Manx Financial Group PLC

MFX

IM00B28ZPX83

Consumer Lending

Delayed London S.E. Other stock markets 07:43:54 2024-04-25 am EDT			5-day change	1st Jan Change
19 ^GBX	-9.52%		-9.52%	+24.59%

Apr. 22	Jefferies raises B&M to 'hold'	AN
Mar. 26	Manx annual profit grows as revenue surges; cautiously optimistic	AN

Manx Financial : New Lending Book

August 15, 2014 at 03:08 am EDT

FOR IMMEDIATE RELEASE 13 August 2014

Manx Financial Group PLC

(the 'Group')

New lending book

Manx Financial Group PLC (LSE: MFX), the financial services group which includes Conister Bank Limited, Conister Card Services Limited and Edgewater Associates Limited, has entered into a joint venture with a consortium led by Andrew Flowers, Chairman of Enterprise Insurance Company PLC ('Enterprise'), to form a company to build a loan book specialising in insurance premium and asset backed finance for the UK professional services market.

The new company, Manx Financial Limited ('MFL'), is registered in the Isle of Man. The Group will own 50.1% and Enterprise will own 49.9% of the issued share capital. The Group will appoint two of the three directors including the Chairman.

The Group, via its wholly owned banking subsidiary Conister Bank Limited, has entered into an exclusive service agreement on commercial terms with MFL to supply all of the new company's operational requirements. In turn, Enterprise will provide both proportional equity and also present unique lending opportunities to the new company. Funding facilities have been agreed with two financial institutions and a further two facilities are currently under negotiation.

Denham Eke, the Group's CEO commented: 'We have a good understanding of the premium finance market. Our new partners will provide MFL with access to markets hitherto unavailable to us. The new venture will not cannibalise our current revenue streams, but will open up a potential new customer base for our existing asset backed lending products.'

For further information, please contact:

Manx Financial Group PLC

Denham Eke, Chief Executive

Tel: +44 (0) 1624 694694

Beaumont Cornish Limited

Roland Cornish/Felicity Geidt

Tel: +44 (0) 20 7628 3396

Britton Financial PR

Tim Blackstone

Tel +44 (0) 7957 140416

This information is provided by RNS

The company news service from the London Stock Exchange

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Latest news about Manx Financial Group PLC

Jefferies raises B&M to 'hold'	Apr. 22	AN
Manx annual profit grows as revenue surges; cautiously optimistic	Mar. 26	AN
Manx Financial Group PLC Reports Earnings Results for the Full Year Ended December 31, 2023	Mar. 26	CI
Manx Financial Group PLC Recommends Dividend for the Year 2023	Mar. 26	CI
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Manx Financial shares jump on "record" yearly results	23-03-21	AN
AIM WINNERS & LOSERS: Manx Financial reports record 2022 results	23-03-21	AN
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Manx Financial Group plc Reports Earnings Results for the Full Year Ended December 31, 2022	23-03-20	CI

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Company Profile

Manx Financial Group PLC is an Isle of Man-based company, which is primarily engaged in the provision of financial services. The Company operates through its subsidiary, Conister Bank Limited (the Bank). The Bank provides a variety of financial products and services, including savings accounts, asset financing, personal loans, loans to small and medium sized enterprises, block discounting and other specialist secured credit facilities to the Isle of Man and the United Kingdom consumer and business sectors. The Company operates through three product orientated segments in addition to its investing activities: Asset and Personal Finance, including provision of hire purchase (HP) contracts, finance leases, personal loans, commercial loans, block discounting, vehicle stocking plans and wholesale funding agreements; Edgewater Associates Limited, which is engaged in the provision of financial advice; and MFX Limited, which is engaged in the provision of foreign currency transaction services.

Sector

Consumer Lending

Calendar

06:00am - Annual General Meeting

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