Management Resource Solu... Share Discussion Threads

[gnnmartin] 22/5/2019 08:54

I hope they will have more sense than to call another EGM. A series of EGMs will destroy the company more surely than Leon Hogan.

[apfindley] 22/5/2019 08:54

The nomad wont stop anything, they let a worthless acquisition of alerion pass through.

[apfindley] 22/5/2019 08:53

Yes that's why they issued 1.3 mill quid of shares for a worthless acquisition instead.

[kinwah] 22/5/2019 08:51

True Savvy, no shareholder authority to issue shares for cash.

[1savvyinvestor] 22/5/2019 08:33

I don't think they can issue shares . Nomad and regulators will stop it if not in shareholder interest

[czar] 22/5/2019 08:27

my guess is the board will issue themselves stock at a ridiculous low valuation or in place of directors fees etc take it private for almost nothing and sell it off for a huge profit

[apfindley] 22/5/2019 08:20

Top of the fallers board.Take note new viewers, the name LEON HOGAN. His activity has created the turmoil here, so beware if you ever invest in any company where his name appears.

[johnyee 7] 22/5/2019 08:17

New egm will be called. just announced on twitter

[apfindley] 21/5/2019 14:39

On what basis?Because of a low liquidity drop while the orderbook is thin due to shares being held whilst voting for the egm .Dont poo yourself.

[apfindley] 16/5/2019 15:06

Good.Hope everyone else does the same.This is our investment, WE should be in control of it...and the proposed new board will serve us much better.I urge anyone else to contact their brokers , and vote FOR the resolutions by phone or by secure message through their account, and ask for a confirmation reply msg .Time is running out. We need everyone voting who owns shares. Every small holding adds up.

[a_2_b] 16/5/2019 13:11

Got my vote in today

[apfindley] 15/5/2019 22:55

Since the TVR rns, informing all major holders they are required to release tr1's to update on any change of holdings and percentages, have there been no tr1 releases.This smacks of games and corruption.The extra issued shares changes their percentage holdings so why no updates?

[troutisout] 15/5/2019 11:20

One last push to get people voting, last day for voting for many nominees, although some will add any you buy and that settle after today to your vote, but need original vote in now....

[troutisout] 15/5/2019 09:40

Unbelievable how dodgy the BoD are and well proven in their recent behaviour.

[apfindley] 15/5/2019 09:02

Statement by members for circulation under Section 314 Companies Act 2006 Members' power to require circulation of statementsThe Board in it's circular to shareholders dated 3 May has made a number of assertions which relate directly to the motions proposed. This statement seeks to provide additional information to help shareholders make a balanced decision about the proposed resolutions. The proposed Directors seek your support to change the Board of MRS so that a new Board of Directors can run the business for the benefit of all shareholders, and not just for the select few who are friends or associates of John Zorbas and Leon Hogan. Under this Board, the share price has halved – during the time the current Board has been in charge the share price has roughly halved (from 6.9p on 29 March 2018, 3.6p at the close on 10 May). Investors have lost faith in the Board following questionable transactions – many investors have long been suspicious of the relationship between the Chairman John Zorbas and major shareholder Leon Hogan, with this concern coming to a head as a result of two questionable transactions, most notably the astonishing acquisition of a 7 month old startup with no operating experience from close business associates for £1.32m (A$2.2m). It has also emerged that 49% of the placing last July went to Leon Hogan, a Canadian/Cypriot consultancy which John Zorbas admits "assists me in my role as Chairman" and Chris Grove, a long time business associate of Hogan. These transactions have been the subject of many shareholder complaints to the FCA, AIM, the Takeover Panel and the Company's Nomad. The Board seems indifferent to investor concerns – despite the widespread concern about close relationships with the Board and the need for directors who are wholly independent of the current Board, and although no criticism of their qualities is intended, the two candidates proposed by the board are Paul Brenton's former boss and a former colleague of Tim Jones. The proposed Directors will work transparently for the benefit of all shareholders – all know MRS well, with Trevor Brown and Nigel Burton having been Directors who were both described in RNS announcements by the company as 'instrumental in the success of the 2017 placing and re?admission to AIM and having played an important role in the subsequent transformation of the Company'. Both left as a result of repeated improper interference in the business by Leon Hogan, with the support of John Zorbas. The Alerion acquisition – this acquisition, announced on 28 March, of the "unmanned aerial vehicle specialist" Alerion Consulting for £1.32m (A$2.2m) resulted in the share price dropping by 1/3 following widespread investor scepticism about the deal. Alerion is a startup founded in August 2018. The founder and former principal owner Elliott Talbott admitted at the investor presentation on 2 May that Alerion has never even completed a survey – MRS shareholders will now be bearing all the costs and risks of turning this startup with no operating history into the remarkable opportunity which the Board would like us to believe it will be. The CEO Paul Brenton also admitted that he "didn't look at any other drone operators" as alternatives to Alerion. Investors can only wonder why this business has been acquired at such a high price from Elliott Talbott and Chris Grove, who until recently were President and IT advisor of a business called Leinad which is based in the same office suite as and is believed to be partly owned by John Zorbas, and why Leon Hogan was paid £19,000 to introduce people who were already well known to him and the Chairman. Reports on conflicts of interest and Alerion valuation – the Board announced on 15 April that a report to assess any conflicts of interest and an independent valuation of Alerion would be conducted Why, if the Board is confident of its position, have neither of these been published in time to inform shareholders before the General Meeting? Why has the appointment of the firm engaged to undertake the independent valuation not been announced? How objective is the circular and how selective has it been in choosing what to present to shareholders? Shareholders can make their own assessment of the relevance and accuracy of the information selected by the MRS directors for the circular but one example will suffice. The circular highlights the remuneration paid to Trevor Brown and Nigel Burton during their time as Non-Executive Directors. Both received the same basic remuneration as the other Non-Executives, and both received agreed compensation payments on leaving. In addition, Nigel Burton charged fees, in accordance with his contract which was identical to those of the other Non-Executives, for additional work undertaken, amounting to over 100 days, including two weeks in Australia. Demand for a PollA Poll has been demanded by at least 5 members. This will ensure that the results of the voting are fully transparent and published for all shareholders to see. Recommendation to VOTE IN FAVOUR OF ALL RESOLUTIONS Shareholders have the opportunity to elect three independent NEDs to the MRS Board. Their primary focus will be to ensure that the business is run for the benefit of all shareholders. Given the concerns expressed by many shareholders, they will also:1. Uncover the truth about the events of the past year and make the details public for the benefit of all shareholders and seek redress where appropriate.2. Review the Alerion deal to cancel it or reduce the price as appropriate.3. Cooperate fully with any investigation of alleged wrong-doing by the current Board including by the FCA, AIM, the Takeover Panel and the Company's Nomad, all of which have received many complaints from shareholders. The Board has not provided a credible argument why this should not happen. Shareholders will form their own conclusions as to why the Board has failed to provide the independent report on conflicts of interest and the independent valuation of Alerion in time to inform shareholders before they vote in the General Meeting.

[johnyee 7] 15/5/2019 09:01

Here's the statement that's supposed to be on the website but nobody can find.

Statement by members for circulation under Section 314 Companies Act 2006

Members’ power to require circulation of statements

The Board in it’s circular to shareholders dated 3 May has made a number of assertions which relate directly to the motions proposed. This statement seeks to provide additional information to help shareholders make a balanced decision about the proposed resolutions.



The proposed Directors seek your support to change the Board of MRS so that a new Board of Directors can run the business for the benefit of all shareholders, and not just for the select few who are friends or associates of John Zorbas and Leon Hogan.



Under this Board, the share price has halved – during the time the current Board has been in charge the share price has roughly halved (from 6.9p on 29 March 2018, 3.6p at the close on 10 May).



Investors have lost faith in the Board following questionable transactions – many investors have long been suspicious of the relationship between the Chairman John Zorbas and major shareholder Leon Hogan, with this concern coming to a head as a result of two questionable transactions, most notably the astonishing acquisition of a 7 month old startup with no operating experience from close business associates for £1.32m (A$2.2m). It has also emerged that 49% of the placing last July went to Leon Hogan, a Canadian/Cypriot consultancy which John Zorbas admits “assists me in my role as Chairman” and Chris Grove, a long time business associate of Hogan. These transactions have been the subject of many shareholder complaints to the FCA, AIM, the Takeover Panel and the Company’s Nomad.



The Board seems indifferent to investor concerns – despite the widespread concern about close relationships with the Board and the need for directors who are wholly independent of the current Board, and although no criticism of their qualities is intended, the two candidates proposed by the board are Paul Brenton’s former boss and a former colleague of Tim Jones.



The proposed Directors will work transparently for the benefit of all shareholders – all know MRS well, with Trevor Brown and Nigel Burton having been Directors who were both described in RNS announcements by the company as ‘instrumental in the success of the 2017 placing and re‐admission to AIM and having played an important role in the subsequent transformation of the Company’. Both left as a result of repeated improper interference in the business by Leon Hogan, with the support of John Zorbas.



The Alerion acquisition – this acquisition, announced on 28 March, of the “unmanned aerial vehicle specialist” Alerion Consulting for £1.32m (A$2.2m) resulted in the share price dropping by 1/3 following widespread investor scepticism about the deal. Alerion is a startup founded in August 2018. The founder and former principal owner Elliott Talbott admitted at the investor presentation on 2 May that Alerion has never even completed a survey – MRS shareholders will now be bearing all the costs and risks of turning this startup with no operating history into the remarkable opportunity which the Board would like us to believe it will be. The CEO Paul Brenton also admitted that he “didn’t look at any other drone operators” as alternatives to Alerion. Investors can only wonder why this business has been acquired at such a high price from Elliott Talbott and Chris Grove, who until recently were President and IT advisor of a business called Leinad which is based in the same office suite as and is believed to be partly owned by John Zorbas, and why Leon Hogan was paid £19,000 to introduce people who were already well known to him and the Chairman.



Reports on conflicts of interest and Alerion valuation – the Board announced on 15 April that a report to assess any conflicts of interest and an independent valuation of Alerion would be conducted Why, if the Board is confident of its position, have neither of these been published in time to inform shareholders before the General Meeting? Why has the appointment of the firm engaged to undertake the independent valuation not been announced?



How objective is the circular and how selective has it been in choosing what to present to shareholders? Shareholders can make their own assessment of the relevance and accuracy of the information selected by the MRS directors for the circular but one example will suffice.



The circular highlights the remuneration paid to Trevor Brown and Nigel Burton during their time as Non-Executive Directors. Both received the same basic remuneration as the other Non-Executives, and both received agreed compensation payments on leaving. In addition, Nigel Burton charged fees, in accordance with his contract which was identical to those of the other Non-Executives, for additional work undertaken, amounting to over 100 days, including two weeks in Australia.



Demand for a Poll

A Poll has been demanded by at least 5 members. This will ensure that the results of the voting are fully transparent and published for all shareholders to see.



Recommendation to VOTE IN FAVOUR OF ALL RESOLUTIONS



Shareholders have the opportunity to elect three independent NEDs to the MRS Board. Their primary focus will be to ensure that the business is run for the benefit of all shareholders.



Given the concerns expressed by many shareholders, they will also:

1. Uncover the truth about the events of the past year and make the details public for the benefit of all shareholders and seek redress where appropriate.

2. Review the Alerion deal to cancel it or reduce the price as appropriate.

3. Cooperate fully with any investigation of alleged wrong-doing by the current Board including by the FCA, AIM, the Takeover Panel and the Company’s Nomad, all of which have received many complaints from shareholders.



The Board has not provided a credible argument why this should not happen.



Shareholders will form their own conclusions as to why the Board has failed to provide the independent report on conflicts of interest and the independent valuation of Alerion in time to inform shareholders before they vote in the General Meeting.

[bufala] 13/5/2019 07:43

...mind you,some are probably sitting (or want a place) in the board, and some are plain storytellers helping the first ones....

[bufala] 13/5/2019 07:27

With all those talks about investigations, deceptions, authorities....if no findings or more importantly no sanctions.... then the boomerang will reverse soon and hit in the head ones that launched it in first place....

[newtothisgame3] 12/5/2019 20:47

MRS John Zorbas' thousand lies. The Q&A the BOD refused to release!

…

[newtothisgame3] 12/5/2019 20:47

MRS John Zorbas' thousand lies. The Q&A the BOD refused to release!

…

[newtothisgame3] 12/5/2019 20:47

MRS John Zorbas' thousand lies. The Q&A the BOD refused to release!

…

[newtothisgame3] 12/5/2019 20:47

MRS John Zorbas' thousand lies. The Q&A the BOD refused to release!

…