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Somers Limited - Suspension of Dividend Reinvestment Plan
Hamilton, Bermuda – 12 June, 2014 – Somers Limited (“Somers”, the “Company” or the “Group”; Ticker: SOM.BH), 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.
Somers Limited is a listed exempt financial services investment holding company whose major assets include its 100% owned subsidiary, Bermuda Commercial Bank Limited, one of Bermuda’s four licensed banks and a 62.5% holding in Waverton Investment Management Limited, a UK wealth manager with over US$8.0 billion assets under management. The Group’s other investments include an approximate 75% economic interest in the London Stock Exchange listed Private & Commercial Finance Group PLC, a UK asset financing company, a 84.6% stake in Westhouse Holdings PLC, a corporate and institutional stockbroking group and a 57.0% interest in BSX listed West Hamilton Holdings Limited. Somers has shareholders’ equity, after minority interests, of $180 million and no external debt. Somers’ shares are publicly traded and listed on the Bermuda Stock Exchange (Ticker: SOM.BH) and more details on the Company can be found at www.somers.bm
Media Contacts:
Alasdair Younie
Director
Somers Limited
Tel: +1 441-299-2897