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STM Group PLC - London-based cross-border financial services provider, operating in the UK, Gibraltar, Malta, Spain and Australia - Agrees to takeover offer from Pension SuperFund Capital. The offer includes 60 pence per share in immediate cash and 7p in deferred consideration. The combined 67p matches the price at which STM previously had received undertakings from some shareholders to accept an offer. In total, 36% of STM shareholders have accepted the offer already. It values STM at up to GBP39.8 million. London-based Pension SuperFund helps UK companies to fund their defined-benefit pension schemes, offering pension risk transfers. STM offers workplace pensions and self-invested personal pension schemes. The acquisition will be conducted as a court-sanctioned scheme of arrangement, which is expected to become effective in the first half of 2024.
Current stock price: 58.00p, up 10% in London on Tuesday
12-month change: doubled from 27.40p
By Tom Waite, Alliance News editor
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