Management Resource Solutions PLC Acquisition Update (9813K)
April 22 2015 - 7:00AM
UK Regulatory
TIDMMRS
RNS Number : 9813K
Management Resource Solutions PLC
22 April 2015
22 April 2015 For immediate release
Management Resource Solutions PLC
("MRS" or the "Company")
Update on acquisition of the D&M Group
Further to the announcements of 27 March and 10 April, MRS, the
human capital resource consultancy quoted on AIM, wishes to update
shareholders on the acquisition of the D&M Group of companies
("the Acquisition").
On 4 March MRS' Australian subsidiary entered into an agreement
with Halcyon Capital Management Pty Ltd ("Halcyon"), , to provide
finance that would be used to satisfy the consideration for the
Acquisition. As required under the terms of the agreement a notice
of drawdown was served on Halcyon on 18 March and, per the
announcement of 10 April, the final pre-condition was met.
The Company is however disappointed to report that Halcyon has
defaulted on its obligations under its agreement and the directors
of MRS consider that there is little prospect of this situation
changing. Accordingly, and with the full support of the vendors of
the D&M Group, negotiations have been restarted with a number
of alternative funders in both Australia and the UK. The Company
will make a further announcement once alternative funding has been
secured but shareholders should be aware that this may take many
weeks.
For further information:
Management Resource Solutions c/o FTI +44
PLC (0)20 3727
Paul Morffew, Chief Executive 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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