03.05.2016, 12:43
HMS Group Announces Results of Its Board of Directors Meeting
OREANDA-NEWS. HMS Hydraulic Machines & Systems Group PLC (LSE: HMSG) announces the results of the Company's Board of Directors ordinary meetings held at the Company's registered address in Limassol, Cyprus on April 26 and 27, 2016.
The Directors considered and adopted the following resolutions:
* Recommendation of the payment by the Company of a final dividend in respect of the financial year ended December 31, 2015, of 5.12 RUB per ordinary share, amounting to a maximum total dividend of 599,876,746 RUB (the "Dividends"). The Company has already paid interim dividends based on the Directors' resolution dated December 7, 2015 in the amount of 3.25 RUR per ordinary share.
The Dividends are subject to the approval of the Company's shareholders at the Annual General Meeting to be held on June 14, 2016. Subject to such approval, the Dividends will be paid on June 21, 2016. Shareholders specified in the register at close of business (UK time) on June 03, 2016 will be entitled to receive a dividend payment;
* Subject to approval by the Company's shareholders at the AGM, to proceed with a buyback program (the "Buyback") in respect of the Company's Global Depositary Receipts ("GDRs"), each representing five ordinary shares of the Company, for execution during the period of one year commencing on the later of June 19, 2016 and the date of approval by the Company's shareholders 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 6% 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 accordance with market practices.
In addition the following significant matters were considered, discussed and approved:
1. Approval of the Annual Report of the Company for the financial year ended December 31, 2015, the audited consolidated IFRS Financial Statements for the financial year ended December 31, 2015, and the audited Stand-alone Financial Statements for the financial year ended December 31, 2015;
2. Approval of the report of the Company on fulfillment of the financial plan (budget) for the financial year ended December 31, 2015; and
3. Recommendation to the Company's shareholders to re-appoint Deloitte Limited as the auditor of the Company for the financial year ending December 31, 2016, at the Annual General Meeting to be held on June 14, 2016 (the "AGM"); and
4. Convening of the AGM and approval of the AGM agenda; and
5. Approval of the List of participants of the Long-Term Incentive Program for the Company's management.
The Directors considered and adopted the following resolutions:
* Recommendation of the payment by the Company of a final dividend in respect of the financial year ended December 31, 2015, of 5.12 RUB per ordinary share, amounting to a maximum total dividend of 599,876,746 RUB (the "Dividends"). The Company has already paid interim dividends based on the Directors' resolution dated December 7, 2015 in the amount of 3.25 RUR per ordinary share.
The Dividends are subject to the approval of the Company's shareholders at the Annual General Meeting to be held on June 14, 2016. Subject to such approval, the Dividends will be paid on June 21, 2016. Shareholders specified in the register at close of business (UK time) on June 03, 2016 will be entitled to receive a dividend payment;
* Subject to approval by the Company's shareholders at the AGM, to proceed with a buyback program (the "Buyback") in respect of the Company's Global Depositary Receipts ("GDRs"), each representing five ordinary shares of the Company, for execution during the period of one year commencing on the later of June 19, 2016 and the date of approval by the Company's shareholders 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 6% 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 accordance with market practices.
In addition the following significant matters were considered, discussed and approved:
1. Approval of the Annual Report of the Company for the financial year ended December 31, 2015, the audited consolidated IFRS Financial Statements for the financial year ended December 31, 2015, and the audited Stand-alone Financial Statements for the financial year ended December 31, 2015;
2. Approval of the report of the Company on fulfillment of the financial plan (budget) for the financial year ended December 31, 2015; and
3. Recommendation to the Company's shareholders to re-appoint Deloitte Limited as the auditor of the Company for the financial year ending December 31, 2016, at the Annual General Meeting to be held on June 14, 2016 (the "AGM"); and
4. Convening of the AGM and approval of the AGM agenda; and
5. Approval of the List of participants of the Long-Term Incentive Program for the Company's management.
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