Update

12 November 2019

Management Resource Solutions plc

Update

The board of Management Resource Solutions plc ("MRS" or the "Company") provides the following update.

The various joint Remagen Capital Pty Ltd ("Ramagen") and MRS PLC proposals that have been put to the administrators have been unsuccessful, and as a result, Remagen have withdrawn. The board of MRS would like to thank Remagen for their efforts and guidance over the past two months.

The administrators have advised that they have accepted an offer, subject to contract, from a third party for the sale of all the Plant and Equipment of Bachmann Plant Hire Pty Ltd and MRS Services Group Pty Ltd. The administrators have now recommended that in the absence of a more attractive solution, the five Australian companies will be placed into liquidation which would result in the entire workforce being made redundant.

Accordingly, the board of MRS has now lodged a proposal to purchase certain assets and liabilities of MRS Services Group Pty Ltd which, if accepted, would see the majority of the MRS Services Group operations continuing, including the retention of approximately 190 of the 240 existing employees. In order to fund this proposal, the Company would need to raise approximately £2m to be used to purchase the assets and as working capital for the MRS Group. Once finalised, details of the capital raise will be put to shareholders.

ENDS

For further information:

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