Bermudian-based West Hamilton Holdings Limited, the BSX-listed property holding company, has a new major shareholder.

The change comes after a transaction between Somers Limited, a financial services investment holding company based in Bermuda, and UIL Limited, an exempted closed-end Bermudian-incorporated investment company.

In a filing with the BSX, Somers announced that it has acquired from UIL – a 41.7 per cent shareholder in Somers -- a 40 per cent holding in ICM Mobility Group Limited and a 17 per cent holding in Snapper Services (UK) Limited for an aggregate consideration of £45.6 million.

The consideration for the sale was satisfied through the transfer to UIL of Somers' holdings in West Hamilton; the Australian banking group, BNK Banking Corporation Limited; and WT Financial Group Limited, an Australian financial advisory group, which have an aggregate fair value of £23.3 million; a cash payment of £13.6 million; and a loan of £8.7 million to UIL repayable by Somers.

UIL now holds 56.9 per cent of the issued and outstanding shares of West Hamilton.

Somers transferred its entire holding of 1,659,390 WHHL shares to UIL at fair value and therefore no longer has an interest in WHHL.