In a statement today the firms said: “The process for securing the regulatory approvals is now not expected to be completed by 28 May.”

They added that they were “not aware of any reason why the regulatory approvals should not be granted in due course.”

The long stop date for the scheme to become unconditional and effective has been extended from 28 May to 28 June.

The companies confirmed that they "continue to engage positively" with the Gibraltar Financial Services Commission and Malta Financial Services Authority regarding the change of control approvals.

The acquisition was confirmed on 10 October, after being extended several times since first being announced last July.

STM, which owns SIPP firms Options and London & Colonial Pensions, will be taken over through a court-sanctioned scheme of arrangement.

As part of the deal STM Group chief executive Alan Kentish will buy STM’s SIPP businesses for £4.5m through his company Pathlines Holdings Ltd.

STM published its circular relating to the Scheme on 7 November and announced on 6 December that 99.9% of shareholders had approved the scheme. 

On 4 April, STM said it was advised that the FCA has approved the regulatory change of control applications made by Pathlines Holdings Limited in relation to its acquisition of the SIPPs Companies.

STM was admitted to trading on AIM in 2007 and has grown to employ 290 staff with operations in the UK, Gibraltar, Malta, Spain and Australia.

It has acquired a number of businesses over the last decade, including London and Colonial Holdings Ltd, Carey Administration Holdings Limited, businesses providing SSAS administration and consultancy services from Berkeley Burke and most recently the SIPP and SSAS book of Mercer Ltd.

STM has also launched organic initiatives, such as the development of international retirement solutions for the expatriate market and continuing development of its in-house administration.

Last September STM reported a pre-tax profit of £100,000 for the six months ended 30 June, down from £500,000 in 2022.