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Somers sells Stockdale majority stake

Warren McLeland, chairman of Somers Ltd

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.”