We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Couldn't agree more frog!
New RNS.
Looks bleak to me tbh.
I guess the two things that the investors in this company did not anticipate was fraud and the complete failure of regulation.
It is a hard lesson and the main takeaway is to steer clear of those wrongdoers who were in control and who destroyed a fundamentally decent company and the lives and careers of a number of people, as well as defrauding the shareholders.
Perhaps a special place in hell is reserved for them also
still could go to a management "buy out". take it private minus all the shareholders. Can make plenty of noises about saving jobs etc.
Hi Jono,
fully agree, smacks of a backyard deal to steal the workshop along with its modified up to date equipment for a steal firesale price. Along with lucrative contracts.
Drone was a scam to force it into the dirt, predictable the shareholders would revolt, easy to try and blame them... easy excuse for deliberate dirty tricks ploy.
Yep this company had a lot going for it except for one thing, the greed of the bod and friends to get free shares, and I will keep saying it the alerion deal was the catalyst for everything that has happened since.
If, which seems likely but you never know, mrs does go into liquidation then all the assets will be sold to pay off the creditors.
If that happens then I don't see how the company could operate.
So all the shareholders will lose their money and what is even worse hundreds of people might lose their jobs but hopefully some other company will take on their contracts and keep some employed.
I've resigned myself to losing my stake but will be keeping a close eye on what happens in the future because I don't quite believe that the people responsible for this will lose theirs, something
not adding up here, maybe along game has been played to get this outcome.
A hard lesson indeed Mr T and one thing to take away from it is never to invest in a company that has the slightest hint of any involvement with Zorbas and co.
Totally and utterly shafted. A case study on this completely bent market. I have lost all faith in the authorities and learned my lesson the hard way. I will never touch AIM again.
If you take a punt on a hole in the ground somewhere that's one thing, but to invest in a company that on paper is profitable, declares positive cashflow and is growing in a steady way that ends here and in this manner it's a total outrage that it can happen without consequence for the BoD.
the end is near it seems
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