Business
Loan Agreement Extensions
Manx Financial Group PLC has extended two unsecured loan agreements totaling £2.0 million for another five years to support Conister Bank Limited's regulatory capital. The loans, consisting of £1.0 million each from Burnbrae Limited and Culminant Reinsurance Limited, were originally issued on 15 October 2020. The renewed loans now carry an increased annual interest rate of 8%, up from the previous 6%, with all other terms remaining unchanged. These loans are repayable by the Company at any time during the period. Independent directors have deemed the loan terms fair and reasonable for shareholders. Disclaimer*
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE 30 September 2025\n \nManx Financial Group PLC (the \"Company\")\nLoan Agreement Extensions\nManx 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.\nThe 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.\nBoth 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.\nAfter 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.\nTHIS 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.\nFor further information, please contact:\n\n\n\n\nManx Financial Group PLC\n\n\nBeaumont Cornish Limited\n\n\nTavistock Communications Limited\n\n\nGreentarget Limited\n\n\n\n\nDenham Eke\n\n\nRoland Cornish/\nJ...