Update Regarding Re-registrat

RNS Number : 4408M

STM Group PLC

24 May 2010

 



Press Release

24 May 2010

STM Group Plc

("the Company")

Update Regarding Re-registration

Further to the Company's "Result of AGM" announcement of 7 May 2010, the Board of STM Group Plc (AIM:STM), the cross border financial services provider, is pleased to announce that the Company has now re-registered as a company incorporated under the Isle of Man Companies Act 2006 with company number 005398V.

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For further information, please contact:

STM Group Plc
Colin Porter, Chief Executive Officer [e-mail]	Tel: [phone] www.stmgroupplc.com
Alan Kentish, Chief Financial Officer [e-mail]	Tel: [phone]

 

Evolution Securities	Tel: [phone]
Jeremy Ellis / Chris Clarke	www.evosecurities.com
FinnCap	Tel: [phone]
Tom Jenkins / Marc Young	www.finncap.com

 Media enquiries:

Abchurch
Henry Harrison-Topham / Mark Dixon	Tel: [phone]
[e-mail]	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.

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. In July 2009 STM announced the acquisition of The Citadel Group of Companies based in Luxembourg subject to regulatory approval.  In April 2010, STM announced the acquisition of Zenith Trust Company Limited to enhance the Group's position in Jersey.  The annualised revenue base for Jersey will now be over £3.5 million, giving a "second engine room" to the Group, alongside Gibraltar.  For the year ended, 31 December 2008, STM Group reported revenue of £9.19 million with pre tax profits of £2.84 million and for the year ended 31 December 2009 the reported revenue was £8.5 million with pre-tax profits of £0.7 million.

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

 

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