StockMarketWire.com - Offshore banking and finance group Manx Financial said its Bradburn unit had exercised an option to acquire the shares of The Business Lending Exchange that it didn't already own.

Bradburn had in 2018 bought 40% of BLX and negotiated an option to acquire the remaining 60%.

It had agreed the exercise payment to be partially settled in cash of £920,503, with deferred cash payments of up to £483,663, subject to certain performance milestones.

'This acquisition furthers the group's strategy of acquiring niche lenders within the UK, to both provide direct access to specialist markets, and to reduce commissions paid,' Manx said.


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