8th Apr 2015 15:50
LONDON (Alliance News) - Management Resource Solutions PLC Wednesday said it has "become aware" that there are "potential difficulties" over drawing down the funds needed for completing its AUD6.7 million acquisition of Australia's D&M Group.
On revealing the acquisition of the manufacturing, wet plant hire and dry plant hire group early in March, Management Resource Solutions said it had agreed a AUD17.1 million debt facility with Halcyon Capital Management Pty Ltd to fund the deal, replace both companies' existing borrowing facilities, enable future investment and provide additional working capital.
The news prompted Management Resource Solutions on Wednesday to request for its shares to be suspended from trading on London's AIM until the situation was made clearer.
"MRS has become aware of potential difficulties drawing down from Halcyon Capital Management Pty Ltd the funds required for completion of the acquisition of the D&M Group," Management Resource Solutions said in a statement.
"Accordingly the company has requested a suspension from trading of its ordinary shares on AIM until the situation has been clarified," Management Resource Solutions said.
By Samuel Agini; [email protected]; @samuelagini
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