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Hamilton, Bermuda:  25th, October 2022 – In a filing with the Bermuda Stock Exchange (“BSX”), Somers Limited (“Somers”, the “Company” or the “Group”) (Ticker: SOMS.BH) announces that on 11 October 2022 it acquired from UIL Limited (“UIL”) (a 41.7% shareholder in Somers) a 40% holding in ICM Mobility Group Limited and 17% holding in Snapper Services (UK) Limited for an aggregate consideration of £45.6 million.

 

The consideration for the sale was satisfied through the transfer to UIL of Somers' holdings in West Hamilton Holdings Limited (“WHHL”) (a Bermuda property holding company, listed on the Bermuda Stock Exchange), BNK Banking Corporation Limited (an Australian banking group, listed on the Australian Stock Exchange ("ASX")) and WT Financial Group Limited (an Australian financial advisory group, listed on the ASX) which have an aggregate fair value of £23.3 million; a cash payment of £13.6 million; and a loan of £8.7 million to UIL repayable by Somers. 

 

In relation to the above transaction Somers transferred its entire holding of 1,659,390 WHHL shares to UIL at fair value and is therefore no longer interested in WHHL.

 

Media Contacts:

 

Alasdair Younie                                                                                    

Director                                                                                   

Somers Limited                                                

Tel:  +1 441-542-9385                                                  

Email:  ay@icm.bm                                                      

 

 

-ENDS-

 

About Somers Limited:

 

Somers is a listed financial services investment holding company whose major assets include: a 53.8% holding in Resimac Group Limited, a leading non-bank Australian financial institution with over A$16 billion assets under management; a 61.8% holding in Waverton Investment Management Group Limited, a UK wealth manager with £12.2 billion funds under management and administration; and a 73.2% shareholding in UK specialist bank, PCF Group plc. Somers has shareholders’ funds as at March 31, 2022 of approximately US$555 million. Somers’ shares are publicly traded and listed on the Bermuda Stock Exchange (Ticker: SOMS.BH). More details on the Company can be found at www.somers.limited.

 

 

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