Posting of Circular

RNS Number : 9663S

Randall & Quilter Inv Hldgs Ltd

06 October 2017

 

6 October 2017

Randall & Quilter Investment Holdings Ltd.

("R&Q", the "Group" or the "Company")

Posting of circular

Further to the announcement made on 5 October 2017 by the Company that it has conditionally raised gross proceeds of £45.0 million through a firm placing of new ordinary shares (the "Placing") with certain institutional shareholders and it is proposing to raise gross proceeds of up to approximately £4.3 million through an open offer of new ordinary shares to Qualifying Shareholders (the "Open Offer"), the Company is pleased to announce that a circular has been posted today to shareholders (the "Circular") to convene a general meeting of the Company for the purpose of considering the resolutions required in connection with the Placing and Open Offer and including the terms and conditions of the Open Offer to Qualifying Shareholders (as defined in the announcement made on 5 October 2017).

A copy of the Circular is available online at http://www.rqih.com/investors/shareholder-information/documents/.

Correction to announcement released on 5 October 2017

Further to the RNS released on 5 October 2017, the Company advises an amendment in relation to Ken Randall's participation in the Placing under the paragraph headed 'Directors' participation in the Placing and Open Offer' which should be as follows:

Director	Number of Placing Shares	Value of Placing Shares at the Issue Price (£)	Total holding of Ordinary Shares  following Placing	Percentage of the Company's enlarged issued share capital
Ken Randall	1,550,387	1,999,999.23	14,061,852	11.45%

The corrected version of the announcement can be found on the Investor Relations section of the Company's website at www.rqih.com/investors/shareholder-information/documents.  All other details in the announcement released on 5 October 2017 remain unchanged.

For further information please contact:

Randall & Quilter Investment Holdings Ltd. Tom Booth	www.rqih.com [phone]
Numis Securities Limited (Bookrunner, Nomad and Joint Broker) Stuart Skinner Charles Farquhar Akshman Ori Harry Trueman Shore Capital Stockbrokers Limited (Joint Bookrunner and Joint Broker) Stephane Auton	[phone] [phone]
FTI Consulting Edward Berry Tom Blackwell	[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

 

END

 

 

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