Management Resource Solutions PLC Claim received relating to MRS Guernsey Limited (0816J)

TIDMMRS

RNS Number : 0816J

Management Resource Solutions PLC

26 June 2017

Management Resource Solutions plc

EPIC: MRS

26 June 2017

Management Resource Solutions plc

("MRS" or "the Company")

Claim received relating to MRS Guernsey Limited

The Directors of Management Resource Solutions Plc ("MRS" or "the Company") wish to provide details of a claim ("the Claim") received from the Joint Voluntary Liquidators ("JVLs") of MRS Guernsey Limited (a subsidiary of the Company that is in voluntary liquidation).

The Company has previously notified material issues relating to consulting contracts in Papua New Guinea and New South Wales. On 30 December 2016 the directors announced that MRS Guernsey Limited (the operating entity of the Papua New Guinea contract) had been placed into voluntary liquidation. The liquidation of MRS Guernsey was part of the ongoing process of resolving various legacy issues within the MRS Group. The Directors have received a letter from the JVLs claiming A$3.6 million representing the amount outstanding on the intercompany balance due to MRS Guernsey Limited from the Company. The JVLs have requested payment of this amount by 19 July 2017. In the event that payment is not made by 19 July the JVLs reserve their right to commence proceedings against the Company to recover funds for the benefit of the stakeholders of MRS Guernsey Limited.

The Company considers the Claim to be without merit and will defend the matter vigorously.

For further information:

Management Resource Solutions plc [phone]

John Zorbas, Chairman

Northland Capital Partners Limited [phone]

(Nominated Adviser and Joint Broker)

Tom Price

Gerry Beaney

Peterhouse Corporate Finance Limited [phone]

(Joint Broker)

Charles Goodfellow

Lucy Williams

This announcement includes inside information as defined in Article 7 of the Market Abuse Regula􀆟on No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. On the publication of this announcement via a Regulatory Information Service ("RIS"), this information is considered to be in the public domain.

About MRS

Management Resource Solutions plc (MRS), through its subsidiaries Bachmann Plant Hire and MRS Services Group, offers plant hire, equipment repair, refurbishment and fabrication, mine rehabilitation, earthmoving, road construction and other support services to a wide base of private and public sector clients in Australia. MRS caters predominately for the mining, civil engineering, construction and infrastructure industries.

Further information on the Company can be found at http://www.mrsplc.info

This information is provided by RNS

The company news service from the London Stock Exchange

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June 26, 2017 02:00 ET (06:00 GMT)