Update re 2021 life assurance audits
25 May 2023
STM Group Plc (AIM: STM), the cross border financial services provider, announces that the financial statements for the Company's two Gibraltar life assurance subsidiaries, London & Colonial Assurance PCC Plc and STM Life Assurance PCC Plc (the "Life Company Subsidiaries") for the year ended 31 December 2021 have been signed.
STM further announces that regulatory approval from the Gibraltar Financial Services Commission ("GFSC") for the appointment of the Managing Director of the Life Company Subsidiaries was received on 5 May 2023. As such, there was no requirement to disclose a material uncertainty relating to going concern in the financial statements, referenced in the Company's market announcement issued on 4 May 2023.
The process is now under way to appoint Grant Thornton as auditors of the Life Company Subsidiaries to ensure that the 2022 Group audit is signed in the coming weeks.
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Officer
Via Walbrook PR
Matt Goode / Emily Watts / Abigail Kelly - Corporate Finance
Tim Redfern (ECM)
Tel: +44 (0) 20 7220 0500
Tom Cooper / Joseph Walker
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, Australia 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