Ann: Notice of initial substantial holder, page-5

Probably a TO?? Thorn can bolt on to Resimac?

https://www.somers.limited/about-us/

Somers investments include:

• 62.2% holding in Resimac Group Limited (formerly Homeloans Limited), a leading non-bank Australian financial institution with A$12.1 billion assets under management;
• 100% shareholding in Bermuda Commercial Bank Limited, one of Bermuda’s four licensed banks;
• 65.1% shareholding in UK specialist bank PCF Group plc; and,
• 62.5% holding in Waverton Investment Management Limited, a UK wealth manager with £5.7 billion assets under management.

INVESTMENT OBJECTIVE
Somers’ investment objective is to provide long-term total return to its shareholders. To date we have invested in banking, wealth management and asset financing, and are focused on developed markets.

INVESTMENT POLICY
Somers is a mid to long-term investor with low levels of leverage; therefore, the level of new investments made by Somers is expected to correlate with new capital growth. Somers’ primary objective is to deliver superior per share total return through both capital and income, which in turn can be expected to be reflected in share price growth. To achieve this, Somers seeks to invest in undervalued companies within the financial services sector and has the flexibility to make investments in a range of financial-related sectors and markets. Somers will identify and invest in opportunities where the underlying value is not reflected in the market or purchase price. The perceived undervaluation may arise from a variance of factors including the limited number of potential buyers, the paucity of bank lending to smaller financial services companies and the abundant supply of financial services companies for sale as banks continue to deleverage in response to the global credit crisis.

Somers will generally aim to achieve a control position but is equally comfortable with a minority position if the purchase price is sufficiently attractive or the investment instrument offers a degree of protection. Somers aims to maximise value for shareholders by holding a reasonably concentrated portfolio of investments and maintaining a prudent level of gearing. These investments can be both unlisted and listed. Besides looking for “bolt-on” opportunities, Somers hopes to extract synergistic benefits from the investee companies on both costs and revenue as investee companies are encouraged to collaborate with each other, share resources where appropriate and think smarter.