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Open Offer
Open Offer.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 9148L Manx Financial Group PLC 14 May 2010 \n \n\nFOR IMMEDIATE RELEASE\n14 May 2010\n \nManx Financial Group PLC (the 'Company')\n \nOpen Offer of up to 21,138,817 New Ordinary Shares at 9p per share on the basis of 1 New Ordinary Share for every 3 Existing Ordinary Shares\n \nThe Company announces the Open Offer to Eligible Shareholders to subscribe for New Ordinary Shares on the terms and subject to the conditions set out in a document published today. Extracts from this document to include the expected timetable and Offer statistics are set out below, and the document is available on the Company's website at www.mtg.im, free of charge and in accordance with the requirements of the AIM Rules. A table of definitions used in the document are attached to this announcement as an appendix.\n \n1. Introduction\nIn a recent letter to Shareholders it was indicated that the Company would consider providing existing Shareholders as a whole the opportunity to subscribe for New Ordinary Shares. The Board is pleased to confirm that the Company has today announced that it is proposing to issue up to 21,138,817 New Ordinary Shares on the basis of 1 New Ordinary Share for every 3 Existing Ordinary Shares held on the Record Date by means of an Open Offer to existing Shareholders. The Company is hoping to raise up to approximately £1.9 million (before Offer Costs) through the Offer. \nThis Open Offer is made in accordance with the Company's articles of association and is in accordance with applicable laws. Although the Company's articles of association impose restrictions on the issuing of 20% or more shares in issue at any calendar year, as this Open Offer is made available to all Shareholders on a pre-emptive basis, such restrictions do not apply. If Shareholders wish to increase their investment in the Company, they can do so by applying for New Ordinary Shares under the Offer.\n2. Background to, Reasons for and Use of Proceeds of the Offer\nWhilst Conister Bank has performed credibly in the recent difficult markets and, as a consequence, has no shortage of liquidity, the Group now finds itself in the position of having insufficient regulatory capital to maximise t...