Manx Telecom PLC Statement regarding the Group CFO (6861N)

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.

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For further enquiries, please contact:

 
Manx Telecom plc                                           [phone] 
Gary Lamb, CEO 
Liberum Capital (Nominated Adviser and Corporate Broker)   [phone] 
Steve Pearce 
 Josh Hughes 
 Dominik Götzenberger 
Oakley Capital (Financial Adviser)                         [phone] 
Christian Maher 
 Victoria Boxall 
Powerscourt Group (Public Relations)                       [phone] 
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

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August 10, 2017 09:00 ET (13:00 GMT)