30 Oct 2017 11:41
Management Resource Solutions plc
EPIC: MRS
30 October 2017
Management Resource Solutions plc
("MRS" or "the Company")
Payment of deferred consideration
As indicated in the RNS announcements of 16 December 2016 and 16 February 2017, it was agreed that the sum of A$500,000 due as deferred consideration to vendors of Bachmann Plant Hire was to be satisfied by the issue of further new Ordinary Shares ("Shares"), to be issued at the 10-day mid‐market closing price per share following resumption of trading of the Shares on AIM. Based on the agreed formula the number of Shares would be 5,279,859.
Following discussion with the vendors it has been agreed that the consideration will be satisfied by a combination of a cash payment of A$200,000 and the issue of 3,167,916 Shares. This arrangement satisfies the Company's obligations whilst minimising the dilution to shareholders.
These Shares were issued on 27 October, and application has been made for them to be admitted to trading on AIM. Dealings are expected to start on 2 November 2017.
Following the issue of these Shares and those arising from the exercise of warrants announced earlier today, the enlarged issued share capital will be 179,946,002 Ordinary Shares. No Shares are held in treasury at the date of this announcement. The total current voting rights in the Company will therefore be 179,946,002.
For further information:
Management Resource Solutions plc
John Zorbas, Chairman +1 (0) 778 938-7631
Nigel Burton, Director +44 7785 234447
Trevor Brown, Director +41 7941 55384
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 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
ANNEX
Template for 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
| Greg Bachmann
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Subsidiary director, who is interested in the holding registered to Karrabin Investments Pty Ltd | |||
b)
| Initial notification /Amendment
| Initial notification in relation to this issue | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Management Resource Solutions plc (MRS) | |||
b)
| LEI
| - | |||
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 | Ordinary shares | |||
Identification code | |||||
GB00B8BL4R23 | |||||
b)
| Nature of the transaction
| Allotment of deferred consideration shares, following which the interest is 17,829,403 shares, representing 9.91% of the enlarged share capital | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
- | 3,167,916 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 27 October 2017 | |||
f)
| Place of the transaction
| - | |||