Business
Exercise of warrants, £0.5 million raised, TVR
Exercise of warrants, £0.5 million raised, TVR.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n \nRNS Number : 3905U Manx Financial Group PLC 24 October 2017 \n\nFOR IMMEDIATE RELEASE 24th October 2017\n \n \nManx Financial Group PLC (the 'Group')\n \nExercise of Warrants Raising Additional £0.5 million, Issue of Equity\n \nTotal Voting Rights\n \nThe Group announces that it has today received a notice to exercise 8,333,333 ordinary shares at 6 pence per ordinary share of no par value (the \"Exercise\") from ICS Risk Solutions Limited (\"New Ordinary Shares\") for a consideration of £0.5 million. The Group intend to use the exercise proceeds to augment the regulatory capital available to Conister Bank Limited, a wholly owned subsidiary, to support new business growth. \n \nThe warrant was originally issued on 8 October 2012 to Southern Rock Insurance Company Limited and assigned to ICS Risk Solutions Limited (\"ICS\") on 27 July 2017. \n \nApplication has been made to issue the New Ordinary Shares, which will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM (\"Admission\"). Admission is expected on or around 30 October 2017.\n \nThe New Ordinary Shares will be allotted in the name of Rene Nominees (IOM) Limited as nominee for ICS Risk Solutions Limited.\n \nJohn Banks, a Director of the Group is also a Director of ICS. Following the Exercise, ICS will hold no further warrants in the Group.\n \nThe Group's new total issued shares will be 127,239,335 ordinary shares of no par value with voting rights. The Group does not hold any ordinary shares in Treasury.\n \nThe figure of 127,329,335 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 PLC\nDenham Eke, Chief Executive\nTel: +44 (0) 1624 694694\n \n...