5 May 2017 07:30
Management Resource Solutions plc
EPIC: MRS
5 May 2017
Management Resource Solutions plc
("MRS" or "the Company")
Lifting of Suspension
MRS is pleased to announce that restoration of trading in the Ordinary Shares of €0.01 each in the Company ("Shares") will take effect from 08:00 today, 5 May 2017.
The Company's Shares were suspended from trading on AIM at the Company's request on 27 October 2016 pending clarification of the Company's financial position.
During the period of suspension, the accounts for the year to 30 June 2016 and the unaudited Interim Results for the 6 months ended 31 December 2016 have been published.
It was announced on 29 November 2016 that certain of the placing funds raised in August 2016 were not applied to the working capital needs of MRS Services Group (SubZero). There was no suggestion made that the funds had been misappropriated. However, the Board wishes to clarify that other than the payment of A$0.5 million as part of the Bachmann transaction (as previously notified), the majority of these funds were applied to the creditors of subsidiaries that are no longer in operation.
Since the suspension, the Board has been strengthened significantly, with the appointment of a new Chairman and two independent Non-Executive Directors.
The Company's balance sheet and liquidity will also be significantly improved following completion of the Placing and Additional Placing announced on 10 April 2017 and 19 April 2017 respectively, which will take effect on resumption of trading.
Application for admission
Further to the announcements of the following share issues, totalling 15,058,840 Shares, application has been made to the London Stock Exchange for these Shares to be admitted to trading on AIM. Dealings are expected to start on 9 May 2017.
16 December 2016 3,610,226 Shares as consideration
19 December 2016 397,353 Shares in lieu of fees
16 February 2017 11,051,261 Shares as consideration
Grant of warrants
Northland Capital Partners Limited has been granted Warrants to subscribe for 1,000,000 new Shares at 5 pence per Share for a period of five years, in part satisfaction of its fee arrangements.
John Zorbas, Chairman of MRS said:
"I am very pleased to announce the resumption of trading in the Company's Shares on AIM, following the difficulties faced by the Company over the past 6 months.
I would like to thank our customers, employees, lenders and shareholders and advisors for their patience and support during this period."
For further information:
Management Resource Solutions plc +1 (0) 778 938-7631
John Zorbas, Chairman
Northland Capital Partners Limited +44 (0) 20 3861 6625
(Nominated Adviser and Joint Broker)
Tom Price
Gerry Beaney
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 Regulaon 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