Result of AGM & Dividend Declaration

Manx Financial Group PLC
25 April 2024
 

25th April 2024

 

Manx Financial Group PLC (the "Company")

Result of Annual General Meeting ("AGM")

Dividend Declaration

The Company is pleased to announce that at the AGM held today all resolutions tabled were duly passed.

As a consequence, the Company is pleased to announce a dividend of 0.4551 pence per Ordinary Share for the period from 1st January 2023 to 31st December 2023, calculated as being 10% of the profit after tax available to Shareholders.  The dividend will be paid on 24th June 2024 to holders of Ordinary Shares recorded on the register on 17th May 2024.

The Company is also offering a Scrip Dividend Scheme under which Shareholders may elect to receive New Ordinary Shares in lieu of all or part of the cash dividend ("Scrip Shares").  The price of the New Shares to be issued under the Scrip Dividend Scheme will be calculated taking the lowest daily Volume Weighted Average Price ("VWAP") derived from the Daily Official List of the London Stock Exchange plc during the period of twenty dealing days prior to (and including) the Ex-Dividend Date (capped at 20% discount to the VWAP of Ordinary Shares on the Ex-Dividend Date).

A Scrip Dividend Circular will be posted to all Shareholders on 8th May 2024 in respect of the financial year ended 31st December 2023 and will be available from that date on the Company's website (www.mfg.im/investor-centre/aim-rule-26 - Circulars Section).

The reference price for the Scrip Shares will be calculated and published on or around 24th May 2024. Admission of the Scrip Shares to trading on AIM is anticipated to be 24th June 2024.

Shareholders will receive the dividend in cash unless they have completed the Scrip Dividend Mandate (for holders of Ordinary Shares in certificated form) or a CREST Dividend Election Input Message (for holders of Ordinary Shares in CREST only).

 

Expected timetable:

Shares quoted ex-dividend

16th May 2024

 

 

Record date for dividend

17th May 2024

 

 

Scrip Price Announcement

24th May 2024

 

 

Final time and date for receipt of Scrip Dividend Mandates and submission of CREST elections

5.00 p.m. London time on 7th June 2024

 

 

Dividend Payment

24th June 2024

 

 

CREST stock account credited with new Ordinary Shares

24th June 2024

 

 

 Admission of the Scrip Shares to trading on AIM

24th June 2024

 

The Company also takes this opportunity to advise that it has identified an error in the Table of Directors' emoluments on page 36 of the Company's Consolidated Annual Financial Statements 2023 whereby the total remuneration/ fees for the Directors was overstated by a total of £50,000. Whilst the error is not material and has no impact on the figures reported by the Company, for completeness the correct Tables of Director's emoluments is included as an Appendix to this announcement.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

For further information, please contact:

Manx Financial Group PLC

Denham Eke,

Executive Vice Chairman

Tel: +44 (0) 1624 694694

 

Beaumont Cornish Limited

Roland Cornish/James Biddle

Tel: +44 (0) 20 7628 3396

 

Greentarget Limited

Jamie Brownlee

Tel: +44 (0) 20 3307 5726

 

 

Appendix

Directors' Emoluments

Remuneration /  Fees

£

Performance Related Pay

£

Pension

£

2023

£

2022

£

Executives

 





Jim Mellon

53,725

-

-

53,725

51,458

Denham Eke

53,725

-

-

53,725

51,458

Douglas Grant

282,208

75,000

28,221

385,429

327,393

James Smeed

168,468

23,500

16,771

208,739

187,813


558,126

98,500

44,992

701,618

618,123

 






Non-executives

 





Gregory Bailey

27,000

-

-

27,000

25,758

Alan Clarke

54,708

-

-

54,708

46,342

Gregory Jones

46,667

-

-

46,667

41,167

John Spellman

91,400

-

-

91,400

87,508


219,775

0

0

219,775

200,775

 






Aggregate emoluments

777,901

98,500

44,992

921,393

818,898

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100