26th Nov 2008 12:51
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Press Release |
26 November 2008 |
STM Group Plc
("the Company")
Holding(s) in Company
The Company has today been notified by Nightingale Equities Inc ("Nightingale") that following Nightingale's purchase of 545,455 ordinary shares of 0.1 pence in the Company ("Ordinary Shares") on 21 November 2008, Nightingale now holds 2,887,477 Ordinary Shares, representing approximately 6.77 per cent. of the Company's issued share capital.
The 545,455 Ordinary Shares formed part of a larger purchase on 21 November 2008 of 2,668,847 existing Ordinary Shares, representing approximately 6.25 per cent. of the Company's issued share capital, which had been offered for sale following the collapse of the Icelandic banks in early October 2008 and which, the directors believe, had been acting as an overhang of Ordinary Shares in the market since that date.
- Ends -
For further information, please contact:
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STM Group Plc |
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Tim Revill, Chief Executive Officer |
Tel: 00 350 200 51610 |
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Matt Wood, Non-executive director |
Tel: +44 (0) 20 7752 0215 |
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www.stmgroupplc.com |
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Daniel Stewart & Co. Plc |
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Lindsay Mair / Stewart Dick |
Tel: +44 (0) 20 7776 6550 |
Media enquiries:
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Abchurch |
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Henry Harrison-Topham / Charlie Jack |
Tel: +44 (0) 20 7398 7706 |
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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 and for the subsequent 6 months to 30 June 2008 the reported revenue was £4.26m with pre tax profits of £1.43million.
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
Related Shares:
Stm Grp.