Management Resource Solutions PLC Acquisition Update (9813K)

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RNS Number : 9813K

Management Resource Solutions PLC

22 April 2015

22 April 2015 For immediate release

Management Resource Solutions PLC

("MRS" or the "Company")

Update on acquisition of the D&M Group

Further to the announcements of 27 March and 10 April, MRS, the human capital resource consultancy quoted on AIM, wishes to update shareholders on the acquisition of the D&M Group of companies ("the Acquisition").

On 4 March MRS' Australian subsidiary entered into an agreement with Halcyon Capital Management Pty Ltd ("Halcyon"), , to provide finance that would be used to satisfy the consideration for the Acquisition. As required under the terms of the agreement a notice of drawdown was served on Halcyon on 18 March and, per the announcement of 10 April, the final pre-condition was met.

The Company is however disappointed to report that Halcyon has defaulted on its obligations under its agreement and the directors of MRS consider that there is little prospect of this situation changing. Accordingly, and with the full support of the vendors of the D&M Group, negotiations have been restarted with a number of alternative funders in both Australia and the UK. The Company will make a further announcement once alternative funding has been secured but shareholders should be aware that this may take many weeks.

For further information:

 
 Management Resource Solutions            c/o FTI +44 
  PLC                                      (0)20 3727 
  Paul Morffew, Chief Executive                  1000 
  Timothy Jones, Finance Director 
 
 Northland Capital Partners Limited 
  (Nominated Adviser and Broker) 
  William Vandyk                       [phone] 
  David Hignell                                  1100 
  FTI Consulting 
   Edward Westropp 
   Oliver Winters                      [phone] 
   Adam Cubbage                                  1000 
 

About MRS

MRS provides project, quality, environmental and health & safety management services to some of the largest companies and projects across Australia, Oceania and Southeast Asia. MRS are sector specialists in the construction, engineering, civil engineering, petrochemical and coal seam gas sectors. MRS sources its contractors from a database of over 23,000 professionals around the globe, allowing it to react quickly and fully to client requirements.

This information is provided by RNS

The company news service from the London Stock Exchange

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