5th Mar 2015 09:15
LONDON (Alliance News) - Recruitment consultancy Management Resource Solutions PLC on Thursday said it has stuck a conditional deal to buy Australia-based D&M Group for AUD6.7 million in cash, plus warrants over Management Resource Solutions shares, in a reverse takeover deal.
The company said it will pay an initial consideration of AUD6.7 million in cash and will grant a further 1.7 million warrants over shares of Management Resource Solutions. It said the value of the stock to be held by D&M will be capped at AUD200,000.
D&M is a manufacturing, wet plant hire and dry plant hire company based in Queensland.
The acquisition is considered to be a reverse takeover under AIM rules and will have to be approved by Management Resource shareholders.
"I am very pleased to announce this acquisition; executing on our growth strategy as set out at the time of admission to AIM. With the purchase of the D&M Group, we have added an established business with a strong financial track record, coupled with long term client relationships," said Chief Executive Paul Morffew.
Shares in Management Resource Solutions were untraded Thursday, having last traded at 15.18 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Management Resource Solutions