Manx Financial Group PLC Acquisition of Shareholding in Rivers Finance (2272B)
June 09 2021 - 2:00AM
UK Regulatory
TIDMMFX
RNS Number : 2272B
Manx Financial Group PLC
09 June 2021
FOR IMMEDIATE RELEASE 9th June 2021
Manx Financial Group PLC (the "Group")
Acquisition of Shareholding in Rivers Finance Group Plc
The Group announces that it has acquired 10% of the issued share
capital of Rivers Finance Group Plc ("Rivers Finance") through its
wholly owned subsidiary, Bradburn Limited ("Bradburn"). The shares
have been allotted to Bradburn at no cost and credited as fully
paid up. Rivers Finance is the holding company for Rivers Leasing
plc - https://www.riversleasing.com .
Rivers Finance, founded in 2002, operates a number of
subsidiaries from its base in Harrow, Greater London. These
subsidiaries offer leasing, hire purchase and business loans,
including supplier finance, for a wide range of assets and
commercial equipment to UK SMEs. Rivers Finance has been listed in
the Financial Times 1000 Europe's Fastest Growing Companies for the
last four years.
As part of the transaction, Bradburn has been granted two
warrants to acquire further shares. The first warrant is for 5% of
the share capital, and the second warrant is for a further 5% of
the share capital. The second warrant is dependent upon contracting
for an Integrated Wholesale Funding Agreement with the Group's
banking subsidiary, Conister Bank Limited ("Bank"). Currently, the
subsidiaries of Rivers Finance benefit from banking facilities
totalling GBP6.25 million from the Bank.
This increase in shareholding continues the Group's strategy of
developing the Bank's own network of specialist lenders to
resilient market sectors in the UK.
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, Chief Executive
Tel +44 (0)1624 694694
Beaumont Cornish Limited
Roland Cornish/James Biddle
Tel +44 (0) 20 7628 3396
Greentarget Limited
Dafina Grapci- Penney
Tel +44 (0) 203 963 1887
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END
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