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Management Res Sol (MRS)

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Tuesday 12 November, 2019

Management Res Sol

Update

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and MRS PLC proposals that have been put to the administrators have been unsuccessful, and as a result, Remagen have withdrawn.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 £2m 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

Paul Brenton, CEO

Tim Jones, Finance Director

 

 

via FTI Consulting

Tel: +44 (0) 20 3727 1000

Arden Partners plc (NOMAD & Broker)

Paul Shackleton

 

 

Tel: +44 (0) 20 7614 5900

FTI Consulting (Financial PR)

Alex Beagley

James Styles

Sam Macpherson

Tel: +44 (0) 20 3727 1000

 

 

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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