Management Resource Solutions completes AU$6.12m acquisition of SubZero

Oil and gas service provider Management Resource Solutions (MRS) completed the acquisition of several assets from SubZero Group, an Australian mining service company, for about AU$6.12m.

The acquisition is to be part funded from the issue of over 7.5m shares at €0.01 each, subject to shareholder approval at the 29 December meeting, which will be admitted to trade following the day.

SubZero agreed to the acquisition completing before the shares were issued, in return for the shares being secured by SCOPN, a company connected to Paul Morffew, chief executive of MRS, who agreed that, if the company failed to issue the shares following the December meeting, SubZero can call on him to transfer, for no consideration, all 7.5m shares in the company held by Scopn.

In parallel, Scopn has a matching agreement with the company that it will issue an equivalent number of shares at the next possible opportunity, subject to shareholder approval at the meeting.

The company also has agreed to issue 228,571 shares to Align Research as payment for a research note the company published on 13 September, which is subject to shareholder approval.

Following the admission to AIM, about 70.8m shares at €0.01 will be in issue, each carrying one voting right.

Shares in Management Resource Solutions were up 0.94% to 12.87p at 1218 BST.