Manx Financial Group PLC - Isle of Man-based financial services firm - Acquire 50% interest in UK-focused point of sale lender Payment Assist Ltd for an initial GBP4 million in cash.
Acquisition is conditional on satisfying certain conditions, including approval from the UK Financial Conduct Authority.
Manx will also hold an option to acquire the remaining 50% in Payment Assist for up to GBP5 million, which can be exercised at any time two years after Payment Assist publishes its accounts for the period to December 31, 2024.
"The acquisition, with no dilution to shareholders or external funding required, will position the company to capitalise on what we expect to be a high margin and profitable business now and in the future. The option positions the company to acquire the remaining 50% of Payment Assist at an attractive valuation if the business grows as the company expects over the next three years," said Chief Executive Officer Douglas Grant.
Current stock price: 8.40 pence
12-month change: up 1.8%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Manx Financial (MFX)