HMS Hydraulic Machines & Systems Group plc
(the "Company", and together with its subsidiaries, the "HMS Group")
May 17, 2018
Konstantin Grigorishin Discontinues His Action Against HMS Group in Cyprus
HMS Group would like to make the following announcement.
As previously announced, on 12 February 2014, the Company was served in Cyprus with an interim 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 a number of defendants, including the Company, certain of its shareholders and directors, and The Bank of New York (Nominees) Limited. Amongst other things, the Order froze the property of most of the defendants, including the Company, but excluding The Bank of New York (Nominees) Limited and two other defendants, for an amount up to EUR 400 million.
In April 2014, following written and oral submissions against the Order by the Company and several other defendants, the District Court of Nicosia (the "Court") discharged the Order in full, including in respect of the Company and its shareholders and directors. Following such discharge, there were no further substantive steps, known to the Company, by plaintiffs to proceed with their claim against the Company or its directors. The Company has maintained that there was no legal ground for the claims and allegations made by Mr. Grigorishin and the other plaintiffs against the Company.
On 29 March 2018, a Notice of Discontinuance was filed by plaintiffs with the Court. Following the filing of the Notice of Discontinuance and an appearance of our legal representatives before the Court on 4 May 2018, the Court ordered the discontinuance of the action against the defendants. An English translation of the Court's order of the discontinuance was made available to the Company on 16 May, 2018. The discontinuance of the proceedings was not a result of any settlement agreement, and the Company was not required to make any payments to the plaintiffs.
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About HMS Group
HMS Group is the leading pump and compressor manufacturer, as well as the provider of flow control solutions and related services for the oil and gas, petrochemistry, nuclear and thermal power generation, water and wastewater sectors in Russia and the CIS headquartered in Moscow, Russia. HMS Group's products are mission-critical elements of projects across a diverse range of industries. HMS has a listing on the London Stock Exchange in the form of global depositary receipts (LSE: HMSG). http://ar2017.grouphms.com
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