Increase in Borrowing Powers

RNS Number : 6437Z

Randall & Quilter Inv Hldgs Ltd

04 September 2018

 

4 September 2018

Randall & Quilter Investment Holdings Ltd.

("R&Q", the "Group" or the "Company")

Increase in Borrowing Powers

Randall & Quilter Investment Holdings Ltd., the Bermuda based global program underwriting and legacy acquisitions specialist, announces that it has today published a circular to shareholders containing details of a proposal to increase the current limit on the borrowing powers of the Company from £100,000,000 to £200,000,000 and a notice of a general meeting to be held at 71 Fenchurch Street, Ground Floor, London EC3M 4BS on 20 September 2018 at 9.00 a.m.

As part of the Board's ongoing analysis of the Group's borrowing requirements, the Board has identified that the current limit is unduly restrictive. The opportunities which the Board now evaluates from time to time are often of a size and scale where the current borrowing limit would operate as an unhelpful restriction on the level of opportunities which the Board could consider. The increase in borrowing powers will enable the Company and its wider group to take advantage of acquisition opportunities as they arise. These opportunities often require significant financial resources to be deployed initially, typically on an interim basis until the Company is able to extract cash from within the acquired entity.

A copy of the circular is available online at www.rqih.com/investors/shareholder-information/documents/ 

For further information, please contact:

Randall & Quilter Investment Holdings Ltd. Ken Randall	www.rqih.com 020 7780 5945
Numis Securities Limited (Nominated Adviser) Stuart Skinner Charles Farquhar	020 7260 1000
Shore Capital Stockbrokers Limited Dru Danford Stephane Auton	020 7408 4080
FTI Consulting Edward Berry Tom Blackwell	020 3727 1046

 The overall mission of the Bermuda based Group is to:

· Generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/reinsurances, including in Lloyd's; and

·  Grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.

Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders.

The Group was founded by Ken Randall and Alan Quilter in 1991.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

END

 

 

MSCUGUUGBUPRPGW