Manx Telecom to list on AIM

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.