Result of General Meeting

RNS Number : 3051P

Randall & Quilter Inv Hldgs PLC

30 September 2011

 



Date:	30 September 2011
On behalf of:	Randall & Quilter Investment Holdings plc (the "Company")
For immediate release

Randall & Quilter Investment Holdings plc

Result of General Meeting

Return of Value to Shareholders of 3.2 pence per Existing Ordinary Share

The Board of Randall & Quilter Investment Holdings plc (AIM:RQIH), the specialist non-life insurance investor, service provider and underwriting manager, has today held the General Meeting referred to in the circular to shareholders ("Shareholders") of the Company, announced on 14 September 2011.

The special resolutions set out in the Notice convening the General Meeting have been duly passed by a unanimous show of hands.

As a result, the Company will now seek to make a return of value ("Return of Value") to Shareholders through the issue of E and F Shares. The Return of Value, which is subject to the approval of the Court, which is expected to occur on 19 October 2011, is in place of an interim dividend for the 2011 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 policy to grow total distributions to Shareholders by at least 5 per cent. per annum from the base level of 7.0 pence per share paid for the financial year ended 2009, now grossed up to 7.4 pence per share, following the recent share repurchase programme.

The Return of Value will involve the issue to Shareholders of E Shares and/or F 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 Shareholders can elect for E Shares or F Shares and the timetable for the Return of Value, is set out in the Company's circular to Shareholders dated 14 September 2011, a copy of which is available on the Company's website at http://cdn.rqih.com/uploads/files/shareholders-circular-14092011.PDF.

ENDS

Enquiries to:

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 Polhill	r&[e-mail]
Emma Kane / Rebecca Sanders Hewett	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..£72.2m as at 30 June 2011;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £5.5m as at 30 June 2011;

·      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, manages two RITC ('run-off') syndicates and operates three MGAs.

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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