Somers sells Stockdale majority stake
Somers Ltd has agreed to the conditional sale of its majority stake in UK firm Stockdale Securities Ltd to Shore Capital Markets Ltd in a deal worth up to £4.9 million ($6.3 million).
The move follows Somers' agreement to sell Bermuda Commercial Bank to Permanent Capital Holdings, announced last week.
In a filing with the Bermuda Stock Exchange, the Bermudian-based financial-services holding company stated that it had “agreed the conditional sale of its 55 per cent holding in Stockdale Securities Ltd to Shore Capital Markets Ltd, an AIM-quoted independent investment group, for an initial consideration of £2.7 million and a maximum deferred consideration of up £2.2 million”.
Completion of the sale is conditional upon the UK's Financial Conduct Authority's consent to the change of control of Stockdale.
“Somers has been the majority shareholder in Stockdale for a number of years,” said Somers' chairman Warren McLeland. “During that time, it has developed into a sustainable and profitable business. We wish Stockdale success in the future as part of the Shore Capital group.”