STM Group PLC Completion of Harbour Acquisition (3604F)
February 21 2018 - 1:00AM
UK Regulatory
TIDMSTM
RNS Number : 3604F
STM Group PLC
21 February 2018
STM Group Plc
("STM" or the "Group")
Completion of the
Harbour Pensions Limited acquisition
STM Group Plc (AIM: STM), the cross border financial services
provider, is pleased to announce that pursuant to the announcement
of 16 February 2018, STM Malta Limited yesterday completed on the
acquisition of Harbour Pensions Limited ("Harbour").
The Group will begin the integration process immediately, having
already undertaken some preparation since the initial announcement
in November 2017. As noted in the announcement dated 13 November
2017, the complete integration of the Harbour business is expected
to take in the region of six months from completion. The Board
believes the acquisition will be moderately earnings enhancing in
the first full financial year of ownership with annualised profit
contribution of GBP0.4 million thereafter.
Commenting on the Group's acquisition strategy, Alan Kentish,
CEO of STM said:
"This is a nice sized bolt-on acquisition for STM which will
give a material uplift in the profitability of the STM Malta
operation once fully integrated, and we look forward to welcoming
the Harbour staff into the Group.
"We believe that there will continue to be further consolidation
in the Recognised Overseas Pension Scheme (ROPS) market in both
Malta and Gibraltar, and STM's opportunity, as well as challenge,
is to be at the forefront of driving any such activity."
The information communicated in this announcement includes
inside information for the purposes of Article 7 Regulation
596/2014.
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Via Walbrook PR
Officer www.stmgroupplc.com
alan.kentish@stmgroupplc.com
Therese Neish, Chief Financial
Officer
therese.neish@stmgroupplc.com
finnCap www.finncap.com
Matt Goode / Emily Watts - Corporate Tel: +44 (0) 20
Finance 7220 0500
Mia Gardner - Corporate Broking
Walbrook www.walbrookpr.com
Tom Cooper / Paul Vann Tel: +44 (0) 20
7933 8780
Mob: +44 (0) 797
122 1972
tom.cooper@walbrookpr.com
Notes to editors:
STM is a multi jurisdictional financial services group which is
listed on the AIM Market of the London Stock Exchange. The Group
specialises in the delivery of a wide range of financial service
products to professional intermediaries and the administration of
assets for international clients in relation to retirement, estate
and succession planning and wealth structuring.
Today, STM has operations in United Kingdom, Malta, Jersey,
Spain and Gibraltar. The Group is looking to expand through the
development of additional products and services that its ever more
sophisticated clients demand. STM has developed a specialist
international pensions division which specialises in UK SIPPs,
Qualifying Recognised Overseas Pension Schemes (QROPS) and
Qualifying Non UK Pension Schemes (QNUPS). STM has a Gibraltar Life
Insurance Company, STM Life plc, which provides life insurance
bonds - wrappers in which a variety of investments, including
investment funds, can be held.
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
END
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