Further to the announcement of 4 September 2019, the Company confirms that Voluntary Administrators have been appointed to five of the Company’s operating subsidiaries pursuant to Section 436C of the Corporations Act 2001. These subsidiaries are:
· Holdings (MRS) Pty Ltd
· MRS Services Group Pty Ltd
· Bachmann Plant Hire Pty Ltd
· MRS Property No 1 Pty Ltd
· Management Resource Solutions Pty Ltd.
The appointment of Voluntary Administrators was made by Hermes Capital, a secured creditor, with reference to the facility announced on 1 May 2019.
The Company and its Australian financial advisers met with the Voluntary Administrators yesterday to ascertain their plans. The Administrators have confirmed that it is ‘business as usual’ for the operating companies, and they have sufficient capital to trade the businesses, whilst they call for options to recapitalise the businesses.
The Board of MRS has committed to the Administrators to work with them to seek to bring about an end to the administration process as quickly as possible.
A creditors’ meeting is scheduled for Monday 16 September and further updates will be notified in due course.
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.
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