Management Resource Solutions PLC Completion of stage 1 of debt refinancing (6980X)
01 May 2019 - 4:01PM
UK Regulatory
TIDMMRS
RNS Number : 6980X
Management Resource Solutions PLC
01 May 2019
1 May 2019
Management Resource Solutions plc
("MRS", the "Company" or the "Group")
MRS Services Group completes stage 1 of debt refinancing
Management Resource Solutions plc (AIM: MRS) is pleased to
announce that it has completed the first stage of its debt
refinancing. The new facility replaces the existing AUD$1.5m
working capital facility that was provided by the vendors of
Bachmann Plant Hire Pty Ltd ("BPH") and the AUD$1.7m BPH Rent to
Buy facility. The Group has now paid out all the BPH acquisition
vendor liabilities and all 19 pieces of equipment that were part of
the "rent to buy" facility are now fully owned by BPH.
The new AUD$3.2m debt facility (the "New Facility"), provided by
Hermes Capital, is a one-year term loan with an interest rate of
12% per annum. Principal repayments on the New Facility of
AUD$100,000 will be made monthly for the duration of the term loan
with the balance being repayable at the end of the one-year
period.
The New Facility is expected to generate net monthly cashflow
savings to the Company on principal and interest payments of
approximately AUD70,000. Greg Bachmann (the vendor of BPH) will
continue to assist BPH on a part time basis whilst transitioning
into retirement.
Paul Brenton, Chief Executive Officer of Management Resource
Solutions PLC, commented:
"This is a fantastic achievement for the Company and Greg
Bachmann. This allows us to move forward and concentrate on
finalising the remaining large debt refinancing. I would also like
to take this opportunity to thank Greg for his assistance over the
past three years since MRS acquired BPH, and we wish him well for
his future retirement and farming endeavours."
Second stage of debt refinancing
Further to the announcement made on 15 April 2019, the Company
is pleased to report that it continues to make progress with the
second stage of the debt refinancing. A further announcement will
be made to shareholders on completion of the second stage of the
debt refinancing.
ENDS
Enquiries:
Management Resource Solutions plc via FTI Consulting
John Zorbas, Chairman Tel: +44 (0) 20
Paul Brenton, CEO 3727 1000
Tim Jones, Finance Director
Arden Partners plc (NOMAD & Broker) Tel: +44 (0) 20
Tom Price 37614 5900
Alex Penney
Maria Gomez de Olea
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Laura Saraby
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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END
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