27 Nov 2014 07:00
27 November 2014
Manx Telecom Plc
Issue of Equity
Manx Telecom Plc (AIM:MANX; the "Company"), the leading communication solutions provider on the Isle of Man, has applied for 137,500 new ordinary shares (the "Shares") to be admitted to trading on AIM ("Admission") for transfer into an employee benefit trust ("EBT") as part of an employee share scheme.
It is expected that Admission will become effective on 2 December 2014. The New Ordinary Shares will, following allotment, rank pari passu in all respects with the existing issued ordinary shares of £0.002 pence each in the share capital of the Company.
The Company previously announced on 25 September that 1m new ordinary shares would be issued and transferred into an EBT from which shares would be granted to employees in 2014 and future years. The Board has subsequently decided to only issue new shares in respect of awards currently due.
Following Admission, Manx Telecom's issued share capital will be 112,959,787 ordinary shares of £0.002 pence each. The Company does not hold any ordinary shares in treasury. Therefore the total number of voting rights in the Company will be 112,959,787.
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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 services launched in the summer of 2014, while the Company's high speed VDSL broadband service (Ultima) is available to over 80 per cent of homes on the Island.
· The Company has two Tier 3 data centres 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 over 280 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, 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 29 years of unbroken GDP growth. Unemployment is low at approximately 2.4 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.