The man who played a major role in some of the behind the scenes drama that went into Manx Telecom floating on the junior market of the Stock Exchange, is to retire.
The company has confirmed that chief executive officer Mike Dee will leave the hot seat after more than three decades with the business.
Manx Telecom said that after 31 years of service and with the company ‘well positioned for the future’ Mr Dee ‘has informed the Board of his intention to retire from a full time executive career during the second half of 2015.
‘Recruitment for his successor has commenced and shareholders will be updated in due course.’
The surprise announcement came as Manx Telecom plc announced its pre-close trading update ahead of its preliminary results for the year ended December 31, 2014, due to be announced on April 14.
The Board confirms that trading remains in line with its expectations.
Mr Dee, 59, has always said the company’s decision to proceed with joining AIM, the London Stock Exchange’s international market for smaller growing companies, was the
right one. He told Business News the the board of the telecommunications company only made a final decision go ahead with the flotation of shares a week before the planned admission date last February.
He talked at the time of how he and finance director Gary Lamb took part in a helter skelter ‘roadshow’ making 62 presentations to large investors in London and Edinburgh.
Mr Dee said the huge interest shown effectively gave the green light for the Board of Manx Telecom to come to a unanimous decision to proceed with AIM. He has always told Business News that he believes the decision to join AIM was the right one for the Isle of Man. And he was proud that ordinary island residents would be able to purchase shares as well as wealthy investors.
On Manx Telecom’s website Mike Dee is described as a qualified accountant (CIMA).
He was part of the BT team involved in setting up Manx Telecom and, as former director of finance and company secretary, he has been actively involved in all licence negotiations to date.
During that period he has had responsibility for legal and regulatory affairs, including liaising with the local regulator. He was also instrumental in the development of the company’s IT functions.
The company in its latest pre-results announcement says its domestic business has performed well during the period ‘and we continue to invest in our infrastructure and support the future evolution of our product offering. Importantly the company has separately announced renewal of the existing ‘ConnectMann’ telecommunications services agreement with the Isle of Man Government.’