Management Resource Solutions faces potential AIM cancellation

Management Resources Solutions (MRS) faces a looming deadline of 28 April to complete a fundraise and have its share-suspension lifted or have its AIM listing cancelled.

The company said a fundraising was urgently required to ensure its solvency and the continued support of its lending institutions.

However, the board had no authority to issue shares, which meant any equity raise would be conditional on getting shareholder approval at a general meeting. Debt fundraising required the approval from MRS' lenders.

"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," said MRS.

In order to have its share suspension lifted, MRS needed to complete a successful fundraising, and issue both its FY 2016 and H1 2017 accounts.

"It should be emphasised that there is no guarantee that a fundraising will be held and the form that a fundraising might take or, if held, that any fundraising will be successful, or that the suspension in the company's shares will be lifted."

Prior to the suspension, MRS' shares in 2016, they last traded at 15.12p each.