Management Resource Solutions gets shareholder OK for Bachmann deal

Management Resource Solutions shareholders gave the company's board the go-ahead to gobble up Bachmann Plant Hire early on Thursday.

The AIM-listed human capital resource consultancy's shareholders approved the acquisition at the company's general meeting.

Management Resource Solutions said the final condition of the acquisition was the re-admission of the company's ordinary shares of €0.01 to trading on the AIM, which - in accordance with the AIM rules for companies - would take place on 1 February 2016.

No new ordinary shares were being issued as part of the acquisition.

Management Resource Solutions initially announced the proposed acquisition on 11 January 2016, for a consideration of AUD 13.4m (£6.5m).

"The acquisition of Bachmann Plant Hire is a great step for Management Resource Solutions, and is immediately earnings enhancing and complementary to our offering", said CEO Paul Morffew.

"We look forward to integrating Bachmann into our service offering and the expanded capacity this delivers to the business", he added.

Additionally, Management Resource Solutions said it had received a loan facility of AUD 1.5m from Export Finance and Insurance Corporation - the Australian export credit agency - providing ongoing support of its work in Papua New Guinea.