TIDMRQIH
RNS Number : 9992U
Randall & Quilter Inv Hldgs Ltd
30 October 2017
Randall & Quilter Investment Holdings Ltd.
Result of General Meeting and Open Offer
30 October 2017
The Board of Randall & Quilter Investment Holdings Ltd.
(AIM:RQIH) (the "Company"), the specialist non-life insurance
investor, service provider and underwriting manager, today held the
General Meeting referred to in the notice to shareholders of the
Company dated 6 October 2017.
The resolutions set out in the notice convening the General
Meeting have been duly passed.
The Company also announces that under the open offer of new
ordinary shares ("Open Offer"), it received valid applications from
Qualifying Shareholders (as defined in the circular posted on 6
October 2017 (the "Circular")) in respect of an aggregate of
3,309,117 new ordinary shares, being the maximum amount available
under the Open Offer.
Accordingly, a total of 34,883,720 new ordinary shares will be
allotted under the firm placing of new ordinary shares ("Placing")
and 3,309,117 new ordinary shares will be allotted under the Open
Offer. In aggregate the Company has raised approximately GBP49
million via the issue of 38,192,837 new ordinary shares (before
expenses).
Application has been made for the new ordinary shares to be
admitted to trading on AIM and it is expected that Admission will
occur on 31 October 2017. Following Admission, the Company will
have 125,875,620 shares in issue.
Directors' participation in the Placing and Open Offer
The following Directors have confirmed that they support the
Placing and Open Offer and participated in the Placing and Open
Offer as follows:
Director Number Value Number Value Total Percentage
of Placing of Placing of Open of Open holding of the
Shares Shares Offer Offer of Ordinary Company's
at the Shares Shares Shares enlarged
Issue at the following issued
Price Issue Placing share
(GBP) Price and Open capital
(GBP) Offer
------------- ------------ ------------- --------- ----------- ------------- -----------
Ken Randall 1,550,387 1,999,999.23 366,334 472,570.86 14,428,186 11.5%
------------- ------------ ------------- --------- ----------- ------------- -----------
Alan
Quilter 500,000 645,000.00 125,632 162,065.28 3,892,088 3.1%
------------- ------------ ------------- --------- ----------- ------------- -----------
Tom Booth 77,519 99,999.51 - - 1,508,845 1.2%
------------- ------------ ------------- --------- ----------- ------------- -----------
These Placing and Open Offer subscriptions by the Directors
named above, are considered to constitute related party
transactions pursuant to AIM Rule 13 of the AIM Rules. The
Directors (excluding Ken Randall, Alan Quilter and Tom Booth)
consider, having consulted with Numis, that the terms of the
related party transactions are fair and reasonable insofar as
shareholders of the Company are concerned.
Ends
Enquiries to:
Randall & Quilter Investment Holdings www.rqih.com
Ltd. +1 441 247
Tom Booth 8330
Numis Securities Limited (Bookrunner,
Nomad and Joint Broker)
Stuart Skinner (Nominated Adviser)
Charles Farquhar (Broker)
Akshman Ori +44 (0)20
Harry Trueman 7260 1000
Shore Capital Stockbrokers Limited
(Joint Bookrunner and Joint Broker) +44 (0)20
Stephane Auton 7408 4080
FTI Consulting
Edward Berry +44 (0)20
Tom Blackwell 3727 1046
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 GBP201m 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 GBP127m 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 GBP5.1m 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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