Proposed Return of Value to Shareholders

RNS Number : 1514Q

Randall & Quilter Inv Hldgs PLC

01 November 2012

 



Randall & Quilter Investment Holdings plc

Proposed Return of Value to Shareholders of 3.4 pence per Existing Ordinary Share and Reduction of Capital

The Board of Randall & Quilter Investment Holdings plc (AIM:RQIH), the specialist non-life insurance investor, service provider and underwriting manager, today announces that the J and K Share 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 11 October 2012) in respect of the Capital Repayment on the J Shares and the Special Dividend on the K Shares is expected to be made on 7 November 2012 as described in the circular posted to the Company's shareholders on 6 September 2012 (the "Circular") and in accordance with elections or deemed elections for the Capital Repayment or Special Dividend.

Following the above stated events, the Company confirms that the number of ordinary shares in issue is 50,133,002.

Copies of this announcement will be, and copies of the Circular containing more information in relation to the Return of Value and Reduction of Capital are, available on the Company's website at www.rqih.com.  Terms defined in the Circular have the same meaning when used in this announcement.

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Enquiries to:

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 team of up to 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market;

- has a portfolio of 10 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£85.5m as at 31 December 2011;

- provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 5 MGAs.

- acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £8.2m as at 31 December 2011;

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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