AGM Trading Statement
13 May 2015
STM Group PLC (AIM: STM), the multi-jurisdictional financial services group, is pleased to release the following trading statement which will be read out by Michael Riddell, Chairman of STM, at its Annual General Meeting ("AGM") to be held at 11am today.
"STM is pleased to confirm that it has made a good start to the financial year and trading for the start of 2015 is in line with management expectations.
"In our Outlook Statement, released as part of our Final Results in March, we advised that the focus for the Company for this current year was to "further strengthen and maximize its business development activities" to enhance the scalability of the Group and to access an increasingly global client base. We are pleased to report considerable efforts have been made by the Product and Business Development team and that very good progress is being made. In particular, the Company continues to make inroads with regards to increasing its distribution network and has so far in 2015 signed on more intermediaries than in the full previous financial year. Furthermore, STM is in the final stages of setting up a sales office in the Middle East, with recruitment for a further office in Asia well under way.
"As announced on 16 April 2015, the majority of the outstanding £2.6m convertible loan notes were successfully resolved, with either repayment or conversion into new ordinary shares in the Company. The number of loan note requests for conversion into equity in STM, including full conversion by our Director of Product and Business Development, Alan Kentish, demonstrates significant confidence in the prospects for the Company. The effect of these transactions is that the outstanding balance is now only £300,000, which represents the extent of the Company's external borrowings and results in a considerably reduced interest cost to STM. Cash balances continue to grow which, together with the low level of gearing, provides for a strong Balance Sheet from which to grow our business."
For further information, please contact:
|STM Group PLC||www.stmgroupplc.com|
|Colin Porter, Chief Executive Officer||Tel: + 350 200 42686|
|Therese Neish, Chief Financial Officer||Tel: 00 350 200 78614|
|Matt Goode / Christopher Raggett - Corporate Finance||Tel: +44 (0) 20 7220 0500|
|Mia Gardner - Corporate Broking|
|Tom Cooper / Paul Vann||Tel: +44 (0) 117 985 8989|
|Mob: +44 (0) 797 122 1972|
Notes to editors:
STM is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and in the administration of assets for international clients in relation to retirement, estate and succession planning, and wealth structuring.
Today, STM has trading operations in Gibraltar, Malta, Jersey, and Spain. It has also recently opened satellite offices in South East Asia, the Middle East, and South Africa. The Group continues to expand through the development of additional products and services that its ever-more sophisticated clients demand.
STM has, for example, a dedicated international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS) and Qualifying Non-UK Pension Schemes (QNUPS); it also has a Gibraltar Life Insurance Company, STM Life Assurance PCC 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