REG - Manx Financial Group - Result of AGM & Dividend Declaration

Manx FinancialAnnouncement

25/04/2024 15:30

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RNS Number : 0923M  Manx Financial Group PLC  25 April 2024

25(th) April 2024

 

Manx Financial Group PLC (the "Company")

Result of Annual General Meeting ("AGM")

Dividend Declaration

The Company is pleased to announce that at the AGM held today all resolutions
tabled were duly passed.

As a consequence, the Company is pleased to announce a dividend of 0.4551
pence per Ordinary Share for the period from 1st January 2023 to 31st December
2023, calculated as being 10% of the profit after tax available to
Shareholders.  The dividend will be paid on 24th June 2024 to holders of
Ordinary Shares recorded on the register on 17th May 2024.

The Company is also offering a Scrip Dividend Scheme under which Shareholders
may elect to receive New Ordinary Shares in lieu of all or part of the cash
dividend ("Scrip Shares").  The price of the New Shares to be issued under
the Scrip Dividend Scheme will be calculated taking the lowest daily Volume
Weighted Average Price ("VWAP") derived from the Daily Official List of the
London Stock Exchange plc during the period of twenty dealing days prior to
(and including) the Ex-Dividend Date (capped at 20% discount to the VWAP of
Ordinary Shares on the Ex-Dividend Date).

A Scrip Dividend Circular will be posted to all Shareholders on 8th May 2024
in respect of the financial year ended 31st December 2023 and will be
available from that date on the Company's website
(www.mfg.im/investor-centre/aim-rule-26 - Circulars Section).

The reference price for the Scrip Shares will be calculated and published on
or around 24th May 2024. Admission of the Scrip Shares to trading on AIM is
anticipated to be 24th June 2024.

Shareholders will receive the dividend in cash unless they have completed the
Scrip Dividend Mandate (for holders of Ordinary Shares in certificated form)
or a CREST Dividend Election Input Message (for holders of Ordinary Shares in
CREST only).

 

Expected timetable:

 Shares quoted ex-dividend                                                     16(th) May 2024

 Record date for dividend                                                      17(th) May 2024

 Scrip Price Announcement                                                      24(th) May 2024

 Final time and date for receipt of Scrip Dividend Mandates and submission of  5.00 p.m. London time on 7(th) June 2024
 CREST elections

 Dividend Payment                                                              24(th) June 2024

 CREST stock account credited with new Ordinary Shares                         24(th) June 2024

  Admission of the Scrip Shares to trading on AIM                              24(th) June 2024

 

The Company also takes this opportunity to advise that it has identified an
error in the Table of Directors' emoluments on page 36 of the Company's
Consolidated Annual Financial Statements 2023 whereby the total remuneration/
fees for the Directors was overstated by a total of £50,000. Whilst the error
is not material and has no impact on the figures reported by the Company, for
completeness the correct Tables of Director's emoluments is included as an
Appendix to this announcement.

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) 20 3307 5726

 Tel: +44 (0) 1624 694694

 

Appendix

 Directors' Emoluments  Remuneration /  Fees   Performance Related Pay  Pension  2023     2022

                        £                      £                        £        £        £
 Executives
 Jim Mellon             53,725                 -                        -        53,725   51,458
 Denham Eke             53,725                 -                        -        53,725   51,458
 Douglas Grant          282,208                75,000                   28,221   385,429  327,393
 James Smeed            168,468                23,500                   16,771   208,739  187,813
                        558,126                98,500                   44,992   701,618  618,123

 Non-executives
 Gregory Bailey         27,000                 -                        -        27,000   25,758
 Alan Clarke            54,708                 -                        -        54,708   46,342
 Gregory Jones          46,667                 -                        -        46,667   41,167
 John Spellman          91,400                 -                        -        91,400   87,508
                        219,775                0                        0        219,775  200,775

 Aggregate emoluments   777,901                98,500                   44,992   921,393  818,898

 

 

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