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

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RNS Number : 1709G  UIL Limited  04 November 2025

4 November 2025

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Sale of Investment in Somers Limited

Further to the announcement dated 27 October 2025, the Board of UIL Limited
("UIL") is pleased to confirm that UIL has entered into agreements to sell all
of its shares in Somers Limited ("Somers").

 

UIL has entered into a sale and purchase agreement with General Provincial
Life Pension Fund Limited ("GPLPF") to sell 1,371,124 Somers shares held by
UIL to GPLPF in settlement of the outstanding loan from GPLPF to UIL which
currently amounts to £17.1m (including accrued interest).  The valuation of
the Somers shares is based on Somers' net asset value ("NAV") per share of
£12.50 as at 31 October 2025 (£10.72 as at 30 June 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 has also entered into a sale, purchase and buyback agreement with Somers
whereby Somers will repurchase 7,914,984 Somers shares held by UIL at Somers'
NAV per share of £12.50 as at 31 October 2025 for an aggregate consideration
of £99.0m, to be settled through the transfer to UIL of the investments
listed below at fair value as at 31 October 2025.  The investments selected
for transfer have focused primarily on those which are listed.  Somers is
currently an associated undertaking of UIL and is therefore a related party
for the purposes of DTR 7.3.

 

 Name/Description                                                               Securities                            Value
 W1M - a £24bn London based specialist investment manager formed in June 2024   Ordinary shares(1) and loan notes(2)  £53.8m
 through the merger of Waverton and London & Capital
 Resimac Group Limited - an ASX listed A$15bn lender for residential mortgages  Ordinary shares(3)                    £33.6m
 and asset finance in Australia and New Zealand
 MoneyMe Limited - an ASX listed digital lender and non-bank challenger         Ordinary shares(3)                    £9.7m
 providing consumer and commercial finance in Australia
 WT Financial Group Limited - an ASX listed diversified financial services      Ordinary shares(3)                    £1.2m
 company with one of the largest financial adviser networks in Australia
 Gumtree Australia Markets Limited - an ASX listed group operating in the       Ordinary shares(3)                    £0.6m
 digital marketplace sector with the Gumtree, Carsguide and Autotrader brands
 Total                                                                                                                £99.0m

 

Notes:

1        Unlisted

2        Listed on The International Stock Exchange

3        Listed on the Australian Stock Exchange ("ASX")

 

Completion is expected to occur on 5 November 2025.  In light of all the
transactions taking place based on fair 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, whilst UIL's borrowings will decline by £17.1m.  UIL's top 10
portfolio holdings on a look through basis as at 31 October 2025 on both an
actual and pro forma basis are as follows:

 

 As at 31 October 2025 (actual)                          As at 31 October 2025 (pro forma)
 Name                                %(*)                Name                                %(*)
 Resimac Group Limited               22.8                W1M                                 19.3
 Horizon Gold Limited                14.5                Resimac Group Limited               19.1
 W1M                                 9.2                 Horizon Gold Limited                15.4
 Utilico Emerging Markets Trust plc  8.0                 Utilico Emerging Markets Trust plc  8.5
 Allectus Quantum Holdings Limited   7.3                 Allectus Quantum Holdings Limited   7.8
 ICM Mobility Group                  5.5                 Kumarina Resources                  4.6
 Kumarina Resources                  4.3                 MoneyMe Limited                     3.5
 AK Jensen Group                     3.2                 Carebook Technologies               2.9
 Carebook Technologies               2.8                 Alliance Nickel Limited             2.9
 Alliance Nickel Limited             2.7                 West Hamilton Holdings              2.4

* Percentage of total investments on a look through basis

 

 

Name of contact and telephone number for enquiries:

 

Charles Jillings

ICM Investment Management Limited

Telephone: 01372 271486

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