Management Resource Solutions PLC Payment of Deferred Consideration (9767U)

TIDMMRS

RNS Number : 9767U

Management Resource Solutions PLC

30 October 2017

Management Resource Solutions plc

EPIC: MRS

30 October 2017

Management Resource Solutions plc

("MRS" or "the Company")

Payment of deferred consideration

As indicated in the RNS announcements of 16 December 2016 and 16 February 2017, it was agreed that the sum of A$500,000 due as deferred consideration to vendors of Bachmann Plant Hire was to be satisfied by the issue of further new Ordinary Shares ("Shares"), to be issued at the 10-day mid--market closing price per share following resumption of trading of the Shares on AIM. Based on the agreed formula the number of Shares would be 5,279,859.

Following discussion with the vendors it has been agreed that the consideration will be satisfied by a combination of a cash payment of A$200,000 and the issue of 3,167,916 Shares. This arrangement satisfies the Company's obligations whilst minimising the dilution to shareholders.

These Shares were issued on 27 October, and application has been made for them to be admitted to trading on AIM. Dealings are expected to start on 2 November 2017.

Following the issue of these Shares and those arising from the exercise of warrants announced earlier today, the enlarged issued share capital will be 179,946,002 Ordinary Shares. No Shares are held in treasury at the date of this announcement. The total current voting rights in the Company will therefore be 179,946,002.

For further information:

Management Resource Solutions plc

John Zorbas, Chairman [phone]

Nigel Burton, Director [phone]

Trevor Brown, Director [phone]

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 Regulation 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

ANNEX

Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 1     Details of the person discharging managerial 
        responsibilities / person closely associated 
----  -------------------------------------------------------------------------- 
 a)    Name                            Greg Bachmann 
----  ------------------------------  ------------------------------------------ 
 2     Reason for the notification 
----  -------------------------------------------------------------------------- 
 a)    Position/status                 Subsidiary director, who 
                                        is interested in the holding 
                                        registered to Karrabin Investments 
                                        Pty Ltd 
----  ------------------------------  ------------------------------------------ 
 b)    Initial notification            Initial notification in relation 
        /Amendment                      to this issue 
----  ------------------------------  ------------------------------------------ 
 3     Details of the issuer, emission allowance 
        market participant, auction platform, auctioneer 
        or auction monitor 
----  -------------------------------------------------------------------------- 
 a)    Name                            Management Resource Solutions 
                                        plc (MRS) 
----  ------------------------------  ------------------------------------------ 
 b)    LEI                             - 
----  ------------------------------  ------------------------------------------ 
 4     Details of the transaction(s): section to 
        be repeated for (i) each type of instrument; 
        (ii) each type of transaction; (iii) each 
        date; and (iv) each place where transactions 
        have been conducted 
----  -------------------------------------------------------------------------- 
 a)    Description of                  Ordinary shares 
        the financial 
        instrument, type 
        of instrument 
---- 
 
       Identification 
        code 
                                       GB00B8BL4R23 
----  ------------------------------  ------------------------------------------ 
 b)    Nature of the                   Allotment of deferred consideration 
        transaction                     shares, following which the 
                                        interest is 17,829,403 shares, 
                                        representing 9.91% of the 
                                        enlarged share capital 
----  ------------------------------  ------------------------------------------ 
 c)    Price(s) and volume(s) 
----                                   -------------------  ------------------ 
                                        Price(s)             Volume(s) 
----                                   -------------------  ------------------ 
    -                                                        3,167,916 
   -------------------------------------------------------  ------------------ 
 
 d)    Aggregated information 
---- 
 
  - Aggregated volume 
 
  - Price 
 
 e)    Date of the transaction         27 October 2017 
----  ------------------------------  ------------------------------------------ 
 f)    Place of the transaction        - 
----  ------------------------------  ------------------------------------------ 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 30, 2017 07:41 ET (11:41 GMT)