REG - Manx Financial Group - Loan Agreement Extensions

Manx FinancialAnnouncement

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RNS Number : 3001B  Manx Financial Group PLC  30 September 2025

FOR IMMEDIATE
RELEASE
30 September 2025

 

Manx Financial Group PLC (the "Company")

Loan Agreement Extensions

Manx Financial Group plc has extended two unsecured loan agreements totaling
£2.0 million for an additional five years to help support the regulatory
capital requirements for Conister Bank Limited under Isle of Man banking
regulations.

The two loans of £1.0 million from Burnbrae Limited and Culminant Reinsurance
Limited respectively were originally issued and announced on 15 October 2020
and have been renewed on arms-length standard commercial terms with an
increased annual interest rate of 8%, up from 6%, while all other terms remain
unchanged. The loans are unsecured and repayable by the Company at any time
during the period.

Both loans are related party transactions as directors Jim Mellon and Denham
Eke are connected to Burnbrae Limited, and fellow director Greg Bailey is
connected to Culminant Reinsurance Limited. Independent directors, excluding
these individuals, negotiated the renewals.

After consulting the Company's Nominated Adviser, the independent directors,
being Douglas Grant, James Smeed, John Spellman and Greg Jones, concluded that
the loan terms are fair and reasonable for shareholders, considering the
necessity of preserving regulatory capital funding and the practicality and
expense of alternative financing options.

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.

For further information, please contact:

 Manx Financial Group PLC  Beaumont Cornish Limited   Tavistock Communications Limited           Greentarget Limited
 Denham Eke                Roland Cornish/            Simon Hudson/                              Jamie Brownlee

                           James Biddle               Adam Baynes
 Tel: +44 (0) 1624 694694  Tel: +44 (0) 20 7628 3396  Tel: +44 207 920 3150 mfg@tavistock.co.uk  Tel: +44 (0) 20 3307 5726

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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