Update on claim relating to MRS Guernsey Ltd

Management Resource Solutions plc

EPIC: MRS

19 July 2017

Management Resource Solutions plc

("MRS" or "the Company")

Update on claim received relating to MRS Guernsey Limited

The Directors of Management Resource Solutions Plc ("MRS" or "the Company") wish to provide an update regarding the claim ("the Claim") received from the Joint Voluntary Liquidators ("JVLs") of MRS Guernsey Limited (a subsidiary of the Company that is in voluntary liquidation). 

Following receipt of the Claim, the Company has been working through the accounting records relating to the Papua New Guinea contract, for which MRS Guernsey Limited (which was placed into voluntary liquidation as announced on 30 December 2016) was the operating entity.

The Directors are confident that they will be able to demonstrate that the PNG contract and therefore MRS (Guernsey) Limited were loss making and therefore that no intercompany balance is due to MRS Guernsey Limited from the Company.

The Company is in dialogue with the JVLs and will provide a further update when agreement has been reached, which it is hoped will be possible before the audited results to 30 June 2017 are published.

For further information:

Management Resource Solutions plc +1 (0) 778 938 7631

John Zorbas, Chairman

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