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RNS

Approval of Acquisition and Efic Facility

Released 09:00 28-Jan-2016

RNS Number : 2851N
Management Resource Solutions PLC
28 January 2016
 

 

28 January 2015                                                                                                                        For immediate release

 

Management Resource Solutions PLC

 

("MRS" or the "Company")

 

Approval of Acquisition - Result of General Meeting

 

MRS, the human capital resource consultancy, is pleased to announce that at the Company's General Meeting to approve the acquisition of Bachmann Plant Hire Pty Ltd (the "Acquisition"), which took place at 7.00 a.m. (UK time), the resolution put to shareholders was duly passed.

The final condition of the Acquisition is re-admission of the Company's ordinary shares of €0.01 each ("Ordinary Shares") to trading on AIM, in accordance with the AIM Rules for Companies, which will take effect on 1 February 2016.  No new Ordinary Shares are being issued in connection with the Acquisition and so the existing 32,816,682 Ordinary Shares will continue to be admitted to trading.

In addition, the Company is pleased to report that it has received a loan facility of A$1.5m from Export Finance and Insurance Corporation (Efic), the Australian export credit agency.  This facility provides government-backed support of the Company's ongoing work in Papua New Guinea.

Paul Morffew, CEO of MRS said:

"The acquisition of Bachmann Plant Hire is a great step for MRS and is immediately earnings enhancing and complementary to our offering.  We are also pleased to have partnered with Efic, which is a great endorsement for the enlarged business. We look forward to integrating Bachmann into our service offering and the expanded capacity this delivers to the business.  We would also like to take this opportunity to welcome the Bachmann employees into our team."

 

-Ends-

 

For further information:

 

Management Resource Solutions PLC

Paul Morffew, Chief Executive

Timothy Jones, Finance Director

c/o FTI +44 (0)20 3727 1000



Northland Capital Partners Limited

(Nominated Adviser and Broker)

William Vandyk

David Hignell

 

+44 (0)20 7382 1100

FTI Consulting

Edward Westropp

Adam Cubbage

 

+44 (0)20 3727 1000

About MRS

 

MRS provides project, quality, environmental and health & safety management services to some of the largest companies and projects across Australia, Oceania and Southeast Asia.  MRS is a sector specialist in the construction, engineering, civil engineering, petrochemical and coal seam gas sectors. MRS sources its contractors from a database of over 23,000 professionals around the globe, allowing it to react quickly and fully to client requirements.

 

The Company's Admission Document can be found at http://www.mrsplc.net/.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Approval of Acquisition and Efic Facility - RNS