STM Group PLC
24 May 2007
Press Release 24 May 2007
STM Group Plc
('STM' or 'the Company')
Notice of AGM
STM Group Plc (AIM:STM), the cross border financial services provider, announces
that it has today posted notice of its Annual General Meeting ('AGM') to its
shareholders which is to be held at its registered office, Clinch's House, Lord
Street, Douglas, Isle of Man on Monday 18 June 2007 at 3.00 p.m.
- Ends -
For further information, please contact:
STM Group Plc
Tim Revill, Chief Executive Officer Tel: 00 350 51610
Matt Wood, Non-executive director Tel: +44 (0) 20 7752 0215
www.stmgroupplc.com
Daniel Stewart & Co. Plc
Lindsay Mair / Tessa Smith Tel: +44 (0) 20 7776 6550
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 on 28 March 2007.
The traditional business of CTSPs is to administer and manage personal, family
and commercial assets and income streams in tax efficient offshore
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 was acquired by STM upon its Admission to AIM.
Fidecs is the second largest financial services firm in Gibraltar and employs 80
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 year ended 31 December 2006, Fidecs reported
turnover of £5 million with post tax profit of £1.7 million.
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,
single offshore jurisdictions. The HNWI market, a key market for CTSPs, has
continued to expand strongly, due to buoyant stock markets, rising house prices
and global economic growth. Leading surveys estimated that aggregate global high
net worth wealth, would grow to £40 trillion by 2008, an increase of
some 40 per cent. over 2004.
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
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