With shares in Management Resource Solutions having more than trebled from lows of 3p in August (at which point we were advocating an ADD position) to the current 10.125p, we have reviewed our stance on the company having been positive and believing the shares undervalued per our extensive commentary here. With the shares now at trading at over 8 times EV:EBITDA on our 2018 figures and with the absence of further information from the company, we believe this is now a full valuation particularly following a turbulent & disappointing 12 months and where the market has concerns over management. We believe that the risks attached outweigh further potential rewards at this market cap and accordingly change our stance to "sell", booking material profits, and now cease further coverage.

DISCLOSURE & RISK WARNING

This is a marketing communication and cannot be considered independent research. Nothing in this report should be construed as advice, an offer, or the solicitation of an offer to buy or sell securities by us. As we have no knowledge of your individual situation and circumstances the investment(s) covered may not be suitable for you. You should not make any investment decision without consulting a fully qualified financial advisor.

Your capital is at risk by investing in securities and the income from them may fluctuate. Past performance is not necessarily a guide to future performance and forecasts are not a reliable indicator of future results. The marketability of some of the companies we cover is limited and you may have difficulty buying or selling in volume. Additionally, given the smaller capitalisation bias of our coverage, the companies we cover should be considered as high risk.

This financial promotion has been approved by Align Research Limited.