Manx Financial Group PLC New Lending Book (9648O)
August 13 2014 - 2:01AM
UK Regulatory
TIDMMFX
RNS Number : 9648O
Manx Financial Group PLC
13 August 2014
FOR IMMEDIATE RELEASE 13 August 2014
Manx Financial Group PLC
(the 'Group')
New lending book
Manx Financial Group PLC (LSE: MFX), the financial services
group which includes Conister Bank Limited, Conister Card Services
Limited and Edgewater Associates Limited, has entered into a joint
venture with a consortium led by Andrew Flowers, Chairman of
Enterprise Insurance Company PLC ('Enterprise'), to form a company
to build a loan book specialising in insurance premium and asset
backed finance for the UK professional services market.
The new company, Manx Financial Limited ('MFL'), is registered
in the Isle of Man. The Group will own 50.1% and Enterprise will
own 49.9% of the issued share capital. The Group will appoint two
of the three directors including the Chairman.
The Group, via its wholly owned banking subsidiary Conister Bank
Limited, has entered into an exclusive service agreement on
commercial terms with MFL to supply all of the new company's
operational requirements. In turn, Enterprise will provide both
proportional equity and also present unique lending opportunities
to the new company. Funding facilities have been agreed with two
financial institutions and a further two facilities are currently
under negotiation.
Denham Eke, the Group's CEO commented: 'We have a good
understanding of the premium finance market. Our new partners will
provide MFL with access to markets hitherto unavailable to us. The
new venture will not cannibalise our current revenue streams, but
will open up a potential new customer base for our existing asset
backed lending products.'
For further information, please contact:
Manx Financial Group PLC
Denham Eke, Chief Executive
Tel: +44 (0) 1624 694694
Beaumont Cornish Limited
Roland Cornish/Felicity Geidt
Tel: +44 (0) 20 7628 3396
Britton Financial PR
Tim Blackstone
Tel +44 (0) 7957 140416
This information is provided by RNS
The company news service from the London Stock Exchange
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