CREST Entitlement Credited

RNS Number : 5420Q

Randall & Quilter Inv Hldgs PLC

20 October 2011

 



Date:	20 October 2011
On behalf of:	Randall & Quilter Investment Holdings plc ("Randall & Quilter" or the "Company")
For immediate release

Randall & Quilter Investment Holdings plc

CREST Entitlement Credited

Randall & Quilter Investment Holdings plc (AIM: RQIH) today announces that the Reduction of Capital which was required to implement the Return of Value has been approved by the Court and has become effective. 

Accordingly, payment to holders of Existing Ordinary Shares at the record time for the Return of Value (which was 5.00 p.m. on 17 October 2011) in respect of the Capital Repayment on the E Shares and the Special Dividend on the F Shares is expected to be made on 25 October 2011 as described in the circular posted to the Company's shareholders on 14 September 2011 and in accordance with elections or deemed elections for the Capital Repayment or Special Dividend.

Copies of this announcement will be, and copies of the circular to the Company's shareholders dated 14 September 2011 containing more information in relation to the Return of Value are, available on the Company's website at www.rqih.com.

-Ends-

Enquiries:

Randall & Quilter Investment Holdings plc	www.rqih.com
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]
FTI Consulting
Neil Doyle/Edward Berry	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 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.

Definitions

The following words and expressions bear the following meanings in this announcement unless the context requires otherwise.

"Alternatives"	the Dividend Alternative and the Capital Alternative, or either of them as the context may require;
"Capital Alternative"	the allotment and issue of E Shares to be cancelled pursuant to the Reduction of Capital;
"Capital Repayment"	the proposed repayment of 3.2 pence per E Share;
"Court"	the High Court of Justice in England and Wales;
"Dividend Alternative"	the proposed special dividend of 3.2 pence per F Share to be declared and paid in accordance with the Dividend Alternative;
"Existing Ordinary Shares"	ordinary shares of 26/91 pence each in the capital of Randall & Quilter;
"E Shares"	the E Shares of 3.2 pence each in the capital of the Company proposed to be issued to implement the Return of Value;
"F Shares"	the F Shares of 3.2 pence each in the capital of the Company proposed to be issued to implement the Return of Value;
"Reduction of Capital"	the cancellation of the E Shares and F Shares as described in the circular to the Company's shareholders dated 14 September 2011;
"Return of Value"	the transactions comprising the Alternatives;
"Shareholders"	holders of Existing Ordinary Shares; and
"Special Dividend"	a special dividend of 3.2 pence per F Share to be declared and paid in accordance with the Dividend Alternative.

 

END

 

 

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