Manx Financial Group PLC - Isle of Man-based financial services firm - Says Director Jim Mellon and Burnbrae Ltd have agreed to extend outstanding unsecured convertible loans of GBP1.7 million, due to expire on July 31, for a further five years to July 31, 2027. A loan of GBP1.2 million is from Burnbrae and the remaining loan of GBP500,000 is from Mellon. The new annual interest rate will be 7.5%, previously 5.0%, and the new conversion price will be 8.0 pence per share, previously 7.5p. All other terms are unchanged.
Mellon is a director of Manx Financial and indirectly wholly owns and is chair of Burnbrae. Denham Eke, also a director of Manx Financial, is managing director.
Current stock price: 8.50p in London on Friday
12-month change: up 17%
By Sophie Rose; sophierose@alliancenews.com
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Manx Financial (MFX)