22 Jan 2016 12:50
IR RELEASE
Moscow, January 22, 2016
HMS Hydraulic Machines & Systems Group plc
(the “Company”, and together with its subsidiaries, the “HMS Group”)
Notice of DR ratio change
Moscow, Russia – HMS Group (LSE: HMSG), the leading pump and compressor manufacturer as well as a 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, today announces that with effect from start of trading on Monday, February 8, 2016, the ratio of the Company’s Depositary Receipts (further, “DR”) program will be changed:
Old ratio 1 DR equals 1 Ordinary share
New ratio 1 DR equals 5 Ordinary shares
For every 5 (five) DRs held by Depositary Receipt holders, they will receive 1 (one) “new” DR in return.
The issued number of ordinary shares and their nominal value will be unchanged.
According to the terms of the amended deposit agreement with BNY Mellon, the annual depositary fee will equal US$ 0.01 per “new” DR instead of the current US$ 0.03 per “old” DR, implying a fifteen-fold decrease in such fees.
Effective February 8, 2016, DR holders will be required on a mandatory basis to surrender their DRs to BNY Mellon for cancellation and will receive 1 “new” DR for every 5 “old” DRs. Only whole DRs will be distributed and in effecting this the DRs will be rounded down, any fractional DRs will be sold and the cash proceeds will be distributed to the DR holder by the Depositary.
BNY Mellon’s books will be closed for all issuance and cancellation transactions on CUSIPs # 40425X100 and 40425X209 as of the close of business on February 5, 2016.
Please find the pertinent details below:
Effective Date | February 8, 2016 | ||
Exchange Rate | 1 new DR for 5 old DRs | ||
Old Ratio | 1 DR: 1 Ordinary share | ||
New Ratio | 1 DR: 5 Ordinary shares | ||
144A New CUSIP | 40425X308 | ||
144A New ISIN | US40425X3089 | ||
Reg S New CUSIP | 40425X407 | ||
Reg S New ISIN | US40425X4079 |
***
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 x 1318kelekhsaeva@hms.ru | Anna ObotninaHead of Marketing communicationsTel: +7 (495) 730-66-01 x (600)3304obotnina@hms.ru |
Disclaimer
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 press release. External or other factors may have impacted on the business of HMS Group and the content of this press release, since its preparation. In addition all relevant information about HMS Group may not be included in this press release. 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 press release 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 press release 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 securities 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160122005485/en/
Copyright Business Wire 2016