Manx Telecom Announces Plans to List Shares on London Stock Market
Published on: 5th Feb 2014
Note -- this news article is more than a year old.
By: Ian Mansfield
The Isle of Man based telecoms network Manx Telecom has announced plans to list its shares on the London stock exchange.
The company said that it plans to raise £89.2 million from the listing, and its two main shareholders, HgCapital Partners and CPS Partners are selling their stakes at the same time, for an estimated £67 million.
Following the listing, 98% of the shares will be available, and the company expects to have a market capitalisation of £160 million.
Manx Telecom added that the proceeds from the listing are intended to be used, together with funding from a new facility agreement, for the repayment of all outstanding senior debt and loan notes, ensuring a strong balance sheet structure to support the future growth of the business.
Manx Telecom was formed in 1987 as a subsidiary of the state-owned British Telecom. It was later split off into BT's mobile division, which was later acquired by Telefonica.
In June 2010, Manx Telecom was sold by Telefonica to private equity investor HgCapital Partners , who worked with CPS Partners (a specialist telecommunications management company).