Result of General Meeting

RNS Number : 6595T

Randall & Quilter Inv Hldgs Ltd

07 October 2014

 

Randall & Quilter Investment Holdings Ltd.

Result of General Meeting

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

7 October 2014

The Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) ("Randall & Quilter" or the "Company"), the specialist non-life insurance investor, service provider and underwriting manager, today held the General Meeting referred to in the circular to shareholders ("Shareholders") of the Company dated 12 September 2014.

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 R and S Shares. The Return of Value is expected to occur on 20 October 2014.

The Return of Value will involve the issue to Shareholders of R Shares and/or S 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 R Shares or S Shares and the timetable for the Return of Value, are set out in the Company's circular to Shareholders dated 12 September 2014, a copy of which is available on the Company's website at http://www.rqih.com/investors/shareholder-information/documents/. The closing time and date for receipt of elections in respect of the Alternatives is 11.00 a.m. on 17 October 2014.

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 £110.7m as at 30 June 2014;

·      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 £10.6m as at 30 June 2014.

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

Website: www.rqih.com

 

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