Re Parliament Acquisition

3 Sep 2007 11:05

STM Group PLC03 September 2007 Press Release 3 September 2007 STM Group Plc ("STM", "the Company" or "the Group") Approval of Acquisition of Parliament Corporate Services Limited STM Group Plc (AIM:STM), the cross border financial services provider, is todaypleased to announce, that pursuant to the announcement on the 23 August 2007,the Gibraltar Financial Services Commission ("GFSC") has approved theacquisition of the Parliament Corporate Services Limited. Application has been made for the 1,932,773 new Ordinary Shares ('ConsiderationShares') being issued at 59.5p per Ordinary Share to be admitted to trading on 3September 2007. Following the acquisition, STM's issued share capital comprises 37,532,000shares of common stock of per value 0.1 pence each. All of these Ordinary Sharescarry voting rights. - Ends - For further information, please contact:STM Group PlcTim Revill, Chief Executive Officer Tel: 00 350 51610Matt Wood, Non-executive director Tel: +44 (0) 20 7752 0215 www.stmgroupplc.comDaniel Stewart & Co. PlcLindsay Mair / Tessa Smith Tel: +44 (0) 20 7776 6550 Media enquiries:AbchurchHenry Harrison-Topham / Charlie Jack Tel: +44 (0) 20 7398 7706henry.ht@abchurch-group.com www.abchurch-group.com Notes to editors STM was formed in 2007 specifically to become a leading financial services groupoperating in the Corporate and Trustee Service Provider (CTSP) sector. TheCompany listed on the AIM market of the London Stock Exchange in March 2007.The traditional business of CTSPs is to administer and manage personal, familyand commercial assets and income streams in tax efficient offshorejurisdictions. The Company's aim is to grow through acquiring and consolidatinghigh quality existing CTSPs which offer complementary products and services andthat operate in complementary tax efficient jurisdictions to those provided bySTM's first acquisition, the Gibraltar based CTSP, Fidecs Group Limited ("Fidecs"). Fidecs is the second largest financial services firm in Gibraltar and employs 80people. It specialises in financial planning for both High Net Worthindividuals ("HNWI") moving to work, living or retiring overseas or makingcross-border investments, and for entrepreneurial, predominantly, owner-managedbusinesses, expanding into or re-locating to other, frequently lower tax,jurisdictions. It also includes an insurance management division, specialisingin providing set up and management services to newly formed insurance companiesoperating out of Gibraltar. In the year ended 31 December 2006, Fidecs reportedturnover of £5 million with post tax profit of £1.7 million. In June 2007 STM acquired the Atlas Group of companies, a privately held CTSPprovider, based in Gibraltar which has been integrated into the operations ofSTM Fidecs. The CTSP market is fragmented in nature, comprising a small number of very largeinternational financial services groups and a large number of relatively smalltrust and company management businesses regulated by, and operating out of,single offshore jurisdictions. 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