Scheme document published for the £35.6 million recommended acquisition of STM Group by The Pension Superfund
November 2023
Jambo SRC Limited (Bidco) is an English private company limited by guarantee, which was formed for the purposes of the Acquisition and is funded by Pension SuperFund Capital.
The firm currently has over £500 million of assets under management dedicated to investment opportunities in the UK pensions space. The firm has recently launched a Capital Backed Funding Arrangement for the CBI pension scheme, which is the firm’s second pension consolidation deal, having previously closed a £68 million Capital Backed Funding Arrangement for another pension scheme.
In addition to the first two pension consolidation transactions, the firm has built Long Term Assets with a seed portfolio of £300 million of assets.
The mission of Pension SuperFund Capital is to provide a complete solution to pension savers and ultimately improve member outcomes. With an unparalleled team track record in creating and overseeing pension businesses and solutions, Pension SuperFund Capital has access to significant lines of capital and assets with which to help provide a safe and secure home to both pensioners and pension savers.
STM Group is a multi-jurisdictional financial services group listed on AIM. The Group specialises in the administration of client assets in relation to retirement, estate and succession planning and wealth structuring.
Today, the Group has operations in the UK, Gibraltar, Malta, Jersey and Spain. STM has developed a range of pension products for UK nationals and internationally domiciled clients and has two Gibraltar life assurance companies which provide life insurance bonds – wrappers in which a variety of investments, including investment funds, can be held.
On 10th October 2023, the boards of Bidco and the Independent STM Directors announced that they had reached agreement on the terms of a recommended offer pursuant to which Bidco will acquire the entire issued and to be issued ordinary share capital of STM.
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Publication of the Scheme Document
The Perivan shareholder communications team was delighted to work with Cavendish Capital Markets who acted as Financial Adviser, Nominated Adviser and Broker and Pinsent Masons who acted as legal adviser to STM on the production of the Scheme and associated and ancillary documents, which were successfully published and posted to qualifying shareholders on 7th November 2023.
Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds and have helped with over 40% of all UK public M&A transactions in 2023.
