Management Resource Solutions PLC Update on Consulting Business, Audit & Suspension (0460T)
30 December 2016 - 8:30PM
UK Regulatory
TIDMMRS
RNS Number : 0460T
Management Resource Solutions PLC
30 December 2016
30 December 2016
Management Resource Solutions Plc
Update on Consulting Business, Audit and Suspension
Further to previous announcements of 9 November and later, the
directors of Management Resource Solutions Plc ("MRS", "Company" or
"Group") wish to provide an update on their review of the Group's
business and the current suspension of the Company's shares from
trading on AIM.
Consulting Business
The Company has previously announced the identification of
material issues with the consulting contracts in Papua New Guinea
and New South Wales.
As a result of the external review and advice MRS Guernsey
Limited (operating entity of the Papua New Guinea contract) has
been placed into voluntary liquidation. The liquidation of MRS
Guernsey is part of the ongoing process of resolving various legacy
issues within the MRS Group, which led to the termination of the
previous CEO, Paul Morffew and the closure of the consulting
business in November 2016.
For the purposes of Schedule 2(g) to the AIM Rules for
Companies, Tim Jones, a director of MRS, was a director of MRS
Guernsey Limited until June 2016. Paul Morffew, former CEO of MRS,
was also a director of MRS Guernsey Limited and had principal
responsibility for its activities.
The Company has yet to conclude the review of the consulting
contract in NSW and will provide a market update when
appropriate.
Suspension from trading on AIM
The MRS Group accounts audit is ongoing and proving more
difficult than anticipated as a result of financial and operational
issues kept from the board by former CEO Paul Morffew. Only once
the directors are satisfied that they have fully identified the
issues within the Group and notified shareholders of such, will
application be made for the Company's ordinary shares of EUR0.01
each to be restored to trading on AIM and efforts are being made to
do this as soon as possible.
Further announcements will be made once additional information
is available.
For further information:
Management Resource Solutions PLC c/o FTI +44 (0)20 3727
1000
Murray d'Almeida, Chairman
Timothy Jones, Finance Director
Northland Capital Partners Limited +44 (0)203 861 6625
(Nominated Adviser and Joint Broker)
William Vandyk
Gerry Beaney
Peterhouse Corporate Finance Limited +44 (0)20 7469 0932
(Joint Broker)
Charles Goodfellow
Lucy Williams
FTI Consulting +44 (0)20 3727 1000
Edward Westropp
Emilie O'Herne
Management Resource Solutions (MRS), through its subsidiaries
Bachmann and SubZero, 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 to the oil & gas, mining, civil engineering,
construction and infrastructure industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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