Some Gibraltar regulated entities - update on appointment of Inspectors
16 November 2017
Further to the announcement of 14 November 2017, STM Group Plc (AIM: STM), the cross border financial services provider, announces the following update with respect to the appointment of Inspectors (the "Appointments") for certain of the Company's Gibraltar regulated subsidiaries, (the "Subsidiaries") which is currently subject to a temporary Stay granted by Order of the Gibraltar Supreme Court (the "Court").
The Board of STM has been advised that the Gibraltar Financial Services Commission and Subsidiaries have agreed a Voluntary Stay until the appeal against the Appointments (the "Appeal") is heard by the Court. The Stay is without prejudice to the respective parties' legal arguments. The Court Order for this is in the process of being finalised. This will cancel the extended Stay hearing of the Court which was scheduled for 20 November 2017. The Stay means that the Inspectors will not be commencing any work in relation to the Appointments and consequently the Subsidiaries will not be suffering the potential costs of the Inspectors pending the outcome of the Appeal. This Appeal has now been set for 22 January 2018.
As previously announced, the Subsidiaries, as advised by their lawyers, believe that there are strong grounds for the Appeal.
The Subsidiaries are hoping to establish a collaborative way forward through dialogue with the GFSC.
Further announcements will be made in due course, as appropriate.
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||Via Walbrook PR|
|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
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 the UK, Gibraltar, Malta, Jersey and Spain. 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 Qualifying Recognised Overseas Pension Schemes (QROPS), 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