16 Sep 2019 13:37
16 September 2019
Management Resource Solutions plc
("MRS" the "Company" or the "Group")
Company Update
The board of MRS is pleased to advise that it is in advanced negotiations to refinance the debt secured over the Company's principle operating subsidiaries (as set out in the RNS update of 6 September 2019, "the Subsidiaries"), with Remagen Capital.
The Board expects the refinance transaction to take place in the next few days and all parties are working towards this end.
At the first meeting of creditors of the Subsidiaries, held today, the Voluntary Administrators provided a general update and confirmed that the Group is trading and it is business as usual. They confirmed that they have called for recapitalisation proposals.
If the re-financing is successful, the Board will then seek to agree a Deed of Company Arrangement under Australian law with the Voluntary Administrator, by which control of the Subsidiaries would be returned to the Company following a vote at a second creditors meeting which typically takes place in the next 3-4 weeks.
ENDS
For further information:
Management Resource Solutions plc Paul Brenton, CEO Tim Jones, Finance Director
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
Arden Partners plc (NOMAD & Broker) Tom Price/Paul Shackleton
| Tel: +44 (0) 20 7614 5900 |
FTI Consulting (Financial PR) Alex Beagley James Styles Sam Macpherson | Tel: +44 (0) 20 3727 1000 |
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