UIL Limited Portfolio update
February 29 2024 - 5:34AM
RNS Regulatory News
RNS Number : 9917E
UIL Limited
29 February 2024
29
February 2024
UIL
LIMITED
(LEI
Number: 213800CTZ7TEIE7YM468)
Portfolio update - merger of Waverton and London &
Capital
The Board of UIL Limited ("UIL" or the
"Company") is pleased to announce that its investee company Somers
Limited ("Somers") has entered into an agreement which will result
in the merger of Waverton Investment Management Limited
("Waverton") with London & Capital Group. UIL owns 41.7% of
Somers and Waverton is Somers' largest holding.
Waverton is an independent investment
management business with over £10bn in assets under management and
175 employees. The transaction will result in Somers
receiving two thirds of its consideration in cash on completion
together with a significant shareholding in the combined new
business. The transaction is subject to various conditions,
including regulatory approvals, and is expected to complete in mid
2024.
As at 31 January 2024, Waverton
represented approximately 15.0% of UIL's investment portfolio on a
look through basis. The transaction price represents a small
premium to Somers' current carrying value of Waverton and is
therefore not expected to have a material impact on UIL's net asset
value.
Name of contact and telephone number
for enquiries:
Charles Jillings
ICM Investment Management
Limited
Telephone: 01372 271486
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END
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