In accordance with the Bachmann Plant Hire ('Bachmann') share sale agreement, the voluntary administration of Management Resource Solutions Pty Ltd, announced on 8 February 2017, has triggered a contractual requirement for Management Resource Solutions Plc ('MRS' or 'Company') to pay the second and third deferred payments due on the acquisition of Bachmann immediately. The aggregate sum due is A$2,666,666 and, given the need to focus the Company's cash resources in the continuing businesses, the directors of MRS have elected to satisfy the consideration in accordance with the Bachmann share sale agreement by way of an issue of 11,051,261 new ordinary shares of €0.01 each ('Ordinary Shares') at a price of 14.7125 pence per share.

The Bachmann vendors already hold 3,610,226 Ordinary Shares and as a result of this issue will be interested in 14,661,487 Ordinary Shares, representing 17.1 per cent. of the enlarged issued share capital of the Company. These new Ordinary Shares are being issued immediately and will be admitted to trading on AIM as soon as possible upon resumption of trading in the Ordinary Shares.

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Management Resource Solutions plc published this content on 17 February 2017 and is solely responsible for the information contained herein.
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