REG - UIL Limited UIL Finance Ltd - Proposed Sale of Investment in Somers Limited

UILAnnouncement

27/10/2025 07:00

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RNS Number : 8331E  UIL Limited  27 October 2025

27 October 2025

 

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

 

Proposed Sale of Investment in Somers Limited

 

The Board of UIL Limited ("UIL") is pleased to announce that, in line with the
objective to further simplify UIL's group structure, UIL is proposing to enter
into agreements to sell all of its shares in Somers Limited ("Somers").

 

UIL is planning to enter into an agreement with General Provincial Life
Pension Fund Limited ("GPLPF") to sell Somers shares held by UIL to GPLPF in
settlement of the outstanding loan from GPLPF to UIL.  The valuation of the
Somers shares is expected to be based on Somers' net asset value ("NAV") per
share on 31 October 2025.  GPLPF currently holds 78.9% of UIL's ordinary
shares and is therefore a related party for the purposes of DTR 7.3.

 

UIL also proposes to enter into a buyback agreement with Somers whereby Somers
will repurchase the remaining Somers shares held by UIL at Somers' NAV per
share as at 31 October 2025.  The consideration for the repurchase is
expected to be settled through the transfer to UIL of certain portfolio
investments held by Somers and valued as at 31 October 2025.  Somers is
currently an associated undertaking of UIL and is therefore a related party
for the purposes of DTR 7.3.

 

Since the transactions are proposed to take place based on book and market
values as at 31 October 2025, there will be no effect on UIL's pro forma net
asset value per share as at that date.

 

Agreements in relation to these transactions are expected to be entered into
in the week commencing 3 November 2025 and a further announcement will be made
at that time.

 

 

Name of contact and telephone number for enquiries:

 

Charles Jillings

ICM Investment Management Limited

Telephone: 01372 271486

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