Management Resource Solutions PLC Update (0218U)

TIDMMRS

RNS Number : 0218U

Management Resource Solutions PLC

20 November 2019

20 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 not accepted the MRS proposal and have indicated that they will now move forward with other interested parties. The Directors are unable to take negotiations further and regret that a deal could not be reached.

The administrators will advise staff in the next few days of the wind down of operations of MRS Services Group Pty Ltd, with all staff likely to be terminated on 29 November 2019 or earlier. The wind down of Bachmann Plant Hire Pty Ltd has begun with employees being made redundant this week and contracts being brought to conclusion. A minor team of staff may be retained on a casual basis post 29 November to attend to asset relocations and accounting functions.

The board will now urgently explore other options for a solvent future for MRS in order to avoid liquidation.

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

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END

MSCLIFVELELIFIA

(END) Dow Jones Newswires

November 20, 2019 02:01 ET (07:01 GMT)