Redstone Telecom's chief exec, Graham Cove, has resigned from the company citing musical differences with the rest of the band - sorry, differences over the company's future direction.

He had been MD/CEO since the company stared in 1995.

But good news is that the company has managed to hold off bankruptcy, by selling 90 per cent of a £25.3 million share sale designed to save it from certain death.

Redstone will now hold an extraordinary shareholders meeting to vote on proposed changes to the business, such as an assets sell-off and new services, on 20 July 20.

Redstone has spent £100 million building its network since February 2000. ®

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