Manx Telecom PLC Statement regarding the Group CFO (6861N)
August 10 2017 - 8:00AM
UK Regulatory
TIDMMANX
RNS Number : 6861N
Manx Telecom PLC
10 August 2017
10 August 2017
Manx Telecom plc
Statement regarding the Group CFO
Manx Telecom Plc (AIM: MANX), the leading communication
solutions provider on the Isle of Man, announces that it has been
informed that Danny Bakhshi, CFO of the Group, is the subject of
criminal proceedings unrelated to his duties as Group CFO of Manx
Telecom.
In accordance with Company procedure, the Board has suspended Mr
Bakhshi on a precautionary basis pending investigations being
carried out. The Board will keep his suspension under review and
will aim to make the period of suspension no longer than is
reasonably necessary.
CEO Gary Lamb, formerly CFO, will serve as Group CFO on an
interim basis. Further updates will be made in due course.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/ 2014.
-ends-
For further enquiries, please contact:
Manx Telecom plc +44 (0) 1624 636100
Gary Lamb, CEO
Liberum Capital (Nominated Adviser and Corporate Broker) +44 (0)20 3100 2000
Steve Pearce
Josh Hughes
Dominik Götzenberger
Oakley Capital (Financial Adviser) +44 (0) 20 7766 6900
Christian Maher
Victoria Boxall
Powerscourt Group (Public Relations) +44 (0) 20 7250 1446
Juliet Callaghan
Simon Compton
About Manx Telecom
-- Manx Telecom is the leading communication solutions provider
on the Isle of Man, offering a wide range of fixed line, broadband,
mobile, and data centre services to businesses, consumers and the
public sector on the Isle of Man as well as a growing portfolio of
innovative hosting and "Smart SIM" solutions to off-Island
customers.
-- Manx Telecom has a record of innovation, being the first
European operator to launch a 3G mobile service and the first in
the world to launch a 3.5G mobile service. 4G service launched in
the summer of 2014, and it is now available to contract and pre-pay
customers with 99% population coverage. The Company's high speed
VDSL broadband service (Ultima) is available to 93 per cent of
homes on the Island. A VDSL Plus service launched in February
2015.
-- The Company has three data centres (two of which are Tier 3
designed) plus international connectivity and its operations are
business-critical to the economic strategy of the Isle of Man.
-- One of the largest employers on the Island, Manx Telecom
employs approximately 300 people. The Company plays a major role in
the wider community through a range of activities, including
charitable donations, sponsorships, and corporate social
responsibility initiatives.
-- The Company is proud to sponsor the Manx Telecom Parish Walk,
Tough Mann Adventure Challenge, Manx Telecom End2End Mountain Bike
Challenge, Team Manx Telecom (Manx Road Club), and Royal Manx
Agricultural Show as well as other smaller events. Manx Telecom
also donates annually to local causes through the company's "It's
our Community" programme.
-- The Isle of Man has a resilient and growing economy which has
experienced 31 years of unbroken GDP growth. Unemployment is low at
1.0 per cent, and there is a zero per cent corporate tax rate which
applies to the vast majority of Manx Telecom's business and means
that the Group currently pays no corporation tax on its annual
profits.
-- Manx Telecom is listed on the Alternative Investment Market
of the London Stock Exchange with the ticker MANX.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STREAAPEFSFXEFF
(END) Dow Jones Newswires
August 10, 2017 09:00 ET (13:00 GMT)
Manx Telecom (LSE:MANX)
Historical Stock Chart
From Apr 2024 to May 2024
Manx Telecom (LSE:MANX)
Historical Stock Chart
From May 2023 to May 2024