MRS Management Resource Solutions Plc

TIDMMRS

RNS Number : 6980X

Management Resource Solutions PLC

01 May 2019

1 May 2019

Management Resource Solutions plc

("MRS", the "Company" or the "Group")

MRS Services Group completes stage 1 of debt refinancing

Management Resource Solutions plc (AIM: MRS) is pleased to announce that it has completed the first stage of its debt refinancing. The new facility replaces the existing AUD$1.5m working capital facility that was provided by the vendors of Bachmann Plant Hire Pty Ltd ("BPH") and the AUD$1.7m BPH Rent to Buy facility. The Group has now paid out all the BPH acquisition vendor liabilities and all 19 pieces of equipment that were part of the "rent to buy" facility are now fully owned by BPH.

The new AUD$3.2m debt facility (the "New Facility"), provided by Hermes Capital, is a one-year term loan with an interest rate of 12% per annum. Principal repayments on the New Facility of AUD$100,000 will be made monthly for the duration of the term loan with the balance being repayable at the end of the one-year period.

The New Facility is expected to generate net monthly cashflow savings to the Company on principal and interest payments of approximately AUD70,000. Greg Bachmann (the vendor of BPH) will continue to assist BPH on a part time basis whilst transitioning into retirement.

Paul Brenton, Chief Executive Officer of Management Resource Solutions PLC, commented:

"This is a fantastic achievement for the Company and Greg Bachmann. This allows us to move forward and concentrate on finalising the remaining large debt refinancing. I would also like to take this opportunity to thank Greg for his assistance over the past three years since MRS acquired BPH, and we wish him well for his future retirement and farming endeavours."

Second stage of debt refinancing

Further to the announcement made on 15 April 2019, the Company is pleased to report that it continues to make progress with the second stage of the debt refinancing. A further announcement will be made to shareholders on completion of the second stage of the debt refinancing.

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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