15th Apr 2019 13:36
LONDON (Alliance News) - Management Resource Solutions PLC on Monday said it has received a general meeting requisition to oust its board.
London listed shares in the mining and civil support services company were up 7.9% at 2.80 pence in early afternoon trade.
The resolutions proposed for the requisitioned meeting include the removal of Non-Executive Chair John Zorbas and Finance Director Timothy Jones, as well as the removal of any directors appointed between Thursday last week and the date of the meeting. The resolutions also seek to appoint three new directors: Nigel Burton, Trevor Brown and Daniel Smith.
Responding to shareholder concerns about the relationships of its shareholders and possible conflicts of interest, Management Resource has decided to commission its legal advisors to create a report which will assess the merit of any of these concerns and possible conflicts of interest.
The company also said that it was "very pleased" with the acquisition of unmanned aerial vehicle specialist Alerion Consulting Ltd.
Alerion's technology is now ready for deployment on drones conducting aerial surveys, the company said. Budgeted costs of AUD150,000, or GBP81,000, have been allocated to marketing and hardware and AUD555,000 have been allocated to Alerion through intra-group funding.
Existing Management Resource operations are expected to benefit from around AUD240,000 of savings per annum from carrying out surveys in-house instead of using subcontractors for its surveys.
Management Resource noted that, while it had intended to make an independent non-executive director appointment by November, this has been delayed but will now be accelerated and expanded to include a second independent non-executive.
At present, Management RS is still progressing its debt restructuring and has thus far "agreed a term sheet with a major financial institution".
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