Management Resource Solutions PLC Results of Placing (1203C)
April 10 2017 - 11:40AM
UK Regulatory
TIDMMRS TIDMURU
RNS Number : 1203C
Management Resource Solutions PLC
10 April 2017
Management Resource Solutions plc
Results of Placing
10 April 2017
The Company is pleased to announce the successful completion of
the planned Placing announced earlier today.
A total of 60,000,000 Placing Shares have been placed at a price
of 5 pence per Share. The Placing, which is subject inter alia to
the passing of the Resolutions at a General Meeting being convened
at 10.00 a.m. (UK time) on 27 April 2017, is raising GBP3 million
(before expenses) for the Company.
Accordingly, the Company is sending a circular to shareholders
today setting out further details of the Placing and convening a
general meeting to provide the Directors with the necessary
authority to allot and issue the Placing Shares and certain other
Shares and securities convertible into Shares.
The Placing is conditional inter alia upon the following
condition precedents being satisfied:
-- the passing of the necessary Resolutions by the Shareholders
at the General Meeting to be held on 27 April 2017;
-- the suspension of trading in the Shares being lifted;
-- the Group's senior lender confirming to the Company that the
Group's facilities are all operating within arrangements, that no
breach notices have been issued and the senior lender has waived
its covenant test for the quarter ending 31 March 2017 and that,
subject to payment of not less than A$500,000 outstanding under the
Group's temporary overdraft facility the balance of A$600,000 will
be extended and/or amortised for (or over) a period of not less
than 12 months to 31 March 2018; and
-- Admission of the Placing Shares,
in each case, on or before 5.00 p.m. on 28 April 2017.
Unless the context requires otherwise, capitalised terms in this
announcement have the same meanings as defined in the Company's
announcement of the Placing released via RNS earlier today.
Application will be made to AIM for the Placing Shares to be
admitted to trading on AIM. Subject to the satisfaction of the
other conditions to the Placing, it is anticipated that the
suspension of the trading of the Shares on AIM will be lifted on or
around 7.30 a.m. and Admission will occur on or around 8.00 a.m. in
each case on 28 April 2017.
This Announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR").
For further information:
Management Resource Solutions PLC +1 (0)778 938-7631
John Zorbas, Chairman
Northland Capital Partners Limited +44 (0)203 861 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
About MRS
MRS provides project, quality, environmental and health &
safety management services to some of the largest companies and
projects across Australia, Oceania and Southeast Asia. MRS is a
sector specialist in the construction, engineering, civil
engineering, petrochemical and coal seam gas sectors. MRS sources
its contractors from a database of over 23,000 professionals around
the globe, allowing it to react quickly and fully to client
requirements.
Further information on the Company can be found at
http://www.mrsplc.net/.
This information is provided by RNS
The company news service from the London Stock Exchange
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