Update on financing and suspension

RNS Number : 4480A
Management Resource Solutions PLC
24 March 2017
Update on financing and suspension

The Board of Management Resource Solutions Plc announces that it is currently considering all funding options for the business to strengthen its balance sheet.

A fundraising is urgently required to ensure the continued solvency of the group and the continued support of its lending institutions as will be reflected in the audit report and the accounts currently being finalised.

 Furthermore, the lifting of the suspension in trading is conditional, inter alia, upon:

·     A successful fundraising;

·     Release of the FY16 Audited Accounts; and

·     Release of the interim H1FY17 Accounts.

 The Board emphasises that it currently has no authority to issue shares and so any equity fundraising would be conditional on the necessary shareholder approvals being granted at a general meeting. Any debt fundraising would require the approval of the Company’s lenders.

Shareholders should be aware that if a fundraising is not concluded and suspension in trading of the Company’s shares is not lifted, by 28 April 2017, its AIM listing will be cancelled.

It should be emphasised that there is no guarantee that a fundraising will be held and the form that a fundraising might take or, if held, that any fundraising will be successful, or that the suspension in the Company’s shares will be lifted. 

Further announcements will be made as and when appropriate.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.