STM Group PLC - London-based cross border financial services provider - Reaches agreement in principle with PSF Capital GP II Ltd as general partner of PSF Capital Reserve LP over a possible offer for all company shares at a price of 70 pence each. PSF provides pension savings and pension risk transfers. Says offer conditional on disposal of certain parts of the group that are "non-core" to the strategy of PSF. This was after reaching the deadline for an announcement of a potential intention of a takeover offer.
Last month, STM extended the deadline to Tuesday from August 22, which itself was extended from August 8. In July, STM said the possible offer from Pension SuperFund Capital was for 70 pence per share. It had a market capitalisation of GBP16.3 million, so the offer from PSF would value STM just above GBP40 million.
Current stock price: 40.13 pence, closed down 11%
12-month change: up 57%
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Stm Grp. (STM)