RNS Number : 4773N

Management Resource Solutions plc

EPIC: MRS

 

9 May 2018

Management Resource Solutions plc

(“MRS” or “the Company”)

Acquisition of MRS Services Group Engineering Maintenance Facility

The Board is pleased to announce the acquisition of 39-43 Thomas Mitchell Drive in Muswellbrook (“The Engineering Maintenance Facility”, or “Facility”).

The Engineering Maintenance Facility is the operational base for MRS Services Group in the Hunter Valley.

The Facility was purchased for $3.0m which was satisfied in cash on completion. The Facility was previously rented by MRS Services Group from the Administrators of TMD Investments Pty Ltd. The facility, while currently operational, requires further works to maximise its full potential. The estimated cost for the future works is approximately $2.0m. New finance has been arranged to cover both The Facility acquisition and future works.

The acquisition of The Facility further demonstrates MRS’s commitment to investing locally and continued support for customers.

The Facility is unique in its service offering to customers. Erected on the site are two freestanding warehouses, the internal clearance is up to 18 metres, allowing the 150t gantry crane to access all areas.

The Facility is located on Thomas Mitchell Drive in the heart of the Hunter Valley coal operations.

Paul Brenton, Chief Executive Office of MRS said:

“The acquisition of The Facility is very exciting for MRS Services Group. We will now be able to complete the unfinished works on The Facility, and maximise its unique service offering to our clients. I’m pleased that we now have complete control of this critical asset, and this sends a clear message to all stakeholders that the Company is stable and investing in the local community and committed to providing the most efficient and safe servicing for our customers.”



Technical Data on the Engineering Maintenance Facility

Building Area

Building A 1,737sq m
Building B 7,080sq m
Total 8,817sq m
Eve Height 16m
Centre Height 18m

Site Area
14,000sq m

Crane Capacity
Mobile Gantry Crane with twin 75T lifting hooks 150T Maximum capacity

For further information:

Management Resource Solutions plc                                                                                    

John Zorbas, Chairman                                                                                                  +1 (0) 778 938-7631

Paul Brenton, CEO                                                                                                           +61 (0) 401 072 464

Tim Jones, Finance Director                                                                                        +44 (0) 79 6644 2985

Northland Capital Partners Limited                                                                    +44 (0) 20 3861 6625

(Nominated Adviser and Joint Broker)

Tom Price

Gerry Beaney

 

Peterhouse Corporate Finance Limited                                                              +44 (0)20 7469 0932

(Joint Broker)

Charles Goodfellow

Lucy Williams

 

This announcement includes inside information as defined in Article 7 of the Market Abuse Regula??on No. 596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations. On the publication of this announcement via a Regulatory Information Service (“RIS”), this information is considered to be in the public domain.

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

This information is provided by RNS
The company news service from the London Stock Exchange

END