14 November 2017
STM Group Plc (AIM: STM), the cross border financial services provider, is pleased to update the market that Alan Kentish, the Chief Executive Officer of STM, was released from arrest and police bail on 13 November 2017, without any charge.
Following STM's announcements of 30 October 2017 and 3 November 2017, and after consideration of the options available to Mr Kentish, an application was submitted for judicial review against the Royal Gibraltar Police (RGP) to the Supreme Court in Gibraltar on 9 November 2017. No date for this hearing has yet been determined.
Separately, the RGP have now taken the step to release Mr Kentish from arrest and police bail. Mr Kentish continues to cooperate fully with the RGP whilst they conclude their investigation.
The Board has been advised that the documentation lodged to support the judicial review robustly defends that there is no merit to these allegations.
The Board of STM remains fully supportive of Alan Kentish.
The Company also wishes to announce that on 2 November 2017 Mr Kentish resigned from two Gibraltar regulated subsidiaries, being STM Fidecs Insurance Management Limited and STM Life Assurance PCC Plc. These resignations were purely voluntary and were to mitigate any potential reputational damage to the subsidiaries and to put in place the first steps of the relocation of the Group's Head Office out of Gibraltar (as per the announcement of 30 October 2017). This move will also allow Mr Kentish to fully focus on furthering the strategic objectives of the Company.
The Company's shares remain suspended from trading at this time.
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|
|Alan Kentish, Chief Executive Officer||Tel: 00 350 200 42686|
|Therese Neish, Chief Financial Officer||www.stmgroupplc.com|
|finnCap||Tel: +44 (0)20 7600 1658|
|Matt Goode / Emily Watts - Corporate Finance||www.finncap.com|
|Mia Gardner - Corporate Broking|
|Tom Cooper / Paul Vann||Tel: +44(0)2079338780
Mob: +44 (0) 797 122 1972