Phoenix Purchase Agreement

RNS Number : 6917D

Randall & Quilter Inv Hldgs Ltd

01 April 2014

 



Randall & Quilter Investment Holdings Ltd

Phoenix Purchase Agreement

1 April 2014

Further to the announcement on 27 December 2013, R&Q is pleased to announce that Phoenix Asset Management Partners Limited ("Phoenix") has now received all the necessary regulatory approvals across all jurisdictions allowing them to own more than 10% of the Company's shares. As a result, Mr Randall will sell 1,302,072 existing ordinary shares at the Placing Price to Phoenix, and this sale is expected to take place shortly, once the final documentation is completed.

- Ends -

Enquiries to:

Randall & Quilter Investment Holdings Ltd                             www.rqih.com

Tom Booth                                                                          Tel: + 1 441 247 8330

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

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:

·     provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address problematic run-off issues.

·     has a team of up to 350 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 14 insurance companies and captives in run-off (from the UK, US and Continental Europe) with net assets of c.£96.4m as at 30 June 2013

·     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 £150m for 2014, 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. £8.9m as at 30 June 2013;

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

Website: http://www.rqih.com/

 

END

 

 

MSCGLGDSLUGBGSB