Veteran dealmaker Duncan Saville’s Somers Limited is seeking to buy shares in Magellan-backed equities clearing firm FinClear, Street Talk can reveal.A letter sent by FinClear founder David Ferrall to shareholders, and seen by this column, said Somers is interested in getting its hands on $4 million of shares at $10.50 apiece.
Sources said the $4 million worth of shares for which Saville’s Somers has put its hand up represented about 1 per cent of the register. The Bermuda-listed Somers owns 34 per cent of non-bank lender Resimac Group and 0.9 per cent of Aura Group in its portfolio, whose global picks include 41.6 per cent of British wealth manager Waverton Investment Management.
The letter did not imply a valuation for FinClear, but Street Talk is sure Magellan Financial Group’s shareholders will be peddling hard to get a read on the number. Magellan owns 16 per cent of FinClear, which it recorded as having a $24.8 million carrying value at December 31. That’s down slightly from $25.7 million at the end of the 2023 financial year. It sits alongside Magellan’s other off-piste bet, Barrenjoey Capital Partners, where it valued its 36 per cent stake at $127.5 million as of December 31.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »