Share buy-back programme

RNS Number : 9160I

Randall & Quilter Inv Hldgs PLC

22 June 2011

 

Date:	22 June 2011
On behalf of:	Randall & Quilter Investment Holdings plc ("R&Q", "Randall & Quilter" or "the Company")
For immediate release

Randall & Quilter Investment Holdings PLC

Share buy-back programme

Randall & Quilter Investment Holdings PLC (AIM: RQIH), the specialist non-life insurance investor, today announces its intention to initiate a share buy-back programme.

At the Annual General Meeting held today, Randall & Quilter received approval from shareholders to buy back up to 5,372,950 ordinary shares of 2 6/91 pence each in the capital of the Company ("Ordinary Shares") (representing just under 10 per cent of the issued ordinary share capital of the Company excluding shares deemed to be held in Treasury at 26 May 2011).

The Board has decided that it will initiate a share buy-back programme, which can be effected without constraining Randall & Quilter's growth objectives for 2011 or negatively impacting its progressive dividend policy.

A further announcement will be made concerning the scale of the buyback. The actual number of Ordinary Shares purchased, the timing of purchases and the price at which Ordinary Shares are bought as part of the share buy-back programme will depend upon prevailing market conditions. The repurchases will be financed using the Company's internal resources and any Ordinary Shares acquired will be cancelled.

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Enquiries:

Randall & Quilter Investment Holdings PLC               www.rqih.co.uk 

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]

Redleaf Communications                                           r&[e-mail] 

Emma Kane/Alicia Jennings                                       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 portfolio of nine insurance companies in run-off (from the UK, US and Europe) with net assets of c.£73m as at 31 December 2010;

-   has wide service capability in both the 'live' and 'run-off' markets

-   has a team of approximately 350 insurance professionals based in the UK, USA, Bermuda, Canada and Gibraltar; and

-   provides 'turnkey' management services to new Lloyd's syndicate 1897 and manages two RITC ('run-off') syndicates.

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Group Finance Director, 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.

 

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