TIDMMRS
RNS Number : 3610U
Management Resource Solutions PLC
28 March 2019
28 March 2019
Management Resource Solutions PLC
("MRS" or the "Group")
Acquisition of Alerion Consulting Ltd
MRS strengthens service offering with acquisition of unmanned
aerial vehicle specialist
Transaction Highlights
-- Acquisition complements MRS' civil operations across both existing divisions
-- Provides Group with competitive advantage through cutting edge UAV technology
-- Group expected to benefit from cost savings as a result of
more efficient aerial mapping and surveying capabilities
-- Potential to benefit from new revenue streams
Management Resource Solutions Plc ("MRS"), a leading
Maintenance, Fabrication, Civil and Earthworks company, is pleased
to announce the acquisition of Alerion Consulting Ltd ("Alerion")
from its founder Elliott Talbott and others for a consideration of
GBP1,320,000 to be satisfied by the issue of 26.4 million ordinary
shares of MRS at an agreed price of 5p per share, credited as fully
paid (the "Consideration Shares").
The acquisition will be made by Aerial Survey Solutions Pty Ltd
("Aerial") a newly formed wholly-owned subsidiary of MRS
incorporated in Australia. Application will be made for the
Consideration Shares to be admitted to trading on AIM at 8.00 a.m.
on or around 4 April 2019.
Alerion owns the intellectual property and other assets relating
to unmanned aerial systems developed under the program name "Aerial
Cinematics." Aerial Cinematics is an Unmanned Aerial Systems
("UAS") based photography, mapping and surveillance systems design
project. The program is focused on the building and deploying of
modular UAS payloads and flight pattern optimisation on fixed wing
"transition" (vertical take-off and landing) Unmanned Aerial
Vehicles ("UAV"). Included in the acquisition are full ownership
rights of all Aerial Cinematics IP and a full suite of ground
control systems and payloads.
Alerion was incorporated on 3 August 2018 and, apart from
acquiring the assets relating to Aerial Cinematics, has not traded,
whilst it has been in the technology development phase. MRS has
secured the company and its IP before its commercial deployment.
Alerion made a loss before tax of GBP88,800 during the period from
3 August 2018 to 12 March 2019 and had tangible assets of
GBP47,650, according to unaudited management information.
Complementary to the civil operations in both MRS' divisions,
Aerial Cinematics will provide precision aerial mapping of open pit
mines and earthworks including volumetric calculations, railway
maintenance, water erosion mapping and terrain modelling with full
geo-referencing. This will be carried out using Aerial Cinematics'
innovative build out of a transitional UAV, LiDAR (Light Detection
and Ranging) scanners/photogrammetry system and fully automated and
optimised flight paths that form the full UAS.
In a single 90 minute flight, the Aerial Cinematics UAS is able
to survey an area that would normally take a full team of
ground-based surveyors approximately four days to complete,
returning data either as a live feed or fully processed the next
day. In addition to these new potential revenue streams, Aerial
Cinematics will also save MRS and its Bachmann subsidiary
approximately $240,000 AUD in current third party fees and deliver
same day information on demand, as opposed to the 30 day lead time
provided by the once a month external vendor it currently
contracts.
In addition to the surveying services offered, the Aerial
Cinematics intellectual property will allow MRS to add blast mining
mapping, planning and site safety to its services using a
combination of UAV and a propriety payload including precision
ground marking, LiDAR mapping and thermography sensors. The
directors consider that the availability of this facility will
considerably enhance the efficiency and growth potential of MRS's
services. Several other new revenue streams will also be opened up
as a result of the UAV's modular payload system including forestry,
waterway, rail, highway, land clearance mapping, and power line
development and maintenance.
MRS is also pleased to announce that Aerial has secured the
services of Elliott Talbott, Director of Alerion, under the terms
of a service agreement for an initial period of one year and then
subject to six months' notice. In his new role, Elliott will lead
the build-up and deployment of MRS' new UAV based services and
brings with him seventeen years of aerospace experience. He was
recently responsible for the management of Facebook's
ground-breaking multi-million dollar project Aquila, a long
endurance fixed wing UAV. As a senior manager at Facebook's
Connectivity Labs, Elliott was also responsible for the facility
build, aircraft production, structural testing, avionic and
electrical build and integration, export and shipping and flight
test of this bleeding edge solar UAV.
The vendors of Alerion have agreed that they will not dispose of
any Consideration Shares for a period of six months following
completion of the Acquisition and that thereafter they will comply
with the terms of the MRS Share Dealing Code.
John Zorbas, Chairman of MRS, commented:
"We are very pleased to have acquired Alerion which is an
exciting business that will complement the service offering of the
MRS Group, further enhancing the industry-leading services we offer
to our customers. The acquisition demonstrates the Group's business
model of acquiring complementary businesses while securing cutting
edge, technology-enhancing products, giving MRS a significant
advantage in its field.
"MRS would also like to welcome Elliott Talbott to the Company
and is extremely pleased to have engaged someone with such
extensive experience in program management and UAV fields. This is
an exciting time in the Group's development and should now
demonstrate the Company's ability to secure the expertise and
services of key influential figures in their field, as we look
forward to further expanding the Company's portfolio."
ENDS
Enquiries:
Management Resource Solutions plc via FTI Consulting
John Zorbas, Chairman Tel: +44 (0) 20
Paul Brenton, CEO 3727 1000
Tim Jones, Finance Director
Arden Partners plc (NOMAD & Broker) Tel: +44 (0) 20
Tom Price 37614 5900
Alex Penney
Maria Gomez de Olea
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Laura Saraby
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
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END
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