Management Resource Solutions PLC Payment of Deferred Consideration (9767U)
October 30 2017 - 6:41AM
UK Regulatory
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 +1 (0) 778 938-7631
Nigel Burton, Director +44 7785 234447
Trevor Brown, Director +41 7941 55384
Northland Capital Partners Limited +44 (0) 20 3861 6625
(Nominated Adviser and Joint Broker)
Tom Price
Gerry Beaney
Peterhouse Corporate Finance Limited +44 (0)20 7469 0932
(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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