STM Group PLC Update on appeal of Adams v Carey case (8752H)
April 11 2022 - 2:01AM
UK Regulatory
TIDMSTM
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
finnCap www.finncap.com
Matt Goode / Abigail Kelly - Corporate Finance Tel: +44 (0) 20 7220
Tim Redfern / Richard Chambers - ECM 0500
Walbrook www.walbrookpr.com
Tom Cooper / Nick Rome Tel: +44 (0) 20 7933
8780
Mob: +44 (0) 797 122
1972
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
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