Re deferred income and Manx being more profitable than its letting on. Look at the figures in the Interim accounts and the foreword by Jim Mellon "Deferred iincome increased by 65% to £20.3million. This is the equivalent of 3.2 times the periods interest income and will provide a counter to any rise in interest rates" - in other words it's income they're keeping up their sleeve. Not only has Manx got a £5m cashpile but a serious amount of deferred income too.
The convertible loan notes were made when the company was losing money - now they've been in the black for three interims on the trot, are making decent profits and have a healthy cash pile there's no need for any more. I would say the key is that Manx is underplaying its profitability by overdoing the deferred income - it's now £20million! three times more than it was this time last year. Manx is way more profitable than its letting on.......
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