News blog
STM Group
- BY: Andrew Hore |
- POSTED: 19/03/2008 |
Corporate and trustee services provider STM Group has set up a new life assurance business.
STM Life Assurance PCC Ltd has been granted a licence by the Gibraltar Financial Services Commission to write Class III, linked long term life assurance business. Being sited in a part of the EU was important for this business.
STM has raised £2.82m via a placing at 60p a share. This will dilute earnings in the short-term but if it is spent on earnings enhancing acquisitions then that should be temporary.
STM shares fell 1p to 65.5p, so they are still trading at around 10 times forecast earnings for 2008.
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