Business
Proposed Sale of Investment in Somers Limited
UIL Limited plans to sell all its shares in Somers Limited to simplify its group structure. An agreement with General Provincial Life Pension Fund Limited (GPLPF) will involve selling Somers shares to settle UIL's outstanding loan from GPLPF, with the share valuation based on Somers' net asset value (NAV) per share on October 31, 2025. Additionally, Somers will repurchase the remaining shares from UIL at the same NAV per share on October 31, 2025, with consideration settled through the transfer of certain portfolio investments held by Somers, also valued as of October 31, 2025. The transactions are proposed to take place based on book and market values as at 31 October 2025, resulting in no effect on UIL's pro forma net asset value per share as at that date. Agreements are expected to be entered into the week commencing November 3, 2025. Disclaimer*
About this update from Uil Finance Ltd Zero Div Pfd Registered Shs 2018-31.10.26
[{"type":"text","content":"\n\n27 October 2025\n \nUIL LIMITED\n(LEI Number: 213800CTZ7TEIE7YM468)\n \nProposed Sale of Investment in Somers Limited\n \nThe 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\"). \n \nUIL 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.\n \nUIL 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.\n \nSince 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. \n \nAgreements 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.\n \n \nName of contact and telephone number for enquiries:\n \nCharles Jillings\nICM Investment Management Limited\nTelephone: 01372 271486\n\n","length":3156,"tagName":"div"}]
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