Management Resource Solutions PLC Operational update and acquisition statement (5160B)
October 07 2015 - 6:10AM
UK Regulatory
TIDMMRS
RNS Number : 5160B
Management Resource Solutions PLC
07 October 2015
7 October 2015
Management Resource Solutions PLC
Operational update and statement regarding proposed
acquisition
On 20 August 2015, Management Resource Solutions PLC ("MRS" or
"Company") announced its ordinary shares had been temporarily
suspended from trading on AIM pending the publication of an
admission document in relation to a proposed reverse acquisition or
an announcement that such transaction was not proceeding. The
Company would like to make the following statement in relation to
this and provide an operational and trading update.
Potential Acquisition
The Company has signed a non-binding heads of terms for the
purchase of an earthmoving business in Australia and this is
continuing subject to a final approval from Westpac Bank and
shareholder consent. The Company has now completed the audit of the
acquisition target and an asset valuation. Work has commenced on
the legal due diligence necessary prior to finalising a share sale
agreement and securing formal approval from Westpac Bank in regards
to a loan facility required for the acquisition. The Directors of
MRS currently anticipate that they will be able to send an AIM
admission document to shareholders regarding the proposed
acquisition by mid-November 2015. It is anticipated that the
Company's shares will be re-admitted to trading following this.
Business Update
The Company is pleased to report that it has just been awarded a
four month contract for A$5.5M in relation to a new project in
Papua New Guinea. This contract has been in negotiation since
October 2014 and the Company originally hoped to secure and
complete this project in the financial year ended 30 June 2015.
The Company has also tendered for numerous large projects in the
Asia Pacific region and continues to see a steady pipeline of
opportunities.
Trading Update
The Company is currently preparing its audited results for the
year ended 30 June 2015 which will be published with details of the
reverse transaction but, as has already been signaled, these will
be adversely impacted by the exceptional costs of the Company's IPO
in December 2014 and the aborted reverse takeover in the latter
half of the financial year.
It is currently expected that, subject to any alterations made
as part of the audit process, total income for the year will be in
the order of A$17m (2014: A$10.5m) and that the Company will report
a net loss after taxation of approximately A$900,000 (2014:
A$52,000 profit) including exceptional non-recurring costs of
approximately A$2m. Excluding these costs, the Company would have
reported a profit of around A$1m for the year, a significant
improvement on the previous comparable period. In light of the
anticipated loss the Company does not intend to declare a final
dividend in respect of the year ended 30 June 2015, having already
paid an interim dividend of 0.35p per share.
It is anticipated that the Company will report its audited
results for the year ended 30 June 2015 with the AIM Admission
document in mid-November.
For further information please call:
Management Resource Solutions via FTI Consulting
PLC
Paul Morffew (CEO) Tel: +44 (0)
20 3727 1000
Northland Capital Partners Limited Tel: +44 (0)20
(Nomad) 7382 1100
William Vandyk
David Hignell
Tel: +44 (0)20
FTI Consulting (Financial PR) 3727 1000
Edward Westropp
Adam Cubbage
Notes to Editors
Management Resource Solutions is a quality assured ISO 9001
Company focused on delivering high quality services with emphasis
on establishing mutually beneficial long-term relationships with
its clients.
The Management Resource Solutions charter is to provide
organisations involved in Engineering, Procurement, and
Construction Management throughout Australia, Asian Pacific Region
and the Middle East with solutions for managing quality, process
and project risk. The Company provides the technical advice, expert
staff, system components and training that enable our clients to
build risk management systems into their environment, gain
appropriate certifications and assist them in the operation of the
systems.
More information is available at www.mrslimited.com
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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