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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.”

Warren McLeland, chairman of Somers Ltd

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Published February 14, 2019 at 8:00 am (Updated February 14, 2019 at 8:41 am)

Somers sells Stockdale majority stake

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