Management Resource Solutions PLC Update (8539S)
November 08 2019 - 9:53AM
UK Regulatory
TIDMMRS
RNS Number : 8539S
Management Resource Solutions PLC
08 November 2019
8 November 2019
Management Resource Solutions plc
Update
The board of Management Resource Solutions plc ("MRS" or the
"Company") provides the following update.
The administrators have issued a second report to the creditors
of the five MRS subsidiaries listed in the announcement of 6
September 2019. The report contains background and financial
information, and the costs and the status of the process. It also
sets out various resolutions that are to be put to the creditors,
at the forthcoming creditors meeting on 15th November. These
include a vote "to decide the future of the Companies and determine
whether a) The administration of the Companies should end; or b)
The Companies should execute a Deed of Company Arrangement
("DOCA"); or c) The Companies should be placed into liquidation".
The Administrators go on to state that "It is our recommendation
that the Companies should be placed into liquidation, however, it
may be necessary to adjourn the second meeting of the Companies'
creditors for no longer than 45 business days to enable a sale of
the Companies' business to be concluded".
The Directors of MRS will be lodging a revised proposal in the
coming days with the anticipation, if successful, that the
transaction will settle by mid December. At this stage, however,
there can be no certainty of the outcome which depends on a number
of factors including the result of the creditors meeting.
A further update will be provided as soon as appropriate.
ENDS
For further information:
Management Resource Solutions plc via FTI Consulting
Paul Brenton, CEO Tel: +44 (0) 20
Tim Jones, Finance Director 3727 1000
Arden Partners plc (NOMAD & Broker) Tel: +44 (0) 20
Paul Shackleton 7614 5900
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Sam Macpherson
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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