Issue of Equity
STM Group PLC
19 March 2008
Press Release 19 March 2008
STM Group Plc
('STM', 'the Company' or 'the Group')
Issue of Equity
Directors Dealings PDMR
STM Group Plc (AIM:STM), the cross border financial services provider, is today
pleased to announce that 4,705,088 new ordinary shares of 0.1 pence each ('New
Ordinary Shares') have been placed with institutional and other investors at a
price of 60 pence per Ordinary Share, raising gross proceeds of £2,823,052.80
before expenses (the 'Placing'). Following the Placing, STM's issued share
capital comprises 42,258,000 shares of common stock of par value 0.1 pence each.
All of these New Ordinary Shares carry voting rights.
As part of the Placing, Bernard Gallagher, Non-Executive Chairman, purchased
83,334 New Ordinary Shares in the Company at a price of 60 pence per Ordinary
Share. Following this purchase, Mr Gallagher's total shareholding in the
Company will be 354,073 Ordinary Shares, representing 0.8 per cent. of the
issued share capital of the Company.
Application has been made for the New Ordinary Shares to be admitted to trading
on the AIM market of London Stock Exchange plc and dealings are expected to
commence on 27 March 2008. The shares will rank pari passu with existing shares
in issue.
- Ends -
For further information, please contact:
STM Group Plc
Tim Revill, Chief Executive Officer Tel: 00 350 51610
tim.revill@stmgroupplc.im www.stmgroupplc.com
Daniel Stewart & Company Plc Tel: +44 (0) 20 7776 6550
Lindsay Mair / Stewart Dick www.danielstewart.co.uk
Media enquiries:
Abchurch
Henry Harrison-Topham / Charlie Jack Tel: +44 (0) 20 7398 7706
henry.ht@abchurch-group.com 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 ('Fidecs').
Fidecs is the second largest financial services firm in Gibraltar and employs
approximately 90 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.
In the maiden period from 1 February 2007 to 31 December 2007 (in which there
were nine months of trading), STM Group reported turnover of £5.3 million with
post tax profit of £1.65 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.
Parliament has an established client base which, as at 31 December 2007, was
made up of 272 companies and 112 trusts and Atlas 65 companies and 30 trusts.
In December 2007, STM made its first strategic acquisition within the Channel
Islands when it acquired Jersey-based Compagnie Fiduciaire Trustees Limited
which comprised 23 trusts, holding in some cases sizeable investment portfolios.
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
This information is provided by RNS
The company news service from the London Stock Exchange