Notice of AGM and Proposed Return of Capital

RNS Number : 5364R

Randall & Quilter Inv Hldgs Ltd

30 June 2015

 

Randall & Quilter Investment Holdings Ltd

Notice of AGM and Proposed Return of Capital to Shareholders of 5 pence per Ordinary Share and Reduction of Capital

30 June 2015

Following the announcement of the Group's full year results on 22 June 2015, the Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) ("Company"), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to confirm that a notice of annual general meeting incorporating a circular which sets out details in relation to a proposed return of capital to the Company's shareholders ("Return of Capital") and convening the annual general meeting of the Company to be held at 3:00 p.m. on 28 July 2015 at 8^th Floor, 2 Minster Court, London, EC3R 7BB ("Annual General Meeting"), has been posted to the Company's shareholders today ("Circular").

The Return of Capital involves the creation and capitalisation of the T Shares from monies standing to the credit of the Company's share premium account and the Reduction of Capital. To effect the Return of Capital:

·      Shareholders will be issued one T Share for each Ordinary Share held by them at 5.00 p.m. on 28 July 2015.  There will be no option to receive an income dividend.

·      On or around 3 August 2015, the T Shares will be cancelled pursuant to the Reduction of Capital and holders of the T Shares will be paid the capital paid up on the T Shares (being 5 pence per T Share in respect).

·      Payments in respect of the Return of Capital are expected to be made on or around 10 August 2015.

The Return of Capital (including the creation and capitalization of the T Shares and the Reduction of Capital) is subject to the approval of the Shareholders at the Annual General Meeting.

A copy of the Circular containing more information in relation to the Return of Capital and Reduction of Capital is available on the Company's website at www.rqih.com. 

Terms defined in the Circular have the same meaning when used in this announcement.

-Ends-

Enquiries to:

Randall & Quilter Investment Holdings Ltd.	www.rqih.com
Tom Booth	Tel: [phone]
Numis Securities Limited
Stuart Skinner/Robert Bruce (Nominated Adviser)	Tel: [phone]
Charles Farquhar (Broker)	Tel: [phone]
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton	Tel: [phone]
FTI Consulting
Edward Berry/Tom Blackwell	Tel: [phone]

Notes to Editors:

About R&Q

Randall & Quilter pursues a buy and build strategy and has created a comprehensive range of investment activities and services in the global non-life insurance market.

R&Q is focused on the following three core areas:

·      Insurance Investments

·      Insurance Services

·      Underwriting Management

The Group:

·      provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address complex and challenging run-off issues;

·      has a team of over 400 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;

·      owns a US admitted carrier, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;

·      launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a capacity of £150m for 2015, manages one RITC ('run-off') syndicate, 3330, and owns and operates 2 MGA business units;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £10.6m as at 31 December 2014, of which R&Q holds a 50% interest 

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

Website: www.rqih.com

 

END

 

 

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