Result of General Meeting

RNS Number : 7022H

Randall & Quilter Inv Hldgs Ltd

21 May 2014

 



Randall & Quilter Investment Holdings Ltd

("Randall & Quilter" or the "Company")

Result of General Meeting

Proposed Return of Value to Shareholders of 5 pence per Existing Ordinary Share

21 May 2014

The Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) ("Randall & Quilter" or the "Company"), the specialist non-life insurance investor, service provider and underwriting manager, today held the General Meeting referred to in the circular to shareholders ("Shareholders") of the Company dated 28 April 2014.

The special resolutions set out in the Notice convening the General Meeting have been duly passed.

As a result, the Company will now seek to make a return of value ("Return of Value") to Shareholders through the issue of P and Q Shares. The Return of Value, which is expected to occur on 3 June 2014, is in lieu of a final dividend for the 2013 year but the Company may choose to make future returns of value in addition to, or instead of, ordinary dividend payments, whilst maintaining its stated distribution policy.

The Return of Value will involve the issue to Shareholders of P Shares and/or Q Shares and is intended to give Shareholders, where eligible under their prevailing tax regime (such as in the UK), the flexibility to receive a return of cash from the Company as capital or income for tax purposes, or a combination of the two.

Further details of the Return of Value, including the process by which eligible Shareholders can elect for P Shares or Q Shares and the timetable for the Return of Value, are set out in the Company's circular to Shareholders dated 28 April 2014, a copy of which is available on the Company's website at http://www.rqih.com/investors/shareholder-information/documents/. The closing date for receipt of elections is 30 May 2014.

-Ends-

Enquiries to:

Randall & Quilter Investment Holdings Ltd.	www.rqih.com
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
Edward Berry/Tom Blackwell	Tel: [phone]

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 core 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;

·      has a team of over 350 insurance professionals based in the UK, US, Bermuda, 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 the UK, US and Europe with net assets of £116m as at 31 December 2013;

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

·      launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a capacity of £150m for 2014, manages one RITC ('run-off') syndicate, 3330, and owns and operates 3 MGA business units;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £16m as at 31 December 2013.

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

Website: www.rqih.com

 

END

 

 

ROMFFLFLZEFFBBV