- Management Resource Solutions said an independent legal review had concluded that the company's acquisition of Alerion was 'appropriate' and that negotiations were 'conducted at arm's length'.

The review, however, did make recommendations as to how Management Resource Solutions could have handled things differently.

The review was conducted by Memery Crystal after the company received allegations concerning potential conflicts of interest in relation to the independence of the vendors of Alerion from the board.

It also looked at the involvement of Leon Hogan, who is a significant shareholder of Management Resource Solutions.

'No evidence was found that the acquisition was a sham transaction,' Management Resource Solutions said.

Memery Crystal, however, recommended that the board review the company's policies and procedures in respect of the control and safeguarding of inside information, and the retention of consultants 'so that these are in accordance with the Market Abuse Regulation, the AIM Rules for Companies and best practice.'

It also recommended that the board establish policies in relation to its dealings with Hogan and other significant shareholders to ensure that they were not held out as representing the board.

At 8:18am: [LON:MRS] Management Resource Solutions Plc share price was 0p at 2.85p

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