OREANDA-NEWS. April 28, 2015. 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.