STM Group PLC Some Gibraltar Regulated Entities - Update (7478W)
17 November 2017 - 1:20AM
UK Regulatory
TIDMSTM
RNS Number : 7478W
STM Group PLC
16 November 2017
STM Group Plc
("STM", the "Company" or the "Group")
Some Gibraltar regulated entities - update on appointment of
Inspectors
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 Via Walbrook PR
Officer www.stmgroupplc.com
Therese Neish, Chief Financial
Officer
finnCap Tel: +44 (0)20 7600
1658
Matt Goode / Emily Watts - Corporate www.finncap.com
Finance
Mia Gardner - Corporate Broking
Media enquiries:
Walbrook PR Tel: +44 (0) 20 7933 8780
Tom Cooper / Paul Vann Mob: +44 (0) 797 122 1972
tom.cooper@walbrookpr.com
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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