HMS HYDRAULIC MACHINES & SYSTEMS GROUP PLC HMS Group PLC informs, that on June 28, 2022, the Company entered into and completed a sale and purchase agreement for shares of its subsidiary JSC HMS Group (the "SPA").
According to the SPA' terms, the purchase price must be paid by 28 June 2024. JSC HMS Holding (the "Buyer") must transfer 2.7 billion Russian rubles in payment for the purchased shares of JSC HMS Group at the Company's RUB bank account opened in a Russian bank.
The Buyer repeatedly addressed requests to Russian major banks for settlements under the SPA. In response to the requests, banks refused and required to provide them with a special decision of the President of the Russian Federation. Refusals were caused with the ban on transactions under the Decree of the President of Russia № 520 dated August 5, 2022, "On Application of Special Economic Measures in Financial and Fuel and Energy Sectors in Connection with Unfriendly Actions of Certain Foreign States and International Organizations" (the "Executive Order").
On January 24, 2024, the Buyer applied to the Presidential Administration of the Russian Federation for the special decision of the President of Russia to carry out settlements under the SPA.
Up to date, the Buyer has not received any answer on the above request yet.
The Company hereby announces that on June 26, 2024, the Buyer and the Company entered into a supplementary agreement to the SPA. Under the terms of it, the "payment of the purchase price must be made in a one-time payment in Russian rubles to the Seller's account in a Russian bank no later than 30 (thirty) days from the date of receipt by the Buyer of permissions (approvals) from government authorities required by the paying bank in accordance with the legislation of the Russian Federation (including regulations of the President of the Russian Federation)".
Contacts:
Please, send your inquiries to our general email address: capital-markets@hms.ru
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HMS Hydraulic Machines and Systems Group plc published this content on 27 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2024 11:21:57 UTC.
