- STM Group, the multi-jurisdictional financial services group, has announced the appointment of a new Chairman and the successful passing of the resolution put to today's Extraordinary General Meeting.

The company stated that, as of 1 January 2015, Michael Riddell will be appointed Chairman of the Group, with Julian Telling stepping down from the Board as announced at the Interim results on 9 September 2014.

STM added that it intends to seek the appointment of at least one further Non-Executive Director and that further announcements will be made at the appropriate time.

The passing of the resolution at today's EGM to amend the Articles of the Group gives STM the authority to buy back its own shares, subject to certain restrictions.

The Board stated that it considers this authority is in the best interests of shareholders given the balance sheet strength of the Group and the occasional opportunity to purchase the Group's shares.

At 11:06am: [LON:STM] STM Group PLC share price was 0p at 21p

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