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Somers Limited - Investment in Merrion Capital Holdings
Hamilton, Bermuda – 16 July, 2014 – Somers Limited (“Somers”, the “Company” or the “Group”; Ticker: SOM.BH), a financial services investment holding company, is pleased to announce that it has received approval from the Central Bank of Ireland and has completed an investment in Merrion Capital Holdings Limited (“Merrion”). Somers has agreed to invest €3.25 million in Merrion by way of an equity investment of €750k, representing 6.6% of Merrion’s issued share capital, and a three year convertible loan note of €2.5 million.
Merrion, established in 1999, is an independent financial services firm providing stockbroking, corporate finance advisory and funds management services to a mainly domestic Irish client base. Somers is investing alongside Merrion’s existing management and Brehon Capital Partners Limited, a Dublin based real estate, private equity investment and asset management firm.
Commenting on the financial results, Warren McLeland, Chairman of Somers said:
“We are pleased to announce the completion of our investment in Merrion and believe it has exciting growth potential which will complement our existing investments. We look forward to working with management and Brehon.”
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 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 $183 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: 441-299-2897