REG - STM Group PLC - Update on appeal of Adams v Carey case

STMAnnouncement

11/04/2022 07:00

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RNS Number : 8752H  STM Group PLC  11 April 2022

 

STM Group Plc

("STM", the "Company" or the "Group")

 

Update on appeal of Adams v Carey case

 

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           Via Walbrook PR

 Nicole Coll, Chief Financial Officer            www.stmgroupplc.com (http://www.stmgroupplc.com)

 finnCap                                         www.finncap.com (http://www.finncap.com)
 Matt Goode / Abigail Kelly - Corporate Finance  Tel: +44 (0) 20 7220 0500

 Tim Redfern / Richard Chambers - ECM

 Walbrook                                        www.walbrookpr.com (http://www.walbrookpr.com)
 Tom Cooper / Nick Rome                          Tel: +44 (0) 20 7933 8780
                                                 Mob: +44 (http://www.abchurch-group.com) (0) 797 122 1972
                                                 STM@walbrookpr.com (mailto:STM@walbrookpr.com)

 

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
(https://urldefense.proofpoint.com/v2/url?u=http-3A__www.stmgroupplc.com&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=05PHl3GHdShYuaCii2fBRpoqaNr9B1d97X09daeosu0&m=PU7KD9-tYowY3PC9sXem4PQSmJ-Zm8TJB2ox4M8NHwI&s=39Vvq5Ccz7txaqksRCl4B8zUxhpd6elnqEy0XmTed50&e=)

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