Proposed Return of Value to Shareholders

RNS Number : 6869F

Randall & Quilter Inv Hldgs Ltd

28 April 2014

 



Randall & Quilter Investment Holdings Ltd

Proposed Return of Value to Shareholders of 5 pence per Existing Ordinary Share and Reduction of Capital

Following the announcement of the Group's final results on 22 April 2014, 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 circular setting out details in relation to the proposed return of value to the Company's shareholders ("Return of Value") and convening a general meeting of the Company to be held at 12 noon on 21 May 2014 at 130 Fenchurch Street, 12^th Floor, London, EC3M 5DJ ("General Meeting"), has been posted to the Company's shareholders today ("Circular").

The Return of Value involves the capitalisation of monies standing to the credit of the Company's share premium account and a Reduction of Capital. To effect the Return of Value:

·     Shareholders are being offered the choice to be issued a P Share or a Q Share for each Existing Ordinary Share held by them at 5.00 p.m. on 21 May 2014.

·     On or around 3 June 2014 a Special Dividend of 5 pence will be declared on the Q Shares, and both the P Shares and Q Shares will be cancelled pursuant to the Reduction of Capital; the holders of the P Shares will be paid 5 pence per P Share in respect of the cancellation of the P Shares.

·     Payments in respect of the Return of Value (comprising the Special Dividend and return of 5 pence per P Share) are expected to be made on or around 10 June 2014.

The Return of Value (including the creation and capitalisation of the P Shares and Q Shares, the declaration of the Special Dividend and the Reduction of Capital) is subject to the approval of the Shareholders at the General Meeting.

A copy of the Circular containing more information in relation to the Return of Value 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 350 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;

·     owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of £116m as at 31 December 2013;

·     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 2014, manages one RITC ('run-off') syndicate, 3330, and owns and operates 3 MGA business units;

·     acquires and manages a portfolio of insurance receivables, with a carrying cost of £16m as at 31 December 2013.

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

Website: www.rqih.com

 

END

 

 

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