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Somers Limited - Final Conversion of Convertible Loan Note and Bonus Warrant Exercise
Hamilton, Bermuda – July 6, 2017 – In a filing with the Bermuda Stock Exchange Somers Limited (“Somers”, the “Company” or the “Group”; Ticker: SOM.BH) announced the final conversion of their convertible loan note and the exercise of warrants. The full filing stated:
Somers Limited
(“Somers” or the “Company”)
Final Conversion of Convertible Loan Note and Bonus Warrant Exercise
Somers Limited, a financial services investment holding company, announces that pursuant to the terms of the Amended and Restated Convertible Loan Note Agreement (the “Amended CLN”) dated 15 May 2017 between the Company, Ingot Capital Investments Pty Limited and Permanent Investments Limited (“PIL”), on 20 June 2017, the Company received a conversion notice from PIL to convert approximately $41.1 million of the Convertible Loan Note (“CLN”) and that an application to the Bermuda Stock Exchange has been made by the Company for the issue to PIL of 2,338,261 Somers shares (the “Shares”). The CLN is now fully converted.
In addition, the Company received a Bonus Warrant Exercise notice from UIL Limited (“UIL”) and the Company will issue to UIL 2,454,568 Somers shares (the “Shares”).
Following the two above transactions, PIL and UIL will be interested in approximately 45.9% and 44.2% of the Company’s common shares respectively. The total number of Somers shares in issue will be 19,453,437.
Media Contacts:
Alasdair Younie
Director
Somers Limited
Tel: +1 441-299-2897
Email: ay@icm.bm