The Board of MFG is pleased to announce that it has approved the introduction of a Dividend Scheme (“Scheme”). The Scheme will provide eligible shareholders with an opportunity to elect either to be issued with New Shares instead of a cash dividend or, alternatively, a cash dividend in respect of all dividends for which the Scheme is offered.
The inaugural dividend, subject to the Scheme’s terms, will be announced at the Company’s 2021 Annual General Meeting and will be based on a percentage of the audited profit after tax for the year ending 2020.
The script option will enable eligible shareholders to increase their holding in the Company in a simple, cost effective way, by receiving New Shares instead of cash. This will also allow the Company to retain the cash in the business that would otherwise be paid as a dividend, aiding further growth. The New Shares will rank equally with the existing Ordinary Shares in all respects.
The Terms and Conditions of the Scheme will be available on the Company’s website – www.mfg.im.
Jim Mellon, Executive Chairman, commented: “I am extremely pleased that Manx Financial Group plc will return to the dividend list after an absence of fifteen years. This initiative both expresses the confidence that the Board has for the Company’s future and also allows us to reward our loyal shareholders with a tangible benefit for their continued support”.