Class Action for Former Shareholders in STM

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A class action group is being formed to represent former STM shareholders. This development follows a letter from Edmund Truell and Jambo SRC Limited (“Jambo”) to certain former shareholders, which states that no deferred consideration is payable in respect of Jambo’s acquisition of STM.

If you held shares in STM Group plc at the time of the takeover, you will have received a Deferred Consideration Unit (“DCU”), exchangeable into loan notes worth up to seven pence per DCU and redeemable in cash in October 2025, subject to certain conditions being satisfied.

The former directors of STM, including Peter Smith (the STM-appointed DCU representative approved by Jambo) have taken legal advice and are unanimously of the view that such additional payment is properly due and payable in full.

A steering committee, comprising Peter Smith, Alan Kentish (former CEO of STM) and some larger former shareholders, has been formed and is leading the establishment of an STM shareholder class action group. Larger STM shareholders have already been contacted and are supportive of the initiative.

Should Edmund Truell and his company, Jambo, refuse to acknowledge such payment is due, then a legal action will be needed to ensure that the legal terms of the takeover are honoured.

If you were a shareholder in STM, or know anyone who was a shareholder in STM, please contact STM[at]walbrookpr.com

Tom Cooper, Director, Walbrook PR

DISCLOSURE: The authors may have held shares in STM

This article reflects the opinions of its author and not necessarily those of ShareSoc.

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