Last checked at 11 Nov 2008 14:55
| Press Release | 11 November 2008 |
STM Group Plc
("STM" or "the Company")
Issue of Equity
Further to the announcement on 8 June 2007, STM Group Plc (AIM:STM), the cross border financial services provider, today announces that as a result of the Atlas Group of Companies achieving the agreed milestones since its acquisition by STM in June 2007, additional consideration of 67,568 new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") are to be issued.
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 17 November 2008. The shares will rank pari passu with existing shares in issue.
Following the issue of the new Ordinary Shares, the Company's issued ordinary share capital will comprise 42,680,762 Ordinary Shares. All of the Ordinary Shares carry voting rights and this will be the figure which may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.
- Ends -
For further information, please contact:
| STM Group Plc | |
| Tim Revill, Chief Executive Officer | Tel: 00 350 200 51610 |
| Matt Wood, Non-executive director | Tel: +44 (0) 20 7752 0215 |
| www.stmgroupplc.com |
| Daniel Stewart & Co. Plc | |
| Lindsay Mair / Stewart Dick | 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 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 Limited ("Fidecs").
Fidecs is the second largest financial services firm in Gibraltar and employs over 101 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. For the nine months of trading, since the acquisition of Fidecs Group on the 28 March 2007, to 31 December 2007, STM Group reported revenue of £5.29 million with pre tax profit of £1.78 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. The Group expanded into the Channel Islands in December 2007, with the purchase of Compagnie Fiduciaire Trustees Limited. In June 2008, STM increased its presence in the Channel Islands with the acquisition of St George Financial Services Limited.
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