MRS updates on financing, suspension, warns of cancellation

Management Resource Solutions warned that if a fundraising was not concluded and suspension in trading of its shares was not lifted by April 28 its AIM listing would be cancelled.

The company said it was currently considering all funding options for the business to strengthen its balance sheet.

“A fundraising is urgently required to ensure the continued solvency of the group and the continued support of its lending institutions as will be reflected in the audit report and the accounts currently being finalised,” it said in a statement.

The lifting of the suspension in trading was conditional on a successful fundraising, release of its FY 2016 audited accounts, and the release of its interim H1 2017 accounts.

“The Board emphasises that it currently has no authority to issue shares and so any equity fundraising would be conditional on the necessary shareholder approvals being granted at a general meeting. Any debt fundraising would require the approval of the Company’s lenders,” the company said.

“Shareholders should be aware that if a fundraising is not concluded and suspension in trading of the Company’s shares is not lifted, by 28 April 2017, its AIM listing will be cancelled.”

Management Resource Solutions further emphasised that there was no guarantee a fundraising would be held and the form that a fundraising might take or, if held, that any fundraising would be successful, or that the suspension in the company’s shares would be lifted.

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