Cross-border financial services provider STM Group has reached agreement in principle on “the key terms of a possible cash offer” for the entire issued and to be issued share capital of the company from Pension SuperFund (PSF) Capital.
The offer is valued at a price of 70 pence per share.
The board of STM Group has confirmed to Pension SuperFund Capital that, should a firm offer be made on the financial terms of the offer, it would recommend it unanimously to STM Group’s shareholders.
Any offer made would be subject to the agreement of other customary terms and conditions, including the approval of the Financial Conduct Authority (FCA), the Gibraltar Financial Services Commission (GFSC), the Malta Financial Services Authority (MFSA) and The Pensions Regulator (TPR).
The STM board has granted Pension SuperFund Capital access to due diligence materials.
The firms said that discussions are at a very early stage. There is “no certainty that any offer will ultimately be made for the company”. STM said further announcements “will be made as appropriate”.
STM has a range of life and pension subsidiaries in the UK, Malta, Spain and Gibraltar. PSF provides pension savings and pension risk transfers. PSF is the controlling shareholder in Long Term Assets, a vehicle intended to give pension savers access to private market investments through a listing on the London market.