Result of General Meeting & Issue of Equity

RNS Number : 4434E

Randall & Quilter Inv Hldgs PLC

10 May 2013

 



RANDALL & QUILTER INVESTMENT HOLDINGS PLC

("RQIH")

Result of General Meeting & Issue of Equity

RQIH (AIM: RQIH), the specialist non-life insurance investor, service provider and underwriting manager, announced on 25 April 2013 that it had conducted a proposed placing with institutional investors of 20,833,333 new ordinary shares at 120 pence per share to raise £25 million before expenses (the "Placing"). The Placing was subject to, amongst other things, certain resolutions ("Resolutions")being passed by shareholders of RQIH at a General Meeting to be held at 10am today, 10 May 2013 ("General Meeting").

RQIH is pleased to announce that all of the Resolutions were passed at the General Meeting. Accordingly, 20,833,333 new ordinary shares at 120 pence per share, to raise £25 million before expenses, will be issued for the purpose of the Placing with new and existing institutional investors.

Application has been made to the London Stock Exchange for the new ordinary shares, which will rank pari passu with the existing shares in issue, to be admitted to trading on AIM. Admission of such shares is expected to become effective on 13 May 2013.

RQIH's total issued share capital after the admission of the new ordinary shares will be 70,966,335. This figure includes 393,338 ordinary shares held by RQIH's employee benefit trust which has waived its voting and dividend rights in respect of such shares, and which the Company therefore treats as held in treasury.  Accordingly, there will be 70,572,997 ordinary shares in issue with exercisable voting rights following the completion of the Placing.

The above figures may be used by shareholders in RQIH for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. 

Enquiries to:

Randall & Quilter Investment Holdings plc	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] 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 three core areas:

·     Insurance Investments;

·     Insurance Services; and

·     Underwriting Management

The Group:

·     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 current portfolio of 12 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£91.3m as at 31 December 2012

·     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 £77m for 2013, 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.£6.5m as at 31 December 2012.

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

 

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