Return of Value

RNS Number : 4650E

Randall & Quilter Inv Hldgs PLC

30 May 2012

 



Randall & Quilter Investment Holdings plc

Proposed Return of Value to Shareholders of 4.9 pence per Existing Ordinary Share, Reduction of Capital and Releases

30 May 2012

The Board of Randall & Quilter Investment Holdings plc (AIM:RQIH), the specialist non-life insurance investor, service provider and underwriting manager, today announces that the G and H Share Reduction of Capital which was required to implement the Return of Value has been approved by the Court and has become effective. 

Accordingly, payment to holders of Existing Ordinary Shares at the record time for the Return of Value (which was 5.00 p.m. on 11 May 2012) in respect of the Capital Repayment on the G Shares and the Special Dividend on the H Shares is expected to be made on 11 June 2012 as described in the circular posted to the Company's shareholders on 24 April 2012 (the "Circular") and in accordance with elections or deemed elections for the Capital Repayment or Special Dividend.

The Court has also approved the Reduction of Capital, which has also become effective, which was required to regularise the position in respect of certain of the share buyback purchases made by the Company during June, July and August last year by formally cancelling the affected shares (the "Buyback Shares"), cancelling the entire amount standing to the credit of the Company's capital redemption reserve and reducing a further amount from the Company's share premium account so that the total amount, when taken with the reserve arising on the cancellation of the Buyback Shares, equals the amount paid to the sellers of the Buyback Shares, as more fully described in the Circular. The Releases will now also be entered into by the Company.

Following the above stated events, the Company confirms that the number of ordinary shares in issue is 50,133,002.

Copies of this announcement will be, and copies of the Circular containing more information in relation to the Return of Value, Reduction of Capital and Releases 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:

Randall & Quilter Investment Holdings plc	www.rqih.com
Tom Booth	Tel: [phone]
Numis Securities Limited
Stuart Skinner (Nominated Adviser)	Tel: [phone]
Charles Farquhar (Broker)	Tel: [phone]
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton	Tel: [phone]
FTI Consulting
Neil Doyle/Edward Berry	Tel: [phone]

Notes to Editors:

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 four core areas:

•    Insurance Investments;

•    Insurance Services;

•    Underwriting Management; and

•    Captives

The Group currently:

•    has a team of up to 400 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 portfolio of eleven insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£86.5m as at 31 December 2011;

•    provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 5 MGAs; and

•    acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £8.1m as at 31 December 2011;

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer, who both have extensive experience in the industry including as Head of Regulation of Lloyd's and as Head of the Market Financial Services Group respectively.

 

END

 

 

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