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Management Resource Eyes "Solvent Future" To Stave Off Liquidation

Mon, 23rd Dec 2019 14:51

(Alliance News) - Management Resource Solutions PLC on Monday said it is exploring its options as the troubled Reading-based firm looks to avoid liquidation.

Shares in the maintenance, fabrication, civil and earthworks company, which predominantly operates in Australia, are currently suspended from trading.

The company said: "The board is continuing to explore options for a solvent future for Management Resource Solutions in order to avoid liquidation and further announcements will be made as appropriate."

Meanwhile, Bachmann Plant Hire Pty Ltd, MRS Services Group Pty Ltd, MRS Property No1 Pty Ltd, Holdings MRS Pty Ltd and Management Resource Solutions Pty Ltd, five of the company's Australian subsidiaries, will be voluntarily wound up.

Monday's news is the latest in what has been a challenging final few months of 2019 for the company.

In September, Management Resource said administrators were appointed for the five Australian units.

Administrators, which rejected the company's proposal to buy back some of its assets, in November said that due to the "absence of a more attractive solution", the Australian businesses will be placed into liquidation.

In addition, the firm in September warned that its annual results for the year ended June 30 are expected to "fall short of earlier expectations".

By Eric Cunha; ericcunha@alliancenews.com

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