Shareholders approve sale of Accredited

R&Q Insurance Holdings Ltd

11 January 2024

 

R&Q Insurance Holdings Ltd

Shareholders approve sale of Accredited

11 January 2024

R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company") provides an update following the special general meeting held earlier today. Capitalised terms used, but not defined, in this announcement have the meanings given to them in the circular sent to R&Q's shareholders on 14 December 2023 (the "Circular").

The Board is pleased to announce that, at the Special General Meeting held earlier today, the resolution in relation to the proposed Sale of Accredited was duly passed. Accordingly, shareholder approval to the Sale has been obtained.  The results of the voting on the ordinary resolution put to the Special General Meeting are set out below.

Notwithstanding shareholder approval, the Sale remains conditional on a number of other matters, as explained in the Circular. R&Q continues to work expediently towards satisfying all other remaining conditions to the Sale and remains hopeful that appropriate agreements can be reached with all of its lending banks, providers of credit and other finance providers (the "R&Q Finance Providers") to enable the Sale to take place. Further details on all these matters were set out in the Circular. Shareholders should note that there is no guarantee that all conditions to the Sale will be satisfied (or waived, if applicable) or that all necessary agreements will be reached with all of the R&Q Finance Providers.  Closing of the Sale is expected to occur in late Q1 2024 or early Q2 2024.

Further announcements will be made, as appropriate, in due course.

Resolution	For		Against		Total votes cast	Total votes cast as % of Issued Share Capital	Votes Withheld
	Number of Votes	% of votes cast	Number of Votes	% of votes cast
To approve the sale of Accredited	155,182,983	55.22%	125,838,348	44.78%	281,021,331	74.46%	1,009,618

-Ends-

This announcement contains inside information as stipulated under the UK market abuse regulation no 596/2014, which is part of English law by virtue of the European (withdrawal) act 2018, as amended.  On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

Enquiries to: R&Q Insurance Holdings Ltd                                                                          Tel: [phone] Jeff Hayman William Spiegel Tom Solomon Fenchurch Advisory Partners LLP (Financial Adviser)                              Tel: [phone] Kunal Gandhi Brendan Perkins John Sipp Richard Locke Tihomir Kerkenezov Barclays Bank PLC (Financial Adviser and Joint Broker)                          Tel: [phone] Gary Antenberg Richard Bassingthwaighte Anusuya Nayar Gupta Grant Bickwit Howden Tiger (Financial Adviser)                                                                 Tel : [phone] Rob Bredahl                                                                                  Leo Beckham                                                                                            Deutsche Numis (Nominated Adviser and Joint Broker)                           Tel : [phone] Charles Farquhar                                                                                  Giles Rolls                                                                                             FTI Consulting                                                                                         Tel: [phone] Tom Blackwell                                                                                        Tel: [phone]

 

END