8 Nov 2019 14:53
8 November 2019
Management Resource Solutions plc
Update
The board of Management Resource Solutions plc ("MRS" or the "Company") provides the following update.
The administrators have issued a second report to the creditors of the five MRS subsidiaries listed in the announcement of 6 September 2019. The report contains background and financial information, and the costs and the status of the process. It also sets out various resolutions that are to be put to the creditors, at the forthcoming creditors meeting on 15th November. These include a vote "to decide the future of the Companies and determine whether a) The administration of the Companies should end; or b) The Companies should execute a Deed of Company Arrangement ("DOCA"); or c) The Companies should be placed into liquidation". The Administrators go on to state that "It is our recommendation that the Companies should be placed into liquidation, however, it may be necessary to adjourn the second meeting of the Companies' creditors for no longer than 45 business days to enable a sale of the Companies' business to be concluded".
The Directors of MRS will be lodging a revised proposal in the coming days with the anticipation, if successful, that the transaction will settle by mid December. At this stage, however, there can be no certainty of the outcome which depends on a number of factors including the result of the creditors meeting.
A further update will be provided as soon as appropriate.
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) 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