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Some Gibraltar Regulated Entities - Update

16 Nov 2017 14:20

RNS Number : 7478W
STM Group PLC
16 November 2017
 

 

 

 

STM Group Plc

("STM", the "Company" or the "Group")

Some Gibraltar regulated entities - update on appointment of Inspectors

 

Further to the announcement of 14 November 2017, STM Group Plc (AIM: STM), the cross border financial services provider, announces the following update with respect to the appointment of Inspectors (the "Appointments") for certain of the Company's Gibraltar regulated subsidiaries, (the "Subsidiaries") which is currently subject to a temporary Stay granted by Order of the Gibraltar Supreme Court (the "Court").

 

The Board of STM has been advised that the Gibraltar Financial Services Commission and Subsidiaries have agreed a Voluntary Stay until the appeal against the Appointments (the "Appeal") is heard by the Court. The Stay is without prejudice to the respective parties' legal arguments. The Court Order for this is in the process of being finalised. This will cancel the extended Stay hearing of the Court which was scheduled for 20 November 2017. The Stay means that the Inspectors will not be commencing any work in relation to the Appointments and consequently the Subsidiaries will not be suffering the potential costs of the Inspectors pending the outcome of the Appeal. This Appeal has now been set for 22 January 2018.

 

As previously announced, the Subsidiaries, as advised by their lawyers, believe that there are strong grounds for the Appeal.

 

The Subsidiaries are hoping to establish a collaborative way forward through dialogue with the GFSC.

 

Further announcements will be made in due course, as appropriate.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For further information, please contact:

STM Group Plc

 

Alan Kentish, Chief Executive Officer

Therese Neish, Chief Financial Officer

Via Walbrook PR

www.stmgroupplc.com

 

 

finnCap

Tel: +44 (0)20 7600 1658

Matt Goode / Emily Watts - Corporate Finance

Mia Gardner - Corporate Broking

www.finncap.com

 

Media enquiries:

Walbrook PR

Tel: +44 (0) 20 7933 8780

Tom Cooper / Paul Vann

 

Mob: +44 (0) 797 122 1972

tom.cooper@walbrookpr.com

 

 

Notes to editors:

STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.

 

Today, STM has operations in the UK, Gibraltar, Malta, Jersey and Spain. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has developed a specialist international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS). STM has a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.

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
 
END
 
 
MSCZQLFFDFFFFBD
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19th Aug 20087:00 amRNSNotice of Results
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19th Mar 20087:00 amRNSIssue of Equity
4th Mar 20087:01 amRNSFinal Results
20th Feb 20087:00 amRNSNotice of Results
10th Jan 20087:00 amRNSAcquisition
4th Jan 200812:00 pmRNSDirector/PDMR Shareholding
10th Oct 20073:33 pmRNSHolding(s) in Company
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6th Sep 20074:39 pmRNSHolding(s) in Company
3rd Sep 200711:05 amRNSRe Parliament Acquisition
23rd Aug 20077:00 amRNSParliament Acquisition
21st Aug 20077:00 amRNSNotice of Results
8th Aug 20073:34 pmRNSAim Rule 26
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26th Jul 20077:01 amRNSHolding(s) in Company
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9th Jul 200710:01 amRNSTotal Voting Rights
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25th Jun 20077:01 amRNSIssue of Equity
18th Jun 20073:51 pmRNSResult of AGM
8th Jun 20077:01 amRNSAcquisition
24th May 20079:30 amRNSNotice of AGM
12th Apr 200712:55 pmRNSTotal Voting Rights
5th Apr 200710:30 amRNSIssue of Equity
2nd Apr 20075:21 pmRNSHolding(s) in Company

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