Management Resource Solutions PLC Company Update (4791M)

TIDMMRS

RNS Number : 4791M

Management Resource Solutions PLC

16 September 2019

16 September 2019

Management Resource Solutions plc

("MRS" the "Company" or the "Group")

Company Update

The board of MRS is pleased to advise that it is in advanced negotiations to refinance the debt secured over the Company's principle operating subsidiaries (as set out in the RNS update of 6 September 2019, "the Subsidiaries"), with Remagen Capital.

The Board expects the refinance transaction to take place in the next few days and all parties are working towards this end.

At the first meeting of creditors of the Subsidiaries, held today, the Voluntary Administrators provided a general update and confirmed that the Group is trading and it is business as usual. They confirmed that they have called for recapitalisation proposals.

If the re-financing is successful, the Board will then seek to agree a Deed of Company Arrangement under Australian law with the Voluntary Administrator, by which control of the Subsidiaries would be returned to the Company following a vote at a second creditors meeting which typically takes place in the next 3-4 weeks.

ENDS

For further information:

 
Management Resource Solutions plc    via FTI Consulting 
 Paul Brenton, CEO                    Tel: +44 (0) 20 
 Tim Jones, Finance Director          3727 1000 
Arden Partners plc (NOMAD & Broker)  Tel: +44 (0) 20 
 Tom Price/Paul Shackleton            7614 5900 
FTI Consulting (Financial PR)        Tel: +44 (0) 20 
 Alex Beagley                         3727 1000 
 James Styles 
 Sam Macpherson 
 

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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

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(END) Dow Jones Newswires

September 16, 2019 08:37 ET (12:37 GMT)