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23 April 2019 Bryan Cave Leighton Paisner Russia advises HMS Group on restructuring

Bryan Cave Leighton Paisner Russia (formerly Goltsblat BLP in Russia) has successfully advised H.M.S. Technologies Limited (HMST), the major shareholder in HMS Group, on restructuring its 71.51% shareholding in HMS Hydraulic Machines & Systems Group Plc (LSE: HMSG) (HMS Group Plc), the Cyprus-based parent of HMS Group.

The restructuring saw the Cypriot holding company HMST transfer its entire stock of shares and GDRs of HMS Group Plc to JSC HMS Holding, registered in Russia.

This was a unique restructuring project as the Cypriot HMST swapped LSE-listed GDRs of HMS Group Plc for privately issued additional shares in the Russian HMS Holding. Duly cleared by UK and Cypriot regulators and the Bank of Russia, the transaction is truly unparalleled on the Russian market. 

The dedicated Bryan Cave Leighton Paisner team was led by Partner Matvey Kaploukhiy and Counsel Yury Babichev and included Associates Mikhail Filatov, Elena Shelomenzeva, Tuyana Molokhoeva, Mikhail Erokhin, Kseniya Shevchenko and Counsel Igor Zhivotov, as well as BCLP’s London-based Partner Benjamin Lee, Counsel Brian Mulkerrins, Associate Tom Bacon and Trainee Solicitor Ida Nizankowska-Polus. BCLP advised the client on Russian, English and EU law.

A Harneys team featuring Partner Nancy Erotocritou and Associates Sonia Hamshaw and Elina Mantrali advised on Cyprus law aspects of the restructuring.

EY provided tax advice for the restructuring and Renaissance Capital acted as a broker for the GDR transaction.

For more detail about the restructuring, please visit HMS Group’s website at

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