6th Oct 2015 16:00
HMS Hydraulic Machines & Systems Group plc
(the “Company”, and together with its subsidiaries, the “HMS Group”)
Shareholder Derivative Litigation Update
Moscow, Russia, HMS Hydraulic Machines & Systems Group Plc (the “Company”) (LSE: HMSG) announces the following update regarding the action launched by the Company’s shareholder, Mr. German A. Tsoy, and his holding company, Acura Global Limited (BVI), in the District Court of Nicosia (http://grouphms.com/press_center/detail.php?ID=4944).
The plaintiffs have recently submitted the statement of claim in this on-going litigation. The Company is considering this statement of claim, with assistance from its Cyprus and international counsel. The Company will make a further disclosure if there is something in the statement of claim that warrants disclosure under applicable rules or the Company otherwise determines disclosure would be appropriate.
Previously, the Company’s non-defendant directors, namely, Messrs. Philippe Delpal, Gary S. Yamamoto, Andreas S. Petrou and Nikolai N. Yamburenko, unanimously concluded that the plaintiffs’ allegations are entirely meritless. The Company’s non-defendant directors will continue to defend vigorously the Company’s position in this on-going litigation.
Further details regarding this litigation can be found at page 45 of the Company’s 2014 Annual Report available at http://ar2014.grouphms.com/reports/hms/annual/2014/gb/English/0/home.html
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HMS Group is the leading pump and compressor manufacturer, as well as provider of flow control solutions and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors in Russia and the CIS. HMS Group’s products are mission-critical elements of projects across a diverse range of industries. It has participated in a number of large-scale infrastructure projects in Russia, including providing pumps and modular equipment to the Vankor oil field and pumping stations on recent trunk pipelines projects linking Russia’s core oil producing areas to export ports on the Pacific Ocean and Baltic Sea. HMS Group’s global depositary receipts (“GDRs”) are listed under the symbol “HMSG” on the London Stock Exchange.
For further information, please contact:
| Inna KelekhsaevaDeputy Head of Capital marketsTel: +7 (495) 730-66-01[email protected] | Alexander RybinHead of Capital marketsTel: +7 (495) 730-66-01[email protected] |
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