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Sipp provider suspended from trading on AIM

Warning-Sign-Yield-Slow-Stop-Danger-700x450.jpgSTM Group, the company that owns Sipp provider London & Colonial, has been suspended from trading on the London Stock Exchange’s AIM market.

In a market update today, STM said it was suspended from trading this morning until a further announcement from the company.

STM operates in countries including the UK, Jersey, Gibraltar, Malta and Spain. It offers QROPS services, life insurance and pensions services.

On 30 October, STM said through a stock exchange announcement that its chief executive Alan Kentish was arrested by the Royal Gibraltar Police.

STM said one of its clients was involved in a tax dispute between two countries from 2008 to 2013 over their rights to the taxes correctly paid by him.

That announcement said Kentish followed compliance procedures in filing “suspicious activity reports”, however, he was later arrested over allegations of failing to disclose information.

An update on 3 November said Kentish’s position had not changed since the October update.

It said: “As such Mr Kentish is exploring the various options available to him to expedite a positive outcome. Further review and advice continues to demonstrate that there are no merits to the allegations and the board of STM remains fully supportive of Mr Kentish.”

Acquisition announcement

Also today, STM announced its Malta business acquired the share capital of Qrops firm Harbour Pensions and its pension trust schemes.

Harbour has four pension schemes which had revenue of £1.1m in the year to 31 December 2016.

Kentish says: “Harbour is a good solid business and the acquisition by STM is a win-win for all parties, giving a sensible exit route for the existing shareholders whilst at the same time ensuring that their existing Qrops members are well looked after going forward. As predicted, the Qrops landscape in Malta and Gibraltar was always going to change significantly post March 2017 UK budget announcement.”

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