HMS Hydraulic Machines & Systems Group plc
(the “Company”, and together with its subsidiaries, the “HMS Group”)
HMS GROUP SUSPENSION FROM LISTING AND TRADING
Moscow, Russia, HMS Hydraulic Machines & Systems Plc (the “Company”) (LSE: HMSG), the leading pump and compressor manufacturer as well as provider of flow control solutions and related services in Russia and the CIS, would like to make the following announcement.
On 12 February 2014, the Company received in Cyprus an order of the District Court of Nicosia (the “Order”). The Order was obtained on an ex parte basis by Konstantin Grigorishin, and certain other plaintiffs, against Vladimir Matveevich Lukyanenko, and thirteen other defendants, including the Company, certain of its shareholders and directors, and BNY (Nominees) Limited. Among other things, on its face the Order freezes property of Vladimir Matveevich Lukyanenko and ten other defendants, including the Company, certain of its shareholders and directors, but excluding BNY (Nominees) Limited and two other defendants, for an amount up to EUR 400 million.
The Company is currently seeking advice from counsel on the precise implications of this Order and will make an announcement promptly as soon as such implications are clear. The Company intends to contest vigorously the Order.
On 14 February 2014 the Company has requested and been granted suspension from listing and trading of its GDRs on the Official List and the Main Market of the London Stock Exchange, respectively, as a short term measure, pending further clarification, being sought and made by the Company on the likely impact of the Order.
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.
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The information contained herein has been prepared using information available to HMS Hydraulic Machines & Systems Group Plc (“HMS Group” or “HMS” or “Group” or “Company”) at the time of preparation of the presentation. External or other factors may have impacted on the business of HMS Group and the content of this presentation, since its preparation. In addition all relevant information about HMS Group may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information.
Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty and HMS Group cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors. This presentation should not be relied upon as a recommendation or forecast by HMS Group, which does not undertake an obligation to release any revision to these statements.
This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in HMS Group, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.