Management Resource Solutions PLC Acquires D&M Group
Further to the announcements of 27 March and 10 April, MRS, the human capital resource consultancy quoted on AIM, wishes to update shareholders on the acquisition of the D&M Group of companies ("the Acquisition").
On 4 March MRS' Australian subsidiary entered into an agreement with Halcyon Capital Management Pty Ltd ("Halcyon"), , to provide finance that would be used to satisfy the consideration for the Acquisition. As required under the terms of the agreement a notice of drawdown was served on Halcyon on 18 March and, per the announcement of 10 April, the final pre-condition was met.
The Company is however disappointed to report that Halcyon has defaulted on its obligations under its agreement and the directors of MRS consider that there is little prospect of this situation changing. Accordingly, and with the full support of the vendors of the D&M Group, negotiations have been restarted with a number of alternative funders in both Australia and the UK. The Company will make a further announcement once alternative funding has been secured but shareholders should be aware that this may take many weeks.