23 May 2018 07:00
Management Resource Solutions plc
EPIC: MRS
23 May 2018
Management Resource Solutions plc
("MRS" or "the Company")
Grant of Warrants and Options to directors and management
MRS announces the grant of Warrants and Options to subscribe for ordinary shares of €0.01 each in the Company as follows:
Warrants:
Paul Brenton (Director and Chief Executive Officer) ‐ 2,000,000 Warrants
Timothy Jones (Finance Director) ‐ 2,000,000 Warrants
The Warrants may be exercised in whole or in part at any time up to the fifth anniversary of grant at a price of 8p per Warrant, subject to the overriding condition that no Warrant may be exercised unless the quoted price of the Company's ordinary shares is at least 15p.
Options:
Jonathan McTaggart (Chief Operating Officer of MRS Services Group) ‐ 500,000 Options
Shaun Fraser (General Manager of Civil and Earthworks Division) ‐ 500,000 Options
The Options may be exercised in whole or in part at any time up to the seventh anniversary of grant at a price of 8p per Option, subject to the overriding condition that no Option may be exercised unless the quoted price of the Company's ordinary shares is at least 15p.
Related Party Transaction
The grant of the share options to the above directors constitutes a related party transaction under AIM Rule 13. The independent director, being John Zorbas, having consulted with Northland Capital Partners Limited, the Company's nominated adviser, considers that the grant of the warrants and options is fair and reasonable in so far as the Company's shareholders are concerned.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Paul Brenton Timothy Jones | |
2 | Reason for the notification | ||
a) | Position/status | Chief Executive Finance Director
| |
b) | Initial notification /Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Management Resource Solutions plc | |
b) | Legal Entity Identifier |
213800Q2UE1H9OW1ND66 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument
Identification code | Warrants over ordinary shares of €0.01 each
GB00B8BL4R23
| |
b) | Nature of the transaction | Grant of Warrants | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | Price(s) | Volume(s) |
Exercise price is 8p | 2,000,000 2,000,000
| ||
| |||
e) | Aggregated information - Aggregated volume - Price - Aggregated total |
NA | |
f) | Date of the transaction | 23 May 2018 | |
g) | Place of the transaction | Outside a trading venue | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Jonathan McTaggart Shaun Fraser | |
2 | Reason for the notification | ||
a) | Position/status | Chief Operating Officer of MRS Services Group General Manager of Civil and Earthworks Division
| |
b) | Initial notification /Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Management Resource Solutions plc | |
b) | Legal Entity Identifier |
213800Q2UE1H9OW1ND66 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument Identification code | Warrants over ordinary shares of €0.01 each
GB00B8BL4R23
| |
b) | Nature of the transaction | Grant of Options | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | Price(s) | Volume(s) |
Exercise price is 8p | 500,000 500,000
| ||
| |||
e) | Aggregated information - Aggregated volume - Price - Aggregated total |
NA | |
f) | Date of the transaction | 23 May 2018 | |
g) | Place of the transaction | Outside a trading venue | |
For further information:
Management Resource Solutions plc
John Zorbas, Chairman +1 (0) 778 938-7631
Paul Brenton, CEO +61 (0) 401 072 464
Timothy Jones, Finance Director +44 (0) 79 6644 2985
Northland Capital Partners Limited +44 (0) 20 3861 6625
(Nominated Adviser and Joint Broker)
Tom Price
Dugald Carlean
Peterhouse Corporate Finance Limited +44 (0)20 7469 0932
(Joint Broker)
Charles Goodfellow
Lucy Williams
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. On the publication of this announcement via a Regulatory Information Service ("RIS"), this information is considered to be in the public domain.
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