Approval of Acquisition

RNS Number : 7705X

STM Group PLC

30 June 2008

 



Press Release

30 June 2008

STM Group Plc

('STM', 'the Company' or 'the Group')

Approval of Acquisition of St George Financial Services Limited

STM Group Plc (AIM:STM), the cross border financial services provider, is today pleased to announce, that pursuant to the announcement on the 18th June 2008, the Jersey Financial Services Commission has approved the acquisition of St George Financial Services Limited. 

An application to AIM will be made for the 321,888 new Ordinary Shares ('Consideration Shares') to be issued at 69.9p per Ordinary Share and trading is expected to take place on 3rd July 2008.

Following the acquisition, STM's issued share capital comprises 42,591,338 shares of common stock of par value 0.1 pence each. All of these Ordinary Shares carry voting rights.   

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For further information, please contact:

STM Group Plc
Tim Revill, Chief Executive Officer	Tel: [phone]
Matt Wood, Non-executive director	Tel: [phone]
	www.stmgroupplc.com

Daniel Stewart & Co. Plc
Lindsay Mair / Tessa Smith	Tel: [phone]

Media enquiries:

Abchurch
Henry Harrison-Topham / Charlie Jack	Tel: [phone]
[e-mail]	www.abchurch-group.com

Notes to editors

STM was formed in 2007 specifically to become a leading financial services group operating in the Corporate and Trustee Service Provider (CTSP) sector. The Company listed on the AIM market of the London Stock Exchange in March 2007. The traditional business of CTSPs is to administer and manage personal, family and commercial assets and income streams in tax efficient jurisdictions. The Company's aim is to grow through acquiring and consolidating high quality existing CTSPs which offer complementary products and services and that operate in complementary tax efficient jurisdictions to those provided by STM's first acquisition, the Gibraltar based CTSP, Fidecs Group Limited ('Fidecs'). 

Fidecs is the second largest financial services firm in Gibraltar and employs over 101 people. It specialises in financial planning for both High Net Worth individuals ('HNWI') moving to work, living or retiring overseas or making cross-border investments, and for entrepreneurial, predominantly, owner-managed businesses, expanding into or re-locating to other, frequently lower tax, jurisdictions. It also includes an insurance management division, specialising in providing set up and management services to newly formed insurance companies operating out of Gibraltar. For the nine months of trading, since the acquisition of Fidecs Group on the 28 March 2007, to 31 December 2007, STM Group reported revenue of £5.29 million with pre tax profit of £1.78 million.

In June and August 2007 STM acquired two Gibraltar based CTS providers, the Atlas Group of companies and Parliament Corporate Services Limited. These two acquisitions further consolidated STM's leading position in Gibraltar. The Group expanded into the Channel Islands in December 2007, with the purchase of Compagnie Fiduciaire Trustees Limited.  In June 2008, STM increased its presence in the Channel Islands with the acquisition of St George Financial Services Limited. 

The CTSP market is fragmented in nature, comprising a small number of very large international financial services groups and a large number of relatively small trust and company management businesses regulated by, and operating out of, a single jurisdiction. 

Further information on STM Group can be found at www.stmgroupplc.com

 

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