Manx Financial extends loan terms with Burnbrae, director

22nd Jul 2022 12:33

(Sharecast News) - Manx Financial Group announced on Friday that Jim Mellon and Burnbrae have agreed to extend outstanding unsecured convertible loans of £1.7m, due to expire on 31 July, for a further five years to 31 July 2027.

The AIM-traded firm said a loan of £1.2m was from Burnbrae, and the remaining loan of £0.5m was from Mellon himself.

It said the new annual interest rate would be 7.5%, up from a previous 5.0%, and the new conversion price would be 8p per share, up from 7.5p.

"All other terms are unchanged, including the ability for the company to repay the loans at any time during the period," the board said in its statement.

At 1032 BST, shares in Manx Financial Group were flat at 8.5p.

Reporting by Josh White at Sharecast.com.