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FIRST DAY OF DEALINGS ON AIM

The Management Team Morson (AIM: MRN), which is ranked as the UK’s leading provider of technical contract staffing, supplying over 7,000 highly skilled white collar personnel to the aerospace, defence, nuclear, power and rail industries, is pleased to announce its flotation on AIM today.

Established in 1969 Morson is the largest and one of the longest established technical staffing companies in the UK. The Group currently provides contractors on long term placements for some well known major infrastructure/defence projects. These include the construction of Heathrow Terminal 5, the development of the Joint Strike Fighter, rail repairs and upgrades for Network Rail and Metronet and nuclear decommissioning and asset improvement as well as the provision of safety staff to London underground network.

At the Issue Price of 160p, £36.0m before expenses has been raised on behalf of the Group via an oversubscribed placing.

On admission to AIM, the market capitalisation of Morson at the Issue Price will be approximately £72.5m.

The proceeds of the Placing will be used to reduce gearing to provide additional financial and strategic flexibility. The Directors intend to pursue a three-pronged strategy to develop the Group’s business through a combination of organic growth, acquisitions and strategic alliances.

Brewin Dolphin Securities is acting as Nominated Adviser and Broker to Morson.

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