Manx Financial (MFX) the AIM listed bank based on the Isle of Man, where my pal Jim Mellon is the second largest shareholder and also the chairman, has announced a raft of board changes. No offence intended Jim, but from a G as in Governance perspective this sucks. Now Manx is very well and conservatively run so this is not suggesting anything is amiss but it is how it looks.
The sub scale bank Manx Financial (MFX) admitted yesterday morning that it could do with raising some more capital for regulatory purposes. It had considered a placing but, for some reason, that idea had not flown. But luckily its chairman Jim Mellon had a stack of warrants at 6p outstanding with a deadline for exercise of er...yesterday. With the share price at 8p surely this was a nil brainer for my good friend, the offshore based asset stripper, Mellon?
Arron Banks is a big UKIP backer as is his pal Jim Mellon, although the old asset stripper of Uramin infamy is not actually allowed to vote in the UK as he lives offshore in the Isle of Man. Private Eye this week looks at how the two men have not exactly prospered by backing the underperforming, sub scale, IOM-based, AIM-listed, bank Manx Financial (MFX). It also questions whether Banks is as rich as he claims. Enjoy...
