Issue of Shares pursuant to the Scrip Dividend
Manx Financial Group PLC will issue 1,162,469 new ordinary shares at 26.349 pence each to satisfy scrip dividend elections, with admission expected around November 20, 2025. Following this issuance, the company's total issued share capital will be 120,878,226 ordinary shares. Directors Jim Mellon and Gregory Bailey will receive 214,983 and 178,156 new shares respectively, maintaining their joint percentage holding, while Director Douglas Grant will receive 60,308 new shares.
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The Company announces that it has received valid Scrip Dividend elections from shareholders resulting in a requirement to issue 1,162,469 New Ordinary Shares ("New Shares") at a price of 26.349 pence per share.
Jim Mellon and Dr Gregory Bailey, both Directors and significant shareholders of the Company, have elected to be issued 214,983 and 178,156 New Shares of no par value respectively, representing their partial Scrip Dividend entitlements, thus maintaining their joint percentage holding under the Concert Party whitewash waiver approved on 9 April 2020. Douglas Grant also a Director of the Company, has elected to receive New Shares under the Scrip Dividend as further set out in the table below.
Application has been made for the total of 1,162,469 New Shares to satisfy the Scrip Dividend exercise, which will rank pari passu with all existing Ordinary Shares, to be admitted to trading on AIM. Admission is expected on or around 20 November 2025.
TVR
Following the issue of the New Shares, the Company's issued share capital consists of 120,878,226 Ordinary Shares of no-par value, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury. Shareholders should therefore use 120,878,226 (being the Company's issued share capital) as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Directors' Dealings
The respective holdings of the Directors following the issue of New Shares pursuant to the Scrip Dividend:
| New Shares Issued | Total Number of Ordinary Shares Held | % of Issued Share Capital | |
|---|---|---|---|
| Jim Mellon 1 | 214,983 | 22,354,357 | 18.4 9 % |
| Gregory Bailey 2 | 178,156 | 18,524,983 | 15.3 3 % |
| Douglas Grant 3 | 6 0,308 | 2,408,212 | 1.9 6 % |
1 Burnbrae Limited holds 20,026,375 Ordinary Shares. Burnbrae Limited is 100% beneficially owned by Jim Mellon. Denham Eke, Executive Vice-Chairman of MFG, is also a director of Burnbrae Limited. Vidacos Nominees Limited also holds 2,327,982 Ordinary Shares in trust for Jim Mellon.
2 Vidacos Nominees Limited holds 18,524,983 Ordinary Shares in trust for Gregory Bailey.
3 Douglas Grant holds 2,408,212 Ordinary Shares in his SIPP.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.