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HMS Group announces results of its Board of Directors meeting

Moscow, Russia – HMS Hydraulic Machines & Systems Group PLC (LSE: HMSG) announces that the Company’s Board of Directors held an ordinary meeting (the “Meeting”) at the Company’s registered address in Limassol, Cyprus on April 22th, 2015, at which the Directors:

  • recommended that no dividend should be paid by the Company in respect of the financial year ended 31 December 2014;
  • recommended to the Company’s shareholders that Deloitte Limited be re-appointed as the auditor of the Company for the financial year ending 31 December 2015 at the Annual General Meeting to be held on 19 June 2015 (the “AGM”);
  • resolved to proceed with a buyback program (the “Buyback”) in respect of the Company’s Global Depositary Receipts (“GDRs”), each representing one ordinary share of the Company for execution during the period of one year commencing on the date of the shareholders' approval (if obtained) at the AGM.

The total amount of GDRs subject to the Buyback (taking into account any GDRs already acquired by the Company) shall not exceed 5% of the subscribed capital of the Company at prevailing market prices.

The GDRs will be purchased by the Company with the assistance of Renaissance Capital or any other independent broker as may be further determined by the Board of Directors.

The amount and timing of the planned repurchases will be determined by the Company based on its evaluation of its financial condition, business opportunities and market conditions at the time.

In addition the following significant matters were considered, discussed and approved at the Meeting:

  • Approval of the Annual Report of the Company for the financial year ended 31 December 2014, the audited consolidated IFRS Financial Statements for the financial year ended 31 December 2014 and the audited Stand-alone Financial Statements for the financial year ended 31 December 2014;
  • Approval of the report of the Company on fulfillment of the financial plan (budget) for the financial year ended 31 December 2014;
  • Convening of the AGM and approval of the AGM agenda.
    • ***

      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 Kelekhsaeva
      Deputy Head of Capital markets
      Tel: +7 (495) 730-66-01
      Alexander Rybin
      Head of Capital markets
      Tel: +7 (495) 730-66-01

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