5 May 2017 07:45
Management Resource Solutions plc
EPIC: MRS
5 May 2017
Management Resource Solutions plc
("MRS" or "the Company")
Share Subscription by Directors
MRS is pleased to announce that Trevor Brown, Non-Executive Director, and Dr Nigel Burton, Non-Executive Director, have today subscribed for 10 million new ordinary shares of €0.01 each in the Company ("Shares") at a price of 5.0p per new Ordinary Share (the "Subscription Shares") ("Subscription").
The breakdown of the Subscription Shares is as follows:
Trevor Brown - 6 million new Ordinary Shares
Dr Nigel Burton - 4 million new Ordinary Shares
Application will be made for the Subscription Shares, which will rank pari passu with the existing ordinary shares, to be admitted to trading on AIM ('Admission'). Dealings are expected to start on 10 May 2017. The proceeds from the Subscription will add to the working capital of the Company.
As the Subscription Shares are to be issued to certain Directors of the Company, the Subscription is deemed a related party transaction under the Aim Rules for Companies. The independent Directors of the Company, being John Zorbas, Joe Clayton and Timothy Jones, having consulted with Northland Capital Partners Limited, consider the terms of the Subscription to be fair and reasonable insofar as shareholders in the Company are concerned.
Following completion of the Placing and Additional Placing announced on 10 April 2017 and 19 April 2017 respectively, and the issue of the Subscription Shares, the enlarged issued share capital will be 174,068,086 Ordinary Shares on Admission ("Enlarged Share Capital"). No Shares are held in treasury at the date of this announcement. The total current voting rights in the Company on Admission will be therefore 174,068,086. Furthermore, there are 14,466,037 options and warrants outstanding.
Mr Brown's total holding will comprise of 6,000,000 Ordinary Shares, representing 3.4% of the Enlarged Share Capital.
Dr Burton's total holding will comprise of 4,000,000 Ordinary Shares, representing 2.3% of the Enlarged Share Capital.
The corresponding disclosure forms below will be submitted online to the FCA as soon as is practicable following Admission.
John Zorbas, Chairman of MRS said:
"I am very pleased that Trevor and Nigel have shown their confidence in the future of the Company by making their own significant investments in the Shares. I look forward to working further with them and the rest of the Board as we put the difficulties of recent months behind us and concentrate on enhancing the performance of the business and shareholder value."
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Trevor Brown | ||||
2. | Reason for the Notification | |||||
a) | Position/status | 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) | 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 |
| |||||
b) | Nature of the Transaction | Purchase of Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price |
£300,000.00 | ||||
e) | Date of the transaction | 5 May 2017 | ||||
f) | Place of the transaction | UK | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Nigel Burton | ||||
2. | Reason for the Notification | |||||
a) | Position/status | 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) | 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 |
| |||||
b) | Nature of the Transaction | Purchase of Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price |
£200,000.00 | ||||
e) | Date of the transaction | 5 May 2017 | ||||
f) | Place of the transaction | UK | ||||
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