Directorate Change & Result of EGM

RNS Number : 9820A

STM Group PLC

31 December 2014

 



31 December 2014

STM Group Plc

("STM" or "the Group")

Appointment of Chairman &

Result of Extraordinary General Meeting

STM Group Plc (AIM: STM), the multi-jurisdictional financial services group, is pleased to announce the appointment of a new Chairman and the successful passing of the resolution put to today's Extraordinary General Meeting ("EGM").

As of 1 January 2015, Michael Riddell will be appointed Chairman of the Group, with Julian Telling stepping down from the Board as announced at the Interim results on 9 September 2014.  It is the intention of the Board to seek the appointment of at least one further Non-Executive Director.  Further announcements will be made at the appropriate time.

The passing of the resolution at today's EGM to amend the Articles of the Group gives STM the authority to buy back its own shares, subject to certain restrictions.  The Board considers that this authority is in the best interests of shareholders given the balance sheet strength of the Group and the occasional opportunity to purchase the Group's shares.

Commenting on Julian Telling's time as Chairman, Colin Porter, Chief Executive of STM, said:

"On behalf of the Board I would like to formally acknowledge Julian's contribution at a time when STM was undergoing significant strategic change.  The business is now much more focused on providing specialist products and services through an ever expanding distribution network, which more closely reflects today's market opportunity. 

"The combination of scalability of distribution and the annuity income streams from these products puts STM in a very strong position going forward.  The Board considers the prospects of the Group to be very favorable, in no small part thanks to Julian's contribution."

For further information, please contact:

STM Group Plc	www.stmgroupplc.com
Colin Porter, Chief Executive Officer [e-mail]	Tel: [phone]
Therese Neish, Chief Financial Officer [e-mail]	Tel: [phone]
Alan Kentish, Director of Business and Product Development [e-mail]	Tel: [phone]
finnCap	www.finncap.com
Charlotte Stranner / Christopher Raggett - Corporate Finance Mia Gardner - Corporate Broking	Tel: [phone]
Winningtons	www.winningtons.co.uk
Tom Cooper / Paul Vann	Tel: [phone]
	Mob: [phone]
	[e-mail]

Notes to editors:

STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.

Today, STM has operations in Gibraltar, Spain, Jersey, Malta and Cyprus. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand.  STM has, for example, incorporated a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held. STM has developed a specialist international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS) and Employer Funded Retirement Benefit Schemes (EFRBS).

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

 

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