Intraday Buy back

RNS Number : 2703J

Randall & Quilter Inv Hldgs PLC

28 June 2011

 



Date:	28 June 2011
On behalf of:	Randall & Quilter Investment Holdings plc ("R&Q", "Randall & Quilter" or "the Company")
For immediate release

Randall & Quilter Investment Holdings plc

Intraday Buy back

Intention to conduct intraday share repurchase and update on distribution policy

On 22 June 2011 it was announced that Randall & Quilter Investment Holdings PLC (AIM: RQIH) shareholders had approved at the Annual General Meeting held on 22 June 2011 (the "AGM"), a share buy back programme, authorising the Company to make one or more purchases of its issued ordinary shares of 2 6/91 pence each in the capital of the Company ("Shares") up to a maximum number of 5,372,950 Shares (representing just under 10% of issued share capital of the Company excluding shares deemed to be held in treasury as at the date of the notice of the AGM).

Further to the aforementioned announcement and yesterday's intraday announcement, Randall & Quilter today announces that it intends to purchase up to an additional 2,000,000 Shares by way of an on market intraday buy back which is being conducted by Numis Securities and Shore Capital on behalf of the Company. Shares purchased will be cancelled.

In order to maintain the free float of the Company, Ken Randall, his son Mark Randall and Alan Quilter are expected to sell a pro-rata number of the Shares held by them in proportion to the Shares acquired from other holders so that their percentage shareholdings in the Company will remain at approximately the same percentage levels following the repurchase as they did before the buy back.

Although Commission Regulation (EC) No.2273/2003 of 22 December 2003 implementing the Market Abuse Directive (Directive 2003/6/EC of the European Parliament and of the Council) as regards to exemptions for buy-back programmes and stabilisation of financial instruments does not apply to companies whose securities are traded on AIM, the Company intends to conduct the repurchase substantially in accordance with those provisions.  Accordingly, the maximum price (exclusive of expenses payable by the Company) which may be paid for a Share shall be the higher of: (i) 5% above the average of the closing middle market quotations for a Share taken from the AIM Appendix to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the Share is contracted to be purchased; and (ii) the higher of the price of the last independent trade and the highest current independent bid for the Shares on AIM at the time of purchase.

Given the low level of liquidity of the Shares on the London Stock Exchange, the Company's brokers have informed the Financial Services Authority and the Company hereby announces that it will purchase more than the threshold of 25% of the average daily volume traded of the Shares over the 20 trading days preceding the date of purchase ("Volume"), and which is likely to result in purchases over 50% of the Volume.

A further announcement will be released by no later than 7.30am on 29 June announcing the results of the intraday buy back.

The Company intends to maintain its aggregate distributions to shareholders and therefore expects to increase the base annual distribution level per share from 7.0p (originally set in the 2009 financial year) to reflect the reduced number of shares in issue following the intended share repurchase and cancellation referred to above.  This is in addition to the Company's ongoing commitment to a progressive distribution policy under which the Board will seek to increase annual distributions to shareholders by at least 5% per annum.

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/Alicia Jennings                                       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.£73m as at 31 December 2010;

-   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 and manages two

    RITC ('run-off') syndicates.

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.

 

END

 

 

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