TIDMMRS
RNS Number : 1310A
Management Resource Solutions PLC
21 December 2017
Management Resource Solutions plc
EPIC: MRS
21 December 2017
Management Resource Solutions plc
("MRS" or "the Company")
Appointment of CEO, Retirement of Director, Grant and Exercise
of Warrants
Appointment of CEO
The Board is pleased to announce the appointment of Paul Brenton
as Chief Executive Officer and as a Director with immediate effect.
Paul is based in Newcastle, New South Wales, Australia and since
February 2017 has been CFO of the MRS group of companies.
Paul is a CPA with 20 years' experience in accounting, corporate
finance and commerce in Australia, UK and USA.
Prior to joining MRS Paul held the position of Chief Financial
Officer of a national property development group, and an ASX listed
Diversified Mining Contractor with operations in Australia and the
USA. Prior to this Paul started his career with PwC (Australia and
UK), working across a range of business sectors including clients
based in mining, manufacturing and construction.
Paul (aged 40) is currently a director or partner of the
following:
Hunter Edward Accounting Services Pty Ltd
Paul holds or has held the following directorships or
partnerships in the past five years:
Hughes Drilling 1 Pty Ltd
Hughes Drilling 2 Pty Ltd*
Hughes Drilling Corporate Pty Ltd*
Hughes Drilling Equipment Hire Pty Ltd*
JSW Australia Pty Ltd
HD JSW Pty Ltd*
Reichdrill Australia Pty Ltd*
Express Hydraulics (Aust) Pty Ltd*
Hyd-elec Australia Pty Ltd*
EDMS Metals Pty Ltd*
Every Day Mine Services Operations Pty Ltd*
GOS Drilling Pty Ltd*
Australia Gas Drilling Pty Ltd*
Reichdrill Inc
Hunter Edward Accounting Services Pty Ltd
*These companies were subsidiaries of Hughes Drilling Ltd and
were placed in Voluntary Administration in September 2016. Hughes
Drilling 1 Pty Ltd and JSW Australia Pty Ltd and were sold via a
Deed of Company Arrangement and Reichdrill Inc was sold via a trade
sale.
Mr. Brenton does not at present hold any shares in the
Company.
There is no further information to be disclosed pursuant to
Schedule Two Part (g) of the AIM Rules for Companies.
John Zorbas, Chairman of MRS said:
"I would like to welcome Paul to the Board. He has rebuilt the
finance team and worked closely with the Board in overcoming
numerous legacy issues which are now behind us, as well as leading
the management team since the changes announced in August."
Retirement of Non-Executive Director
Trevor Brown, a Non-Executive Director, has informed the Company
that he will retire from the Board with effect from 31
December.
John Zorbas, Chairman of MRS said:
"I would like to thank Trevor for his significant contribution
to the Company, both in the period prior to his appointment and in
his role as a Director since April. Trevor was instrumental in the
success of the placing and re-admission to AIM and has played an
important role in the subsequent transformation of the Company.
Trevor has recently taken on additional commitments elsewhere, and
we wish him every success in this new venture."
Trevor Brown commented: "I have been glad of the opportunity to
work closely with Nigel Burton and John Zorbas to effect the
important structural changes required to make MRS a successful
business. With the bulk of this work completed it is appropriate
for me to leave the Board, confident that the future of the Company
is in safe hands."
Grant of Warrants
MRS announces the grant of Warrants to subscribe for a total of
3,000,000 new ordinary shares of EUR0.01 each in the Company
("Shares") at a price of 8.0p per new Ordinary Share for a period
of five years.
The Warrants granted are as follows:
Trevor Brown - 1,000,000 Warrants
Timothy Jones - 2,000,000 Warrants
The Warrants granted to Mr Jones are subject to certain vesting
and performance conditions.
Exercise of Warrants
Trevor Brown, today exercised 1,000,000 Warrants at an exercise
price of 5p each. The consideration received by the Company was
GBP50,000.
The 1,000,000 new Ordinary Shares ("Shares") arising from the
exercise of these Warrants have been issued today, and application
has been made for them to be admitted to trading on AIM.
Following this transaction Mr Brown owns a total of 11,670,000
Shares.
For further information:
Management Resource Solutions plc
John Zorbas, Chairman +1 778 938-7631
Nigel Burton, Director +44 7785 234447
Trevor Brown, Director +41 7941 55384
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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