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URU Metals Ltd

URU's influence at MRS rises with placing and board appointments

MRS is beginning to emerge from its financial troubles, with the help of URU

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URU is playing a key role in corporate-level changes at MRS

URU Metals (LON:URU) is to invest £500,000 in Management Resource Solutions PLC (LON:MRS) in a conditional placing that will raise up to £3 mln at 5p per share.

The news comes as MRS emerges from a troubled period in which key contracts on the oil and gas side were put into dispute and it was revealed that what the company called certain “financial matters” needed investigation.

No evidence of fraudulent activity or wrong-doing was revealed, but nonetheless URU chief John Zorbas has now taken over as non-executive chairman of MRS, following other management changes.

Now, URU is consolidating its influence with the latest placing which, if fully subscribed, will take its interest up to approximately 11.4%.

"At the time we acquired our original shareholding in MRS, we said we were making it both for long term investment reasons and for the potential synergies we see between the two companies,” said John Zorbas.

MRS is also very active in mining services, and it is here that URU sees potential synergies.

“URU also looks forward to developing its relationship with MRS,” continued Zorbas, “especially as we seek to develop our South African projects, where we see opportunities to benefit from its broad range of skills and expertise that directly support mining across every phase of the mining cycle.”

 

Quick facts: URU Metals Ltd

Price: £2.50

Market: AIM
Market Cap: £1.95 m
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