11 October 2022

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Portfolio update

UIL Limited ("UIL") announces that, following its Board approving the proposed transaction, it sold on 11 October 2022 to Somers Limited ("Somers") its holdings in ICM Mobility Group Limited and Snapper Services (UK) Limited for an aggregate consideration of £45.6m, equal to UIL's current carrying value of those unlisted investments.  UIL owns 41.7% of Somers and is considered an associated undertaking and related party for the purposes of DTR 7.3, while Union Mutual Pension Fund Limited, an associate of ICM Limited who is joint portfolio manager of UIL, owns 57.4% of Somers.

The consideration for the sale will be satisfied through the transfer to UIL of Somers' holdings in West Hamilton Holdings Limited (a Bermuda property holding company, listed on the Bermuda Stock Exchange), BNK Banking Corporation Limited (an Australian banking group, listed on the Australian Stock Exchange ("ASX")) and WT Financial Group Limited (an Australian financial advisory group, listed on the ASX) which have an aggregate fair value of £23.3m; a cash payment of £13.6m; and a loan of £8.7m to UIL repayable by Somers.  The cash payment will contribute to UIL's repayment of the 2022 ZDPs to occur on 31 October 2022.

Name of contact and telephone number for enquiries:

Charles Jillings

ICM Investment Management Limited

Telephone: 01372 271486