Shares in AIM Casino listed Management Resource Solutions (MRS) were suspended yesterday as it admitted that monies it needed to complete an RTO had not arrived, a statement which begs the question as to who is its supposed lender Halcyon Capital Management Pty Ltd. Oooooo Errrr Missus.
I have picked Management up on its corporate governance failings before (HERE) but this episode may well prove the ultimate humiliation for what has been a dog of an IPO. Management announced on 5th March that it was to but an Aussie Company (D&M) for cA$7 million.
That looked a bit toppy in itself given that D&M recorded a post-tax profit of just A$145,000 ( down from A$587,000) in its last financial year. An historic PE of 47, yum yum