Business
Exercise of Warrants, Issue of Equity, TVR
Exercise of Warrants, Issue of Equity, TVR.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n \nRNS Number : 0187Z Manx Financial Group PLC 12 December 2017 \n\nFOR IMMEDIATE RELEASE 12th December 2017\n \n \nManx Financial Group PLC (the 'Group')\n \nExercise of Warrants Raising Additional Regulatory Capital for Conister Bank Limited, Issue of Equity, \n \nTotal Voting Rights\n \nThe Group announces that it has received confirmation from the Isle of Man FSA that it has no objection to the exercise of 3,164,250 warrants at 7.5 pence per ordinary share of no par value by Burnbrae Limited for a consideration of £237,318.75, and to exercise 692,650 ordinary warrants at 7.5 pence per ordinary share of no par value for a consideration of £51,948.75 by Jim Mellon. All remaining outstanding warrants have now lapsed.\n \nThe exercise of warrants over the last few months has raised £1.8 million additional capital for the Group without incurring administrative expenses. The Group intends to use the proceeds to augment the regulatory capital available to Conister Bank Limited, a wholly owned subsidiary, to support new business growth. \n \nApplication has been made to issue 3,856,900 new ordinary shares to satisfy the warrant exercise, which will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM. Admission is expected on or around 14th December 2017.\n \nFollowing the exercise, Jim Mellon and his interests will hold 21,492,232 ordinary shares in the Group, which represents 16.39% of the enlarged issued share capital.\n \nThe Group's new total issued shares will be 131,096,235 ordinary shares of no par value with voting rights. The Group does not hold any ordinary shares in Treasury.\n \nThe figure of 131,096,235 ordinary shares may be used by shareholders in the Group from the date of admission 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 shares of the Group under the Financial Conduct Authority's Disclosure and Transparency Rules.\n \nFor further information, please contact:\n \nManx Financial Group P...