REG - Manx Financial Group - New Loan Agreements

Manx FinancialAnnouncement

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RNS Number : 5464N  Manx Financial Group PLC  05 January 2026

 

FOR IMMEDIATE
RELEASE
        5 January 2026

 

 

Manx Financial Group PLC

 (the "Company")

New Loan Agreements

The Company has entered into two new unsecured loan agreements totaling £2.0
million for three years to help support the regulatory capital requirements of
Conister Bank Limited under Isle of Man banking regulations.

The two loans of £1.0 million each from Jim Mellon and Burnbrae Limited
respectively have been agreed on arms-length standard commercial terms with an
annual interest rate of 8% that is comparable with the terms offered to
unrelated parties. The loans are unsecured and repayable by the Company at any
time during the period.

Both loans are considered to be Related Party Transactions under the AIM rules
as Jim Mellon is a director of the Group and indirectly wholly owns and is
Chairman of Burnbrae Limited and Denham Eke, also a director of the Group, is
Managing Director. As a result, Jim Mellon, Denham Eke and Greg Bailey (who is
deemed to be in concert with Jim Mellon) recused themselves from voting in the
transaction.

The Group's Independent Directors (being the Board with the exception of Jim
Mellon, Denham Eke and Greg Bailey) consider, after consulting the Group's
Nominated Adviser, that the terms of the loans are fair and reasonable
insofar as the Group's shareholders are concerned. In reaching this
conclusion the Independent Directors, having considered the most suitable
method of preserving the regulatory capital funding required for the continued
expansion of the Group's subsidiary, Conister Bank Limited, reviewed the
costs and practicality of alternative third-party finance, as well as the
possibility of a rights issue, and concluded that the terms of the loans were
both fair and reasonable for all shareholders.

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   Shore Capital           Tavistock Communications Limited

 Denham Eke                Roland Cornish/            Toby Gibbs /            Simon Hudson/

                           James Biddle               Oliver Jackson          Adam Baynes
 Tel: +44 (0) 1624 694694  Tel: +44 (0) 20 7628 3396  Tel: +44 207 7408 4090  Tel: +44 207 920 3150 mfg@tavistock.co.uk

 

About Manx Financial

Manx Financial Group (AIM: MFX) is a diversified UK banking and financial
services group with a proud Manx heritage. The Group holds Isle of Man and
UK banking licences, allowing it to provide flexible funding solutions across
both territories focused on SME lending. Knowledge of the SME sector has
enabled MFX to build a portfolio of valuable subsidiaries, from start-ups to
selective and accretive acquisitions, which are creating significant value for
shareholders. These entrepreneurial subsidiaries are grouped under our
entrepreneurial subsidiary Manx Ventures Limited.

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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