Management Resource Solutions PLC Statement from Requisitioning Shareholders (0836Z)
15 May 2019 - 5:05PM
UK Regulatory
TIDMMRS
RNS Number : 0836Z
Management Resource Solutions PLC
15 May 2019
15 May 2019
Management Resource Solutions plc
("MRS" or the "Company")
Statement from Requisitioning Shareholders Regarding General
Meeting
On 3 May 2019 the Company published a notice of General Meeting
as required by a requisition received from Hargreaves Lansdown
(Nominees) Ltd (on behalf of Daniel Smith) and Smith and Williamson
Nominees Ltd (on behalf of Nigel Burton) which set out six
resolutions to be put to shareholders, the aim of which is, if they
are passed, to remove John Zorbas and Timothy Jones as directors
and to appoint Nigel Burton, Trevor Brown and Daniel Smith as
directors.
Under the Company's Act 2006, shareholders who hold not less
than 5 per cent. of the total voting rights are entitled to
circulate a statement of not more than 1,000 words to shareholders
in respect of that general meeting. Such a statement was received
from Hargreaves Lansdown (Nominees) Ltd and Smith and Williamson
Nominees Ltd and has been circulated today, in its entirety and
without alteration, in a letter to shareholders.
A copy of the letter has been placed on the Company's
website.
Paul Brenton, Chief Executive Officer of MRS, commented:
"The statement does not contain anything that causes me to
change the opinions expressed in my letter to shareholders of 3 May
2019. Mr Zorbas and Mr Jones have supported me in my successful
efforts to return the Company to profitability and I believe the
Company should continue to benefit from their business and public
company experience. Mr Burton and Mr Brown have been on the board
before and I do not support their return which I believe would lead
to management disruption and jeopardise the completion of
refinancing plans currently in their final stages. As far as I am
aware, Mr Smith has no public company experience.
"Various allegations ranging from bad judgement to conflicts of
interest have been levelled at the board in relation to the
Company's acquisition of Alerion, all of which are categorically
denied. An independent valuation of Alerion and an independent
legal review of the board's procedures leading up to the
acquisition have been initiated and the conclusions of both will be
announced as soon as they are available.
"I recommend that Shareholders vote AGAINST all the Resolutions,
as the Board intends to do in respect of the 13,499,653 Shares in
which they are interested, representing approximately 6.04 per
cent. of the Company's issued ordinary share capital. The deadline
for the submission of proxies is 9.00 am London time on Monday 20
May."
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCAAMFTMBABMIL
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