Manx Telecom to place on AIM

Wed, 05 Feb 2014

Manx Telecom has announced it will be listing on the Alternative Investment Market on the London Stock Exchange.

Hailing it as a 'new chapter' for the business the company says it expects to be admitted on February 10th.

The placing is expected to raise over £156 million - with shares being sold at a placing price of 142 pence.

Proceeds of the decision are intended to be used for the repayment of all outstanding senior debt and loans.

Manx Telecom says this will ensure a strong balance sheet structure to support the future growth of the business.