Management Resource Solutions PLC Update (1457T)

TIDMMRS

RNS Number : 1457T

Management Resource Solutions PLC

12 November 2019

12 November 2019

Management Resource Solutions plc

Update

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

The various joint Remagen Capital Pty Ltd ("Ramagen") and MRS PLC proposals that have been put to the administrators have been unsuccessful, and as a result, Remagen have withdrawn. The board of MRS would like to thank Remagen for their efforts and guidance over the past two months.

The administrators have advised that they have accepted an offer, subject to contract, from a third party for the sale of all the Plant and Equipment of Bachmann Plant Hire Pty Ltd and MRS Services Group Pty Ltd. The administrators have now recommended that in the absence of a more attractive solution, the five Australian companies will be placed into liquidation which would result in the entire workforce being made redundant.

Accordingly, the board of MRS has now lodged a proposal to purchase certain assets and liabilities of MRS Services Group Pty Ltd which, if accepted, would see the majority of the MRS Services Group operations continuing, including the retention of approximately 190 of the 240 existing employees. In order to fund this proposal, the Company would need to raise approximately GBP2m to be used to purchase the assets and as working capital for the MRS Group. Once finalised, details of the capital raise will be put to shareholders.

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

UPDXLLFFKFFXFBL

(END) Dow Jones Newswires

November 12, 2019 08:35 ET (13:35 GMT)