18th Jun 2007 15:51
STM Group PLC18 June 2007 Press Release 18 June 2007 STM Group Plc ("Company") Result of AGM STM Group Plc (AIM:STM), the cross border financial services provider, held itsAGM earlier today. All the resolutions set out in the notice of annual generalmeeting of the Company dated 24 May 2007 were duly passed. - 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 jurisdictions. TheCompany's aim is to grow through acquiring and consolidating high qualityexisting CTSPs which offer complementary products and services and that operatein complementary tax efficient jurisdictions to those provided by STM's firstacquisition, the Gibraltar based CTSP, Fidecs Group Limited ("Fidecs"). Fidecswas acquired by STM upon its Admission to AIM and changed its name to STM Fidecs STM Fidecs is one of the largest financial services firms in Gibraltar andemploys 80 people. It specialises in financial planning for both High NetWorth individuals ("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 STMannounced the conditional acquisition of the Atlas Group of companies, theprivately held CTSP provider, based in Gibraltar which will be integrated intothe operations of STM 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. 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 US$40 trillion by 2008, an increase of some 40per 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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