Somers Suspends Dividend Reinvestment Plan
Somers Limited, a Bermuda exempted financial services investment holding company, announces that it is suspending its Dividend Reinvestment Plan [DRP] with immediate effect.
On February 8, 2013 the Company’s Board approved the adoption of a DRP for Somers which enabled Shareholders to elect to receive shares in lieu of cash dividends.
However, with the Company’s share price currently trading at a significant discount to its net asset value the Directors have agreed to suspend the DRP until the time when the discount to the net asset value is reduced.
“Shareholders will receive their dividends in cash but the quantum of the dividends received will not be affected and they will not suffer the dilutionary effect of issuing shares at a discount to net asset value,” the company said.
