REG - STM Group PLC - Completion of Harbour Acquisition <Origin Href="QuoteRef">STMG.L</Origin>

STMAnnouncement

21/02/2018 07:05

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 Limitedyesterday 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 0.4 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 Officer
alan.kentish@stmgroupplc.com
Via Walbrook PR
www.stmgroupplc.com
Therese Neish, Chief Financial Officer
therese.neish@stmgroupplc.com
finnCap
www.finncap.com
Matt Goode / Emily Watts - Corporate Finance
Mia Gardner - Corporate Broking
Tel: +44 (0) 20 7220 0500
Walbrook
www.walbrookpr.com
Tom Cooper / Paul Vann
Tel: +44 (0) 20 7933 8780
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 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
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