
 2    Reason for the notification
 a)   Position/status                                              Chief Executive Officer
 b)   Initial notification /Amendment                              Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Manx Financial Group PLC
 b)   LEI                                                          213800R151BAZRATR333

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary Shares of no par value

      Identification code

                                                                   IM00B28ZPX83

 b)   Nature of the transaction                                    Exercise of Options

 c)   Price(s) and volume(s)                                       Price(s)  Volume(s)

                                                            14.0p     700,000

 d)   Aggregated information

Price(s)  Volume(s)
      -  Aggregated volume                                         14.0p     700,000

      -  Price

 e)   Date of the transaction                                      30/11/23

 f)   Place of the transaction                                     AIMX

d)

 

Aggregated information

 

-  Aggregated volume

 

-  Price

 

 

 

 Price(s)  Volume(s)
 14.0p     700,000

e)

 

Date of the transaction

 

30/11/23

f)

 

Place of the transaction

 

AIMX

 

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