Manx Financial Group PLC - Isle of Man-based financial services firm - Completes acquisition of initial 50.1% interest of short-term lender Payment Assist Ltd by Manx Ventures Ltd. The consideration rises to GBP4.2 million from GBP4 million previously. Will consolidate 50.1% of Payment Assist's trading results and payable dividend for the final quarter of this year. Once the remaining 49.9% is required, Payment Assist will become fully integrated into the group, it says.
"We have worked with Payment Assist for over seven years through our banking subsidiary, Conister Bank Ltd...Their customer focused, short-term lending products, were in great demand during the pandemic and are equally as relevant today during these uncertain economic times," says Chief Executive Officer Douglas Grant.
Current stock price: 8.10 pence, down 1.8% on Wednesday
12-month change: up 1.3%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Manx Financial (MFX)