24th May 2007 09:30
STM Group PLC24 May 2007 Press Release 24 May 2007 STM Group Plc ("STM" or "the Company") Notice of AGM STM Group Plc (AIM:STM), the cross border financial services provider, announcesthat it has today posted notice of its Annual General Meeting ("AGM") to itsshareholders which is to be held at its registered office, Clinch's House, LordStreet, Douglas, Isle of Man on Monday 18 June 2007 at 3.00 p.m. - 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.com Daniel Stewart & Co. PlcLindsay Mair / Tessa Smith Tel: +44 (0) 20 7776 6550 Media enquiries:AbchurchHenry Harrison-Topham / Charlie Jack Tel: +44 (0) 20 7398 [email protected] 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 on 28 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 was acquired by STM upon its Admission to AIM. 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. 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. The HNWI market, a key market for CTSPs, hascontinued to expand strongly, due to buoyant stock markets, rising house pricesand global economic growth. Leading surveys estimated that aggregate global highnet worth wealth, would grow to £40 trillion by 2008, an increase ofsome 40 per cent. over 2004. 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 ExchangeRelated Shares:
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