Management Resource Solutions PLC Result of General Meeting (1522I)
23 March 2015 - 7:30PM
UK Regulatory
TIDMMRS
RNS Number : 1522I
Management Resource Solutions PLC
23 March 2015
Management Resource Solutions Plc
Update on acquisition of the D&M Group
On 5 March 2015 Management Resources Solutions Plc ("MRS" or
"Company") announced that its wholly-owned Australian subsidiary,
Management Resource Solutions Pty Ltd ("MRS Australia") had entered
into an agreement, subject inter alia to shareholder approval, to
acquire the D&M Group, a manufacturing, wet plant hire and dry
plant hire group based in Queensland, Australia (the
"Acquisition")
The general meeting to approve the Acquisition as a reverse
takeover under the AIM Rules for Companies was held in Queensland,
Australia at 6:00 p.m. (8:00 a.m. UK time) today and all
resolutions proposed were passed unanimously.
The cash consideration for the Acquisition of A$6.7m and the new
working capital facilities and equipment finance for the D&M
Group is to be provided by Halcyon Capital Management Pty Ltd
("Halcyon"), which has entered into a loan agreement with MRS
Australia to provide A$17,113,000 for the purposes of financing the
Acquisition and providing such working capital.
MRS has been notified by Halcyon that there may be a delay in
the provision of the first tranche of funds amounting to
A$14,613,000 required to complete the Acquisition. Halcyon consider
that one of the conditions to the loan, which requires the existing
lenders to the D&M Group and MRS release, withdraw or discharge
any security they hold over the assets of the enlarged group, has
not yet been fully met and so it is not possible for the Company to
draw down the funds to complete the Acquisition in Australia
tomorrow as planned. Under the terms of the loan agreement the
outstanding condition must be satisfied by no later than 31 August
2015 but the directors of MRS believe that the matter will be
resolved very shortly.
Trading in the Company's ordinary shares of EUR0.01 each will
continue on AIM and a further announcement will be made upon the
completion of the acquisition of the D&M Group.
For further information:
Management Resource Solutions c/o FTI +44 (0)20
PLC 3727 1000
Paul Morffew, Chief Executive
Timothy Jones, Finance Director
Northland Capital Partners Limited
(Nominated Adviser and Broker)
William Vandyk
David Hignell +44 (0)20 7382 1100
FTI Consulting
Edward Westropp
Oliver Winters
Adam Cubbage +44 (0)20 3727 1000
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 are
sector specialists 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.
Terms used but not defined in this announcement are defined in
the Company's AIM admission document published on 4 March 2015. The
Admission Document can be found at http://www.mrsplc.net/.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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