10 Aug 2017 14:00
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 | +44 (0) 1624 636100 |
Gary Lamb, CEO
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Liberum Capital (Nominated Adviser and Corporate Broker) | +44 (0)20 3100 2000 |
Steve Pearce Josh Hughes Dominik Götzenberger
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Oakley Capital (Financial Adviser) | +44 (0) 20 7766 6900 |
Christian Maher Victoria Boxall
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Powerscourt Group (Public Relations) | +44 (0) 20 7250 1446 |
Juliet Callaghan | |
Simon Compton
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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 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.