Management Resource Solutions PLC Further update on acquisition of the D&M Group (1073Q)
15 June 2015 - 4:00PM
UK Regulatory
TIDMMRS
RNS Number : 1073Q
Management Resource Solutions PLC
15 June 2015
Management Resource Solutions PLC
Further update on acquisition of the D&M Group
Management Resource Solutions plc ("MRS" or the "Company")
wishes to provide shareholders with a further update on the
proposed acquisition of the D&M Group (the "Proposed
Acquisition").
The Share Sale Agreement ("SSA") entered into with the vendors
of the D&M Group ("Vendors") on 4 March 2015 required all
conditions, including shareholder consent and payment of the
consideration, to be met by 31 March 2015. In light of the
difficulties securing funds from Halcyon Capital Management Pty Ltd
("Halcyon"), the Vendors agreed to extend the end date for
satisfaction of these conditions on a rolling basis whilst attempts
were made by the Company to secure the funds to complete the
Proposed Acquisition from either Halcyon or an alternative
lender.
It is with regret that the directors of MRS now have to inform
shareholders that at close of business on 12 June 2015 they were
notified that the Vendors no longer wished to pursue negotiations
and accordingly the Proposed Acquisition will not be
proceeding.
The directors maintain that the D&M Group would make an
attractive addition to MRS but accept the notice given by the
Vendors. The transaction process and the ramifications of Halcyon's
default have impacted the financial performance of the existing MRS
business for the year ending 30 June 2015 and the Company will
provide shareholders with an update in this regard following the
year end.
The Company's ordinary shares have been suspended from trading
on AIM since 8 April 2015 when it first became apparent that
Halcyon may not be able to deliver on its contractual funding. In
light of the termination of the SSA, the Halcyon funding is no
longer required and application has been made for the Company's
ordinary shares to be restored to trading on AIM with effect from
0730 today.
For further information:
Management Resource Solutions c/o FTI
PLC +44 (0)20
Paul Morffew, Chief Executive 3727 1000
Timothy Jones, Finance Director
Northland Capital Partners Limited
(Nominated Adviser and Broker)
William Vandyk +44 (0)20 7382
David Hignell 1100
FTI Consulting
Edward Westropp
Oliver Winters +44 (0)20 3727
Adam Cubbage 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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