Somers Ltd October 2016 Share Repurchases
In a filing with the Bermuda Stock Exchange [BSX], Somers Limited a financial services investment holding company, announced that during the month of October 2016, Somers purchased 2,300 of its own common shares at an average cost of $13.16 per share. The Shares will be cancelled with immediate effect.
Somers Limited is a listed financial services investment holding company whose major assets include its 100% owned subsidiary, Bermuda Commercial Bank Limited, one of Bermuda’s four licensed banks, a 62.5% holding in Waverton Investment Management Limited, a UK wealth manager with £5.0 billion assets under management and a 81% holding in RESIMAC Limited, a leading non-bank Australian financial institution.
The Group’s other investments include a 46% economic interest in Ascot Lloyd Holdings Limited, a UK independent financial adviser, a 23% interest in Merrion Capital Holdings Limited, an Irish financial services group, a 100% stake in Stockdale Securities Limited, a corporate and institutional stockbroking group and a 57% interest in West Hamilton Holdings Limited, a Bermuda property company. Somers has shareholders’ equity of approximately US$300 million and minimal debt. Somers’ shares are publicly traded and listed on the Bermuda Stock Exchange.
