By Iain Gilbert
Date: Tuesday 09 Oct 2018
LONDON (ShareCast) - (Sharecast News) - STM Group has agreed to acquire Carey Administration from its existing owner for up to £400,000.
The AIM-listed cross-border financial services provider revealed on Tuesday that it will absorb CAHL, which owns 70% of Carey Pensions and Carey Corporate Pensions, using existing financial resources. Regulatory approval will be required from the UK Financial Conduct Authority.
As a result of the acquisition, STM will enter the UK auto-enrolment market, offering a highly "personalised" level of services to intermediaries and advisers.
STM expects Carey's UK business, which has £898m of assets under administration in client SIPPs, to deliver revenues of approximately £1.8m for the year ending 31 December.
Alan Kentish, STM's chief executive officer, said: "Carey pensions has been a self-starter in the UK pensions market and has achieved a lot under Christine Hallett's leadership during a relatively short time frame."
"The management team has ideas and opportunities in abundance and I believe STM's resources, financially and otherwise, will allow many of these to come to fruition."
As of 0855 BST, STM shares had dipped 3.30% to 58.99p.
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Currency | UK Pounds |
Share Price | 57.50p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 60.00 |
52 Week Low | 24.50 |
Volume | 0 |
Shares Issued | 59.41m |
Market Cap | £34.16m |
RiskGrade | 217 |
Value |
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Price Trend |
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Income |
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Growth |
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Latest | Previous | |
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Final | Interim | |
Ex-Div | 31-Aug-23 | 20-Oct-22 |
Paid | 19-Sep-23 | 16-Nov-22 |
Amount | 0.60p | 0.60p |
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