28 Jan 2016 09:00
28 January 2015 For immediate release
Management Resource Solutions PLC
("MRS" or the "Company")
Approval of Acquisition - Result of General Meeting
MRS, the human capital resource consultancy, is pleased to announce that at the Company's General Meeting to approve the acquisition of Bachmann Plant Hire Pty Ltd (the "Acquisition"), which took place at 7.00 a.m. (UK time), the resolution put to shareholders was duly passed.
The final condition of the Acquisition is re-admission of the Company's ordinary shares of €0.01 each ("Ordinary Shares") to trading on AIM, in accordance with the AIM Rules for Companies, which will take effect on 1 February 2016. No new Ordinary Shares are being issued in connection with the Acquisition and so the existing 32,816,682 Ordinary Shares will continue to be admitted to trading.
In addition, the Company is pleased to report that it has received a loan facility of A$1.5m from Export Finance and Insurance Corporation (Efic), the Australian export credit agency. This facility provides government-backed support of the Company's ongoing work in Papua New Guinea.
Paul Morffew, CEO of MRS said:
"The acquisition of Bachmann Plant Hire is a great step for MRS and is immediately earnings enhancing and complementary to our offering. We are also pleased to have partnered with Efic, which is a great endorsement for the enlarged business. We look forward to integrating Bachmann into our service offering and the expanded capacity this delivers to the business. We would also like to take this opportunity to welcome the Bachmann employees into our team."
-Ends-
For further information:
Management Resource Solutions PLC Paul Morffew, Chief Executive Timothy Jones, Finance Director | c/o FTI +44 (0)20 3727 1000 |
Northland Capital Partners Limited (Nominated Adviser and Broker) William Vandyk David Hignell
| +44 (0)20 7382 1100 |
FTI Consulting Edward Westropp Adam Cubbage
| +44 (0)20 3727 1000 |
About MRS
MRS provides project, quality, environmental and health & safety management services to some of the largest companies and projects across Australia, Oceania and Southeast Asia. MRS is a sector specialist in the construction, engineering, civil engineering, petrochemical and coal seam gas sectors. MRS sources its contractors from a database of over 23,000 professionals around the globe, allowing it to react quickly and fully to client requirements.
The Company's Admission Document can be found at http://www.mrsplc.net/.