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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Management Resource Solutions Plc | LSE:MRS | London | Ordinary Share | GB00B8BL4R23 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMRS
RNS Number : 1522I
Management Resource Solutions PLC
23 March 2015
Management Resource Solutions Plc
Update on acquisition of the D&M Group
On 5 March 2015 Management Resources Solutions Plc ("MRS" or "Company") announced that its wholly-owned Australian subsidiary, Management Resource Solutions Pty Ltd ("MRS Australia") had entered into an agreement, subject inter alia to shareholder approval, to acquire the D&M Group, a manufacturing, wet plant hire and dry plant hire group based in Queensland, Australia (the "Acquisition")
The general meeting to approve the Acquisition as a reverse takeover under the AIM Rules for Companies was held in Queensland, Australia at 6:00 p.m. (8:00 a.m. UK time) today and all resolutions proposed were passed unanimously.
The cash consideration for the Acquisition of A$6.7m and the new working capital facilities and equipment finance for the D&M Group is to be provided by Halcyon Capital Management Pty Ltd ("Halcyon"), which has entered into a loan agreement with MRS Australia to provide A$17,113,000 for the purposes of financing the Acquisition and providing such working capital.
MRS has been notified by Halcyon that there may be a delay in the provision of the first tranche of funds amounting to A$14,613,000 required to complete the Acquisition. Halcyon consider that one of the conditions to the loan, which requires the existing lenders to the D&M Group and MRS release, withdraw or discharge any security they hold over the assets of the enlarged group, has not yet been fully met and so it is not possible for the Company to draw down the funds to complete the Acquisition in Australia tomorrow as planned. Under the terms of the loan agreement the outstanding condition must be satisfied by no later than 31 August 2015 but the directors of MRS believe that the matter will be resolved very shortly.
Trading in the Company's ordinary shares of EUR0.01 each will continue on AIM and a further announcement will be made upon the completion of the acquisition of the D&M Group.
For further information:
Management Resource Solutions c/o FTI +44 (0)20 PLC 3727 1000 Paul Morffew, Chief Executive Timothy Jones, Finance Director Northland Capital Partners Limited (Nominated Adviser and Broker) William Vandyk David Hignell +44 (0)20 7382 1100 FTI Consulting Edward Westropp Oliver Winters Adam Cubbage +44 (0)20 3727 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.
Terms used but not defined in this announcement are defined in the Company's AIM admission document published on 4 March 2015. The Admission Document can be found at http://www.mrsplc.net/.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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