Management Resource Solutions PLC Update (1457T)
November 12 2019 - 7:35AM
UK Regulatory
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unsuccessful, and as a result, Remagen have withdrawn.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 rns@lseg.com or visit www.rns.com.
END
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