Cancellation of Treasury Shares

RNS Number : 1464O

Randall & Quilter Inv Hldgs PLC

13 September 2011

 



Date:	13 September 2011
On behalf of:	Randall & Quilter Investment Holdings plc ("R&Q", "Randall & Quilter" or "the Company")
For immediate release

Randall & Quilter Investment Holdings PLC

Cancellation of Treasury Shares

Randall & Quilter (AIM: RQIH), the specialist non-life insurance investor, today announces it has cancelled 5,000,000 Ordinary Shares of 2 6/91p each previously held in treasury following the Company's  recent share buyback programme.

Following the cancellation, the Company has 50,133,002 Ordinary Shares in issue, including 718,338 Ordinary Shares held by the Company's employee benefit trust (EBT) which has waived its voting and dividend rights in respect of such shares and which the Company therefore treats as held in treasury. Accordingly, there are expected to be 49,414,664 Ordinary Shares in issue with exercisable voting rights following the repurchases.

The above figures may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

* The denominator in this calculation excludes the shares held by the EBT, which are deemed to be held in treasury as voting rights have been waived in respect of these shares.

 - ends -

Enquiries:

Randall & Quilter Investment Holdings PLC               www.rqih.co.uk 

Tom Booth                                                                  Tel: [phone]

Numis Securities Limited

Stuart Skinner (Nominated Adviser)                           Tel: [phone]

Charles Farquhar (Broker)                                         Tel: [phone]

Shore Capital Stockbrokers Limited

Dru Danford/Stephane Auton                                     Tel: [phone]

Redleaf Communications                                           r&[e-mail] 

Emma Kane/Rebecca Sanders Hewett                     Tel: [phone]

Notes to Editors:

Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following four core areas:

-          Insurance Investments;

-          Insurance Services;

-          Underwriting Management; and

-          Captives.

The Group currently:

-              has a portfolio of nine insurance companies in run-off (from the UK, US and Europe) with net assets of c.£72.2m as at 30 June 2011;

-              acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £5.5m as at 30 June 2011;

-          has wide service capability in both the 'live' and 'run-off' markets;

-          has a team of approximately 350 insurance professionals based in the UK, USA, Bermuda, Canada and Gibraltar; and

-          provides 'turnkey' management services to new Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates three MGAs.

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer, who both have extensive experience in the industry including as Head of Regulation of Lloyd's and as Head of the Market Financial Services Group respectively.

 

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