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 |
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| Record date for dividend | 17th May 2024 |
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| Scrip Price Announcement | 24th May 2024 |
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| 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 |
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| Dividend Payment | 24th June 2024 |
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| CREST stock account credited with new Ordinary Shares | 24th June 2024 |
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| 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
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Appendix
| Directors' Emoluments | Remuneration / Fees £ | Performance Related Pay £ | Pension £ | 2023 £ | 2022 £ |
| Executives |
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| 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 |
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| Non-executives |
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| 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 |
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| Aggregate emoluments | 777,901 | 98,500 | 44,992 | 921,393 | 818,898 |
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