Manx Telecom is expected to be admitted to London’s junior stock market on Monday, February 10, according to a trusted public source.
Speculation was rife earlier this month after the City business world’s ‘Bible,’ the Financial Times, revealed the island telecoms group was preparing for a float on the junior AIM market.
Now the date for admission has been confirmed by RNS, the company news service from the London Stock Exchange.
The announcement is made by the AIM applicant prior to admission in accordance with rules.
According to the report it is yet to be confirmed how many ordinary shares worth 2p each will be admitted in the capital of the company at a price also to be confirmed.
The listing discloses that the significant shareholders are the private equity group HgCapital which bought the telecoms group from Spanish giant Telefonica in 2010.
London-based Liberum Capital Limited is listed as both the nominated adviser and broker for the move to join AIM which is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market.
According to RNS, the official date of notification for MT to join AIM was made on Monday this week. (January 27).
It lists MT directors as Kevin Walsh, non executive chairman, Mike Dee, chief executive officer, Gary Lamb, finance director, Jeffrey Hume, senior independent non-executive director and Sir Miles Walker, non-executive director.
The company business is described as follows: ‘The Manx Telecom group is the leading communication solutions provider on the Isle of Man. The group offers a wide range of fixed line, broadband, mobile and data centre services to businesses, consumers and the public sector on the Isle of Man. The Group also provides a growing portfolio of innovative solutions to offshore customers.’