Return of Value - Court Hearing Adjournment

RNS Number : 2586D

Randall & Quilter Inv Hldgs PLC

25 April 2013

 



Randall & Quilter Investment Holdings plc

Proposed Return of Value to Shareholders 

25 April 2013

Randall & Quilter Investment Holdings plc (AIM:RQIH) ("Randall & Quilter" or the "Company"), the specialist non-life insurance investor, service provider and underwriting manager, announces that the Court Hearing held yesterday to approve the reduction of capital required to implement the return of value previously announced on 14 March 2013 (the "Return of Value"), has been adjourned. The Court Hearing has been adjourned to enable the Company to provide additional information to the Court in relation to two of the Company's contractual commitments.

The Company expects the reduction of capital to be confirmed at the reconvened Court Hearing, which is expected to take place within the next week, and the Company does not expect the payment date for the Return of Value to change. The Company will update shareholders in due course.

-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
Neil Doyle Edward Berry	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;

·      Insurance Services; and

·      Underwriting Management

The Group:

·      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 current portfolio of 12 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£91.3m as at 31 December 2012

·      owns a Bermuda Class 3A insurance company which currently supports the Group's four syndicate participations;

·      has launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a Capacity of £77m for 2013, provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 3 MGA business units; and

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of c.£6.5m as at 31 December 2012.

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

 

END

 

 

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