Management Resource Solutions PLC Further re. Temporary Suspension of Trading (5282L)
06 September 2019 - 8:47PM
UK Regulatory
TIDMMRS
RNS Number : 5282L
Management Resource Solutions PLC
06 September 2019
6 September 2019
Management Resource Solutions plc
("MRS" or the "Company")
Further re. Temporary Suspension of Trading
Further to the announcement of 4 September 2019, the Company
confirms that Voluntary Administrators have been appointed to five
of the Company's operating subsidiaries pursuant to Section 436C of
the Corporations Act 2001. These subsidiaries are:
-- Holdings (MRS) Pty Ltd
-- MRS Services Group Pty Ltd
-- Bachmann Plant Hire Pty Ltd
-- MRS Property No 1 Pty Ltd
-- Management Resource Solutions Pty Ltd.
The appointment of Voluntary Administrators was made by Hermes
Capital, a secured creditor, with reference to the facility
announced on 1 May 2019.
The Company and its Australian financial advisers met with the
Voluntary Administrators yesterday to ascertain their plans. The
Administrators have confirmed that it is 'business as usual' for
the operating companies, and they have sufficient capital to trade
the businesses, whilst they call for options to recapitalise the
businesses.
The Board of MRS has committed to the Administrators to work
with them to seek to bring about an end to the administration
process as quickly as possible.
A creditors' meeting is scheduled for Monday 16 September and
further updates will be notified in due course.
ENDS
For further information:
Management Resource Solutions plc via FTI Consulting
Paul Brenton, CEO Tel: +44 (0) 20
Tim Jones, Finance Director 3727 1000
Arden Partners plc (NOMAD & Broker) Tel: +44 (0) 20
Tom Price/Paul Shackleton 7614 5900
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Sam Macpherson
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
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