Proposed Return of Value to Shareholders

RNS Number : 4286B

Randall & Quilter Inv Hldgs PLC

03 April 2013

 



Randall & Quilter Investment Holdings plc

Result of General Meeting

Proposed Return of Value to Shareholders

of

5 pence per Existing Ordinary Share

The Board of Randall & Quilter Investment Holdings plc (AIM:RQIH) ("Randall & Quilter" or the "Company"), the specialist non-life insurance investor, service provider and underwriting manager, yesterday held the General Meeting referred to in the circular to shareholders ("Shareholders") of the Company dated 14 March 2013.

The special resolution set out in the Notice convening the General Meeting has been duly passed.

As a result, the Company will now seek to make a return of value ("Return of Value") to Shareholders through the issue of L and M Shares. The Return of Value, which is subject to the approval of the Court, which is expected to occur on 24 April 2013, is in place of a final dividend for the 2012 year but the Company may choose to make future returns of value in addition to or instead of ordinary dividend payments, whilst maintaining its stated distribution policy.

The Return of Value will involve the issue to Shareholders of L Shares and/or M Shares and is intended to give Shareholders, where eligible under their prevailing tax regime (such as in the UK), the flexibility to receive a return of cash from the Company as capital or income for tax purposes, or a combination of the two.

Further details of the Return of Value, including the process by which eligible Shareholders can elect for L Shares or M Shares and the timetable for the Return of Value, is set out in the Company's circular to Shareholders dated 14 March 2013, a copy of which is available on the Company's website at http://www.rqih.com/investors/rule-26/constitutional-documents/ .  The closing date for receipt of elections is 19 April 2013.

-Ends-

Enquiries to:

Randall & Quilter Investment Holdings plc	www.rqih.co.uk
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] 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 three core areas:

·      Insurance Investments;

·      Underwriting Management;

·      Insurance Services & Captive Management

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 11 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.GBP85.9m as at 30 June 2012;

·      has launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a Capacity of GBP77m for 2013, provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 3 MGAs;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of c.GBP8.1m as at 30 June 2012 

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer. 

 

END

 

 

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