The board of Management Resource Solutions Plc ('MRS' or 'Company') wish to update shareholders regarding a number of issues, including the requisitioned general meeting to be held on 24 February 2017.

Voluntary Administration of Subsidiaries

As shareholders will be aware, the Company formerly operated consulting contracts in respect of projects in Papua New Guinea and New South Wales for which Notices of Default were served and work ceased during 2016. To cover losses in these contracts a provision of $6.6m has been included in the audited consolidated accounts of the Company to 30 June 2016. In order to separate the continuing business of the MRS group from previous operations, MRS PNG Limited and MRS Guernsey Limited were placed in Voluntary Liquidation in December 2016 and Management Resource Solutions Pty Ltd, an Australian subsidiary of MRS Plc, has been placed into Voluntary Administration with effect from 7 February 2017.

MRS Services Group and Bachmann Plant Hire, the two operating businesses of the Company, are unaffected by this arrangement as they are subsidiaries of a different entity, Holding (MRS) Pty Ltd.

Management Resource Solutions plc published this content on 13 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 February 2017 02:48:06 UTC.

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