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Manx Financial Information
Share Price Information for Manx Financial (MFX)
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Share Price:
19.50
Bid:
19.00
Ask:
20.00
Change:
0.00 (0.00%)
Spread:
1.00 (5.263%)
Open:
19.50
High:
19.50
Low:
19.50
Prev. Close:
19.50
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Don't have an account? Click here to register.Manx Financial to buy IFA contracts for £1.7m
Fri, 25th Nov 2016 13:03
(ShareCast News) - Manx Financial Group is to buy two independent financial adviser contracts books from its rival in the Isle of Man for £1.7m.The AIM-listed company's subsidiary Edgewater Associates, an Isle of Man-based retail independent financial adviser, has agreed with Knox Financial Services to buy the majority of its business on the island.The acquisition, subject to regulatory approval, includes about 4,000 clients, along with six members of staff, which generate income of up to £300,000 a year.After three months Edgewater Associated will also be able to buy the remainder of the IFA business which includes about 150 clients, making an income of up to £100,000 a year.Of the £1.7m, £900,000 will be paid on completion, £200,000 will be paid after nine months, and a final payment will be made on the first anniversary of the acquisition.Edgewater Associates' anticipated operating profit, including the acquisitions, is expected to increase by more than £400,000 a year and its combined assets under management will grow between £90m to £300m.After the acquisition, the total number of clients will be in excess of 11,000, which is 13% of the Isle of Man's population.Denham Eke, chief executive of Manx Financial, said: "Our investment in systems means that we will be able to operate the businesses at a reduced cost, both to the benefit of clients and our profitability alike. I anticipate that this will be the first of a number of market consolidations."Shares in Manx Financial were up 5.26% to 7.50p at 1234 GMT.
More News
20 Jun 2014 08:13
Manx Financial assets exceed £100m for first time
Financial services group Manx Financial said that the total value of its assets surpassed £100m for the first time ever in the second quarter and it expects this level to be maintained and exceeded for the remainder of the year. "This is the highest figure in the history of the group and marks a si
Read more7 Apr 2014 14:15
DIRECTOR DEALINGS: Manx Financial Non-Executive Buys Shares
LONDON (Alliance News) - Manx Financial Group PLC said Monday that non-executive independent Director David Gibson bought 100,000 shares at 13.75 pence each. Following this transaction Gibson holds a 1.37% interest in the company. Shares in Manx were trading down 2.7% at 13.50 pence M
Read more26 Feb 2014 13:38
Manx Financial Swings To Full-Year Profitability
LONDON (Alliance News) - Manx Financial Group PLC Wednesday said it swung to an annual pretax profit after a 49% rise in its net interest income and an increase in the number of its customers. Pretax profit was GBP1.1 million for 2013, versus a GBP700,000 pretax loss in 2012, with net inter
Read more20 Jan 2014 09:48
UPDATE: Manx Financial's Conister Bank Revs Up Challenge To High Street
LONDON (Alliance News) - Manx Financial Group PLC Monday said it expects its results for 2013 to show a "significant uplift" on the previous year. In a separate statement said its Conister Bank unit has stepped up its challenge to the UK's high street banks, after signing an agreement that
Read more20 Jan 2014 09:03
Manx Financial's Conister Bank Revs Up Challenge To High Street Banks
LONDON (Alliance News) - Manx Financial Group PLC Monday said its Conister Bank unit has stepped up its challenge to the UK's high street banks, after signing an agreement that will allow it to provide loans in the range of GBP10,000 to GBP50,000 to small and medium-sized enterprises. Ise o
Read more30 Sep 2013 16:34
PZ Cussons Chairman raises stake above 54,000
The Chairman of consumer products company PZ Cussons has acquired just over 3,000 shares, increasing his stake above 54,000. Richard Harvey purchased the shares at 411p a piece for a total spend of £12,371, just a few days after the company said its results for the last quarter were in line with ex
Read more20 Aug 2013 14:23
Manx Financial turns corner into the black
Investors piled into small cap bank Manx Financial as it bounced back into the black in the first half of the year. Executive Chairman Jim Mellon, a well-known entrepreneur and fund manager, said the company had turned a corner and confirmed the bottom line total comprehensive income was lifted fr
Read more