Log In

Reset Password

Somers Limited sale agreed

Bermudian-based Somers Limited, the financial services investment holding company, is to go private after its shareholders approved a merger with SNB Investments.

The company held a special general meeting at which shareholders voted in favour of the proposal by SNB.

The votes at the SGM either by proxy or in person were: 21,969,163 shares for (representing 96.7 per cent of Somers’ issued share capital), 3,719 shares against, and 5,532 shares abstained.

Accordingly, the company said in a filing with the Bermuda Stock Exchange, that the merger with SNB was scheduled to complete, subject to government and other approvals, on July 26 when the six per cent loan notes issued to Somers’ shareholders not associated with SNB would be admitted to trading on the Bermuda Stock Exchange.

The BSX was to suspend trading in Somers’ shares at close of trading yesterday at the company’s request.

Somers is the second-largest domestic listing after Butterfield Bank.

Earlier, a special committee of Somers’ board recommended that SNB’s offer for the shares of the company represented fair value at approximately $21 a share.

The board subsequently recommended that Somers’ shareholders should vote in favour of the offer.

Somers announced on June 13 that it had received an offer from the majority shareholders, who make up SNB, representing approximately 95 per cent of the company’s issued share capital.

Shareholders will receive $21 for each ordinary share of the company that they own (which includes the interim dividend of $0.24 per ordinary share declared on May 19).

The offer consideration will be payable in the form of a two-year loan note to be listed on the BSX with an annual interest rate of 6 per cent (accruing daily) and issued by the surviving company to all Somers shareholders not associated with SNB.

Somers opened trading on the BSX yesterday at $19 per share.

You must be Registered or to post comment or to vote.

Published July 21, 2022 at 7:57 am (Updated July 21, 2022 at 7:57 am)

Somers Limited sale agreed

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon