Westhouse is the parent company of Westhouse Securities Limited, an FCA-regulated stockbroking company with particular expertise in growth companies, mining, oil and gas, insurance, media and investment funds. Somers is an investment holding company specialising in the financial services sector with a capital base in excess of $200m and assets under administration of $6.5bn.
The offer took place simultaneously with an open offer and placing by Westhouse. The open offer was to be fully underwritten by Somers and raised approximately £3 million. The transaction also involved the subscription by the executive management and employees of Westhouse Securities Limited for Westhouse shares pursuant to a placing. The placing raised approximately £0.45 million.
On completion of the deal, which is expected towards the end of the first quarter of 2014, Somers is to own at least 80% of the shares in Westhouse.
The offer and open offer are conditional upon shareholder approval being obtained by Westhouse and the FCA providing approval to the change of control of Westhouse Securities Limited.
The Clyde & Co team was lead by Head of Corporate Philip Rogers and included Hannah Doherty, Faisal Buali, Ayesha O’Connor and Jeremy MacIver.
Philip Rogers said: “The transaction was novel in that it combined a Code-compliant offer with an open offer, thereby giving shareholders the simultaneous right to sell or buy shares. We were delighted to advise Westhouse on this innovative deal which enables the company to advance its growth plans.”
Christopher Getley, Chief Executive Officer of Westhouse Holdings plc commented:”Westhouse is delighted to have worked once again with the Clyde & Co team on this transaction, which puts Westhouse in an unparalleled position to provide excellent service to its institutional and corporate clients. It will enable a first class and seasoned team to grow their equity holding in the group significantly depending on success and to work in partnership with a powerful international and entrepreneurial financial group. Clyde & Co have provided clear, constructive advice in addition to high quality and timely paperwork.”
