TIDMMRS
RNS Number : 2518E
Management Resource Solutions PLC
05 May 2017
Management Resource Solutions plc
EPIC: MRS
5 May 2017
Management Resource Solutions plc
("MRS" or "the Company")
Share Subscription by Directors
MRS is pleased to announce that Trevor Brown, Non-Executive
Director, and Dr Nigel Burton, Non-Executive Director, have today
subscribed for 10 million new ordinary shares of EUR0.01 each in
the Company ("Shares") at a price of 5.0p per new Ordinary Share
(the "Subscription Shares") ("Subscription").
The breakdown of the Subscription Shares is as follows:
Trevor Brown - 6 million new Ordinary Shares
Dr Nigel Burton - 4 million new Ordinary Shares
Application will be made for the Subscription Shares, which will
rank pari passu with the existing ordinary shares, to be admitted
to trading on AIM ('Admission'). Dealings are expected to start on
10 May 2017. The proceeds from the Subscription will add to the
working capital of the Company.
As the Subscription Shares are to be issued to certain Directors
of the Company, the Subscription is deemed a related party
transaction under the Aim Rules for Companies. The independent
Directors of the Company, being John Zorbas, Joe Clayton and
Timothy Jones, having consulted with Northland Capital Partners
Limited, consider the terms of the Subscription to be fair and
reasonable insofar as shareholders in the Company are
concerned.
Following completion of the Placing and Additional Placing
announced on 10 April 2017 and 19 April 2017 respectively, and the
issue of the Subscription Shares, the enlarged issued share capital
will be 174,068,086 Ordinary Shares on Admission ("Enlarged Share
Capital"). No Shares are held in treasury at the date of this
announcement. The total current voting rights in the Company on
Admission will be therefore 174,068,086. Furthermore, there are
14,466,037 options and warrants outstanding.
Mr Brown's total holding will comprise of 6,000,000 Ordinary
Shares, representing 3.4% of the Enlarged Share Capital.
Dr Burton's total holding will comprise of 4,000,000 Ordinary
Shares, representing 2.3% of the Enlarged Share Capital.
The corresponding disclosure forms below will be submitted
online to the FCA as soon as is practicable following
Admission.
John Zorbas, Chairman of MRS said:
"I am very pleased that Trevor and Nigel have shown their
confidence in the future of the Company by making their own
significant investments in the Shares. I look forward to working
further with them and the rest of the Board as we put the
difficulties of recent months behind us and concentrate on
enhancing the performance of the business and shareholder
value."
1. Details of the person discharging managerial responsibilities
/ person closely associated
--- --------------------------------------------------------------------
a) Name Trevor Brown
--- -------------------------------- ----------------------------------
2. Reason for the Notification
--- --------------------------------------------------------------------
a) Position/status Director
--- -------------------------------- ----------------------------------
b) Initial notification/amendment Initial notification
--- -------------------------------- ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--- --------------------------------------------------------------------
a) Name Management Resource Solutions plc
--- -------------------------------- ----------------------------------
b) LEI
--- -------------------------------- ----------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv)each place where transactions have
been conducted
--- --------------------------------------------------------------------
a) Description of the Financial Ordinary Shares
instrument, type of instrument
--- -------------------------------- ----------------------------------
Identification code
--- -------------------------------- ----------------------------------
b) Nature of the Transaction Purchase of Shares
--- -------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
5.0p 6,000,000
--------- ----------
--- -------------------------------- ----------------------------------
d) Aggregated information GBP300,000.00
Aggregated volume Price
--- -------------------------------- ----------------------------------
e) Date of the transaction 5 May 2017
--- -------------------------------- ----------------------------------
f) Place of the transaction UK
--- -------------------------------- ----------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
--- --------------------------------------------------------------------
a) Name Nigel Burton
--- -------------------------------- ----------------------------------
2. Reason for the Notification
--- --------------------------------------------------------------------
a) Position/status Director
--- -------------------------------- ----------------------------------
b) Initial notification/amendment Initial notification
--- -------------------------------- ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--- --------------------------------------------------------------------
a) Name Management Resource Solutions plc
--- -------------------------------- ----------------------------------
b) LEI
--- -------------------------------- ----------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv)each place where transactions have
been conducted
--- --------------------------------------------------------------------
a) Description of the Financial Ordinary Shares
instrument, type of instrument
--- -------------------------------- ----------------------------------
Identification code
--- -------------------------------- ----------------------------------
b) Nature of the Transaction Purchase of Shares
--- -------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
5.0p 4,000,000
--------- ----------
--- -------------------------------- ----------------------------------
d) Aggregated information GBP200,000.00
Aggregated volume Price
--- -------------------------------- ----------------------------------
e) Date of the transaction 5 May 2017
--- -------------------------------- ----------------------------------
f) Place of the transaction UK
--- -------------------------------- ----------------------------------
For further information:
Management Resource Solutions plc +1 (0) 778 938-7631
John Zorbas, Chairman
Northland Capital Partners Limited +44 (0) 20 3861 6625
(Nominated Adviser and Joint Broker)
Tom Price
Gerry Beaney
Peterhouse Corporate Finance Limited +44 (0)20 7469 0932
(Joint Broker)
Charles Goodfellow
Lucy Williams
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regula􀆟on No. 596/2014
and is disclosed in accordance with the Company's obligations under
Article 17 of those Regulations. On the publication of this
announcement via a Regulatory Information Service ("RIS"), this
information is considered to be in the public domain.
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 company news service from the London Stock Exchange
END
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