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Manx Financial ( (GB:MFX) ) has issued an announcement.
Manx Financial Group PLC has announced the extension of an unsecured loan agreement and a convertible loan note, totaling £2.25 million, for an additional five years. These loans, which were due for repayment in February 2025, are essential for maintaining the Regulatory Capital as per the Isle of Man banking regulations. The interest rate on both loans has been adjusted to 7.5%, and the independent directors have deemed the terms fair and reasonable for shareholders, considering the competitive interest rates. Jim Mellon, a major stakeholder, has opted not to exercise his conversion rights to avoid triggering a takeover obligation.
More about Manx Financial
YTD Price Performance: 3.57%
Average Trading Volume: 53,409
Technical Sentiment Consensus Rating: Hold
Current Market Cap: £17.36M
Find detailed analytics on MFX stock on TipRanks’ Stock Analysis page.