Proactiveinvestors United Kingdom STM Group Plc https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom STM Group Plc RSS feed en Thu, 27 Jun 2019 05:13:28 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Carey Bargain Purchase Gain & Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190620070005_14117510/ Thu, 20 Jun 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190620070005_14117510/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190514152238_14073767/ Tue, 14 May 2019 15:22:38 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190514152238_14073767/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190430104502_14057198/ Tue, 30 Apr 2019 10:45:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190430104502_14057198/ <![CDATA[RNS press release - Annual Financial Report & Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190411070003_14036790/ Thu, 11 Apr 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190411070003_14036790/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190401073002_14022958/ Mon, 01 Apr 2019 07:30:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190401073002_14022958/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190326070014_14015157/ Tue, 26 Mar 2019 07:00:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190326070014_14015157/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190312113824_13999183/ Tue, 12 Mar 2019 11:38:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190312113824_13999183/ <![CDATA[RNS press release - Completion of Acquisition of UK Pensions Business ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190213070003_13967205/ Wed, 13 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190213070003_13967205/ <![CDATA[RNS press release - Trading Update, Appt of COO & Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190130070003_13951061/ Wed, 30 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20190130070003_13951061/ <![CDATA[News - STM says one-off costs in life assurance business to impact profitability although full-year performance still in line ]]> https://www.proactiveinvestors.co.uk/companies/news/210290/stm-says-one-off-costs-in-life-assurance-business-to-impact-profitability-although-full-year-performance-still-in-line-210290.html STM Group Plc (LON:STM) saw its shares fall on Friday after the cross border financial services provider said one-off costs in its existing life assurance business will impact profitability although its full-year performance will still be in line with expectations.

In a trading update for the full year ending 31 December 2018, the AIM-listed firm said that during the second half of 2018 STM Life Assurance PCC incurred a number of one-off costs in relation to uncollectable policy fees amounting to £0.2mln, as well as a policy cancellation and closure exercise for uneconomical policies amounting to £0.1mln.

READ: Avanti Communications predicts “strong growth” in final quarter of 2018

Additionally, the company added, there has been a reduction in the forecasted new business pipeline to the year-end of £0.2mln, reflecting a timing delay in some policies not likely to incept until 2019.

However, the firm said, it is anticipated that in the last quarter of 2018 there will be a significant release from the London & Colonial Assurance technical long-term insurance fund which it currently will be at least £0.5mln, which will contribute to the group's anticipated profit before tax for the year.

It added that the exact amount to be released is currently being calculated by the group's appointed actuary

STM said the anticipated release of the technical reserve provides a significant positive contribution to earnings, as it has done in previous years, and including this anticipated contribution, the group remains confident that it ill report overall profit before tax for 2018 in line with its previous expectations.

It said underlying profit before tax - excluding the impact of profits from reserve releases and one off costs – is expected to increase year on year.

STM pointed out that trading across all other group divisions has been in line with management's expectations.

Steady growth against previous year

Alan Kentish, STM’s chief executive officer, commented: "We are pleased with the underlying trading of the Group for the year to date, which demonstrates steady growth against our previous year.”

He added: “The year so far has seen significant change, and it is apparent that we have experienced a number of material one-off costs as well as ongoing costs as part of our enhanced governance, both of which will impact our profitability but make our businesses more robust.

“Despite these headwinds, the growth in our underlying business and the anticipated release of the technical reserve mean we remain confident of being in line with management's expectations of overall profit before tax for the full year."

In early morning trading, STM shares were 6% lower at 54p.

In a note to clients, ‘house’ broker finnCap reiterated a 100p price target for STM shares. 

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Fri, 30 Nov 2018 09:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210290/stm-says-one-off-costs-in-life-assurance-business-to-impact-profitability-although-full-year-performance-still-in-line-210290.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181130070004_13886119/ Fri, 30 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181130070004_13886119/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181122110951_13877172/ Thu, 22 Nov 2018 11:09:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181122110951_13877172/ <![CDATA[RNS press release - Director Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181116070004_13869345/ Fri, 16 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181116070004_13869345/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181012130005_13827281/ Fri, 12 Oct 2018 13:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181012130005_13827281/ <![CDATA[RNS press release - Acquisition of UK Pensions business ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181009070007_13820889/ Tue, 09 Oct 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20181009070007_13820889/ <![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180911070011_13785533/ Tue, 11 Sep 2018 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180911070011_13785533/ <![CDATA[RNS press release - Non-Executive Chairman Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180903070007_13775608/ Mon, 03 Sep 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180903070007_13775608/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180810070004_13750706/ Fri, 10 Aug 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180810070004_13750706/ <![CDATA[RNS press release - Trading Update & Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180725070007_13730029/ Wed, 25 Jul 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180725070007_13730029/ <![CDATA[RNS press release - PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180629145740_13699935/ Fri, 29 Jun 2018 14:57:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180629145740_13699935/ <![CDATA[RNS press release - Conclusion of Gibraltar Skilled Person Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180611070003_13673633/ Mon, 11 Jun 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180611070003_13673633/ <![CDATA[RNS press release - Update on Gibraltar entities Skilled Person Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180601070006_13662701/ Fri, 01 Jun 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180601070006_13662701/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180523121507_13652472/ Wed, 23 May 2018 12:15:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180523121507_13652472/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180504094926_13630448/ Fri, 04 May 2018 09:49:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180504094926_13630448/ <![CDATA[RNS press release - Update on Gibraltar entities Skilled Person Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180504070007_13629825/ Fri, 04 May 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180504070007_13629825/ <![CDATA[RNS press release - Annual Financial Report & Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180424110004_13616367/ Tue, 24 Apr 2018 11:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180424110004_13616367/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180418143957_13609688/ Wed, 18 Apr 2018 14:39:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180418143957_13609688/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180327070006_13582164/ Tue, 27 Mar 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180327070006_13582164/ <![CDATA[RNS press release - Completion of Harbour Acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180221070002_13540098/ Wed, 21 Feb 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180221070002_13540098/ <![CDATA[RNS press release - MFSA Approval of Harbour Acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180216111544_13536366/ Fri, 16 Feb 2018 11:15:44 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180216111544_13536366/ <![CDATA[RNS press release - Trading Update & Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180124070004_13507053/ Wed, 24 Jan 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180124070004_13507053/ <![CDATA[RNS press release - Update on GFSC appeal & date of Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180117112709_13499669/ Wed, 17 Jan 2018 11:27:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20180117112709_13499669/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171228070003_13478296/ Thu, 28 Dec 2017 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171228070003_13478296/ <![CDATA[RNS press release - Confirmation of Stay and date of Appeal ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171204070003_13452049/ Mon, 04 Dec 2017 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171204070003_13452049/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171117094001_13435472/ Fri, 17 Nov 2017 09:40:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171117094001_13435472/ <![CDATA[RNS press release - Some Gibraltar Regulated Entities - Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171116142037_13434538/ Thu, 16 Nov 2017 14:20:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171116142037_13434538/ <![CDATA[News - STM resumes trading as it challenges investigation by Gibraltar financial regulator ]]> https://www.proactiveinvestors.co.uk/companies/news/187239/stm-resumes-trading-as-it-challenges-investigation-by-gibraltar-financial-regulator-187239.html STM Group Plc (LON:STM) shares plunged after the pensions provider resumed trading and said it was launching a legal challenge against the Gibraltar financial regulator's decision to investigate compliance and governance concerns.

The Gibraltar Financial Services Commission (GFSC) issued STM with a notice to appoint inspectors to investigate the firm on 6 November after visiting its Gibraltar-based subsidiaries in September and October last year. STM said the GFSC also visited the sites in March this year “specifically to review the centralised compliance function in Gibraltar”.

“As a result of these site visits, the GFSC have stated they have some concerns regarding certain aspects of compliance, governance and controls and the provision of professional and trustee services,” STM said.  

After taking legal advice on whether the regulator has sufficient grounds to appoint inspectors, the STM's subsidiaries have filed an appeal with the Gibraltar Supreme Court.

The announcement came after chief executive Alan Kentish was released from arrest and bail without charge on Monday in an unrelated investigation by Royal Gibraltar Police (RGP). 

He was arrested in connection to his role as a director at a client company of STM, which was involved in a tax dispute between two countries about their rights to tax him from 2008 to 2013.

STM said Kenitsh “continues to cooperate fully with the RGP whilst they conclude their investigation".

Shares in STM were suspended on Monday as it revealed it had acquired Malta-based Harbour Pensions for an undisclosed sum.

It resumed trading at noon on Tuesday with shares down 27.10% to 39p each in the afternoon session.  

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Tue, 14 Nov 2017 13:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187239/stm-resumes-trading-as-it-challenges-investigation-by-gibraltar-financial-regulator-187239.html
<![CDATA[RNS press release - Recommencement of Trading & Inspectors Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171114120001_13431128/ Tue, 14 Nov 2017 12:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171114120001_13431128/ <![CDATA[RNS press release - Director Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171114114627_13431093/ Tue, 14 Nov 2017 11:46:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171114114627_13431093/ <![CDATA[RNS press release - Statement Regarding Suspension ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171113073001_13428908/ Mon, 13 Nov 2017 07:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171113073001_13428908/ <![CDATA[RNS press release - Acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171113070003_13428515/ Mon, 13 Nov 2017 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171113070003_13428515/ <![CDATA[RNS press release - Director Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171103121040_13420051/ Fri, 03 Nov 2017 12:10:40 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171103121040_13420051/ <![CDATA[RNS press release - Director Declaration and Relocation of Head Office ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171030070005_13412467/ Mon, 30 Oct 2017 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171030070005_13412467/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171010090002_13391557/ Tue, 10 Oct 2017 09:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20171010090002_13391557/ <![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170912070004_13359090/ Tue, 12 Sep 2017 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170912070004_13359090/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170721152741_13303948/ Fri, 21 Jul 2017 15:27:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170721152741_13303948/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170721092610_13303286/ Fri, 21 Jul 2017 09:26:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170721092610_13303286/ <![CDATA[RNS press release - Directors Share Dealings ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170721070003_13302791/ Fri, 21 Jul 2017 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170721070003_13302791/ <![CDATA[RNS press release - Trading Update & Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170711070003_13290247/ Tue, 11 Jul 2017 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170711070003_13290247/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170710143246_13289769/ Mon, 10 Jul 2017 14:32:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/953/LSE20170710143246_13289769/