Management Resource Solutions PLC Update (8539S)

TIDMMRS

RNS Number : 8539S

Management Resource Solutions PLC

08 November 2019

8 November 2019

Management Resource Solutions plc

Update

The board of Management Resource Solutions plc ("MRS" or the "Company") provides the following update.

The administrators have issued a second report to the creditors of the five MRS subsidiaries listed in the announcement of 6 September 2019. The report contains background and financial information, and the costs and the status of the process. It also sets out various resolutions that are to be put to the creditors, at the forthcoming creditors meeting on 15th November. These include a vote "to decide the future of the Companies and determine whether a) The administration of the Companies should end; or b) The Companies should execute a Deed of Company Arrangement ("DOCA"); or c) The Companies should be placed into liquidation". The Administrators go on to state that "It is our recommendation that the Companies should be placed into liquidation, however, it may be necessary to adjourn the second meeting of the Companies' creditors for no longer than 45 business days to enable a sale of the Companies' business to be concluded".

The Directors of MRS will be lodging a revised proposal in the coming days with the anticipation, if successful, that the transaction will settle by mid December. At this stage, however, there can be no certainty of the outcome which depends on a number of factors including the result of the creditors meeting.

A further update will be provided as soon as appropriate.

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 
 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

MSCLLFSSLTLTIIA

(END) Dow Jones Newswires

November 08, 2019 09:53 ET (14:53 GMT)