LONDON, UK: Pension SuperFund Capital, a pension risk transfer specialist, has reached an agreement in principle with STM Group, a cross border financial services provider, on the key terms of a possible cash offer for the entire issued and to be issued share capital of the company.
The possible offer values STM Group at 70 pence per share, or about £40.6m, representing a premium of 40% to its closing price on Friday.
STM is a multi-jurisdictional financial services group listed on AIM, a market operated by the London Stock Exchange.
The board of STM Group, which is listed on AIM, said it would be minded to recommend the possible offer unanimously to its shareholders, subject to the agreement of other customary terms and conditions.
The possible offer is also subject to the approval of the Financial Conduct Authority, the Gibraltar Financial Services Commission, the Malta Financial Services Authority and The Pensions Regulator.
STM Group said it was granting Pension SuperFund Capital access to due diligence materials.
Pension SuperFund Capital is a vehicle that provides a complete solution to pension savers and members by offering them access to significant lines of capital and assets.
It recently had an injection of further capital in preparation for several significant pension risk transfers and in anticipation of the potential re-launch of the Pension SuperFund, which was put on hold in 2019 due to regulatory uncertainty.
Pension SuperFund Capital is also the controlling shareholder of Long Term Assets, a vehicle that intends to give pension savers access to private market investments through a listing on the London market. It is currently engaging in pre-marketing for its IPO. Its biggest asset, Global InterConnection Group Limited, listed on the Euronext Amsterdam in July 2023.
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