STM Group PLC Completion of Harbour Acquisition (3604F)

TIDMSTM

RNS Number : 3604F

STM Group PLC

21 February 2018

STM Group Plc

("STM" or the "Group")

Completion of the

Harbour Pensions Limited acquisition

STM Group Plc (AIM: STM), the cross border financial services provider, is pleased to announce that pursuant to the announcement of 16 February 2018, STM Malta Limited yesterday completed on the acquisition of Harbour Pensions Limited ("Harbour").

The Group will begin the integration process immediately, having already undertaken some preparation since the initial announcement in November 2017. As noted in the announcement dated 13 November 2017, the complete integration of the Harbour business is expected to take in the region of six months from completion. The Board believes the acquisition will be moderately earnings enhancing in the first full financial year of ownership with annualised profit contribution of GBP0.4 million thereafter.

Commenting on the Group's acquisition strategy, Alan Kentish, CEO of STM said:

"This is a nice sized bolt-on acquisition for STM which will give a material uplift in the profitability of the STM Malta operation once fully integrated, and we look forward to welcoming the Harbour staff into the Group.

"We believe that there will continue to be further consolidation in the Recognised Overseas Pension Scheme (ROPS) market in both Malta and Gibraltar, and STM's opportunity, as well as challenge, is to be at the forefront of driving any such activity."

The information communicated in this announcement includes inside information for the purposes of Article 7 Regulation 596/2014.

For further information, please contact:

 
 STM Group Plc 
 Alan Kentish, Chief Executive                    Via Walbrook PR 
  Officer                                     www.stmgroupplc.com 
  [e-mail] 
 
 Therese Neish, Chief Financial 
  Officer 
  [e-mail] 
 
 finnCap                                          www.finncap.com 
 Matt Goode / Emily Watts - Corporate             Tel: +44 (0) 20 
  Finance                                               7220 0500 
  Mia Gardner - Corporate Broking 
 
 Walbrook                                      www.walbrookpr.com 
 Tom Cooper / Paul Vann                           Tel: +44 (0) 20 
                                                        7933 8780 
                                                 Mob: +44 (0) 797 
                                                         122 1972 
                                        [e-mail] 
 

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 United Kingdom, Malta, Jersey, Spain and Gibraltar. 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 UK SIPPs, Qualifying Recognised Overseas Pension Schemes (QROPS) and 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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 21, 2018 02:00 ET (07:00 GMT)