Notice of General Meeting and Return of Capital

RNS Number : 8615P

Randall & Quilter Inv Hldgs Ltd

06 September 2017

 

 

Randall & Quilter Investment Holdings Ltd.

Notice of General Meeting and Proposed Return of Capital to Shareholders of 3.5 pence per Ordinary Share and Reduction of Capital

6 September 2017

Following the announcement of the Group's interim results on 4 September 2017, 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 notice of general meeting incorporating a circular which sets out details in relation to a proposed return of capital to the Company's shareholders ("Return of Capital") and convening the general meeting of the Company to be held at 3:00 p.m. on 29 September 2017 at 71 Fenchurch Street, Ground Floor, London EC3M 4BS ("General Meeting"), has been posted to the Company's shareholders today ("Circular").

The Return of Capital involves the creation and capitalization of the Y Shares from monies standing to the credit of the Company's share premium account and the Reduction of Capital. To effect the Return of Capital:

·      Shareholders will be issued one Y Share for each Ordinary Share held by them at 5.00 p.m. on 29 September 2017, being the Record Time. 

·      On or around 6 October 2017, the Y Shares will be cancelled pursuant to the Reduction of Capital and holders of the Y Shares will be paid the capital paid up on the Y Shares (being 3.5 pence per Y Share).

·      Payments in respect of the Return of Capital are expected to be made on or around 11 October 2017.

The Return of Capital (including the creation and capitalization of the Y Shares 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 Capital and Reduction of Capital, and the Company's interim results, are 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 (Nominated Adviser) Stuart Skinner Tel: [phone] Charles Farquhar 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 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;

·      employs over 400 insurance professionals based in Bermuda, the US 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 Bermuda, the  US and Europe with net assets of £201m as at 30 June 2017;

·      owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company;

·      launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £127m for 2017, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £5.1m as at 30 June 2017

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

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

Website: www.rqih.com

 

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