Update on appeal of Adams v Carey case
11 April 2022
STM Group Plc (AIM: STM), the cross border financial services provider, announces that it has been informed by the Supreme Court that its application for leave to appeal the judgment of the Court of Appeal in the long-standing Adams v Carey case has been declined.
The original case was heard in March 2018 and relates to an investment made in 2012, prior to STM's acquisition of Carey UK Pensions LLP in February 2019. A condition of the acquisition was the indemnity on any claims in the Adams v Carey case, with the benefit of significant existing PI cover held by the vendors. The decision therefore does not directly impact STM's exposure in this case, but it will have implications for the Financial Services industry more broadly.
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Officer
Nicole Coll, Chief Financial Officer
Via Walbrook PR
Matt Goode / Abigail Kelly - Corporate Finance
Tim Redfern / Richard Chambers - ECM
Tel: +44 (0) 20 7220 0500
Tom Cooper / Nick Rome
Tel: +44 (0) 20 7933 8780
Mob: +44 (0) 797 122 1972
Notes to editors:
STM is a multi-jurisdictional financial services group traded on AIM, a market operated by 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 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