STM Group PLC Adams V Carey Update (5049Z)
September 21 2020 - 01:00AM
UK Regulatory
TIDMSTM
RNS Number : 5049Z
STM Group PLC
21 September 2020
STM Group Plc
("STM" or "the Company" or "the Group")
Adams V Carey Update
STM Group Plc (AIM:STM), the cross-border financial services
provider, announces that as expected, the Court of Appeal has
granted Mr Adams permission to appeal the Adams v Carey judgement.
The Court previously had found wholly in favour of Carey Pensions
LLP ("Carey") (now "Options UK Personal Pensions" or "Options") on
all submitted claims. The Court is expected to consider the case in
early 2021.
Alan Kentish, CEO of STM Group Plc commented:
"From Options' point of view, the decision to grant permission
for the appeal is disappointing. Clearly, the Appeal will be
something that is of interest to the whole of the UK financial
services market that transacts 'execution only' business, not just
the pension industry. The original judgement was detailed and well
considered, so we continue to believe that it was the correct
decision and will be upheld following the appeal."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information, please contact:
STM Group Plc www.stmgroupplc.com
Alan Kentish, Chief Executive Officer Tel: Via Walbrook
Therese Neish, Chief Financial Officer
finnCap www.finncap.com
Matt Goode / Emily Watts - Corporate Finance Tel: +44 (0) 20 7220
Tim Redfern / Richard Chambers - ECM 0500
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 administration of client assets in relation to
retirement, estate and succession planning and wealth
structuring.
Today, the Group has operations in the UK, Gibraltar, Malta,
Jersey and Spain. STM has developed a range of pension products for
UK nationals and internationally domiciled clients and has two
Gibraltar Life Assurance Companies which provide life insurance
bonds - wrappers in which a variety of investments, including
investment funds, can be held.
STM's growth strategy is focussed on both organic initiatives
and strategic acquisitions.
Further information on STM Group can be found at
www.stmgroupplc.com
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