Hms Hydraulic S Regulatory News (HMSG)

2 Jul 2014 08:00

HMS Hydraulic Machines & Systems Group plc

(the “Company”, and together with its subsidiaries, the “HMS Group”)

HMS Group’s Shareholder Launched Derivative Action

Moscow, Russia, HMS Hydraulic Machines & Systems Group Plc (the “Company”) (LSE: HMSG) announces that its shareholder, German A. Tsoy, and his holding company, Acura Global Limited (BVI), (the “Plaintiffs”) have launched a derivative action before the District Court of Nicosia, Cyprus, against Vladimir Vladimirovich Lukyanenko, Yury N. Skrynnik, and their holding company, Skye Commercial Corporation (BVI), as well as Artem V. Molchanov, Kirill V. Molchanov, and their holding company, Orion Production Limited (BVI), and also Vladimir Matveevich Lukyanenko (the “Defendants”).

The Plaintiffs, as minority shareholders of the Company and its majority shareholder, H.M.S. Technologies Limited (“HMST”), claim damages from the Defendants for losses allegedly sustained by the Company and HMST as result of the Defendants’ alleged actions.

No claims have been asserted against the Company and HMST because the Plaintiffs launched this litigation as a derivative action. The Company currently does not expect that this derivative action will adversely affect the day-to-day operations of the Company and subsidiaries of the Company.

***

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:

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 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.

Copyright Business Wire 2014