News blog
Manx Financial Group
- BY: Andrew Hore |
- POSTED: 23/05/2010 |
Manx Financial Group is raising £1.9m through an open offer in order to finance the growth of the business and help fund acquisitions.
The one-for-three open offer is at 9p a share. Manx is raising as much cash as it can without having to issue a full prospectus. The open offer closes on 4 June. Two major shareholders have already committed £1.71m in the form of unsecured convertible loan stock.
The cash will provide additional regulatory capital that will enable the lending business to grow. This will help the group to move back into profitability.
Manx was formerly known as Conister Trust and then Conister Financial. Conister Bank remains the core business of the group. A wealth management arm was set up at the end of 2009.
Major banks are withdrawing from some of Conister’s main markets. As Conister’s lending is based on the deposits it takes it is not dependent on wholesale funding.
The other main business is Conister Card Services, which is a sponsor to prepaid card issuers. This business moved into profit in the second half of 2009. There was still a small full year loss in 2009 but that should be different this year.
Manx intends to make acquisitions in the financial services sector. These could be on the Isle of Man or in the UK.
At 10p a share, Manx is valued at £6.34m.
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