28 February, 2017
Randall & Quilter Investment Holdings Ltd., the non-life insurance and investment specialist, is pleased to announce that it has conditionally raised gross proceeds of up to approximately £16.9 million through a placing of new ordinary shares (the “Placing”) with certain institutional shareholders and Directors.
The Placing is conditional upon the passing of certain resolutions. A circular (the “Circular”) is expected to be posted on 2 March 2017 notifying shareholders of a general meeting which is being convened for the purpose of considering the relevant resolutions, at 71 Fenchurch Street, Ground Floor, London EC3M 4BS on 27 March 2017 at 3.00 p.m.
A total of 14,423,591 new ordinary shares in the Company (the “Placing Shares”) have been placed by Numis Securities Limited (“Numis”) at a price of 117 pence per Placing Share (the “Placing Price”), raising total gross proceeds of approximately £16.9 million. The Placing Shares represent approximately 20 per cent of the issued ordinary share capital of R&Q prior to the Placing.
In addition, the Company has granted the Broker Option to Numis in order to enable Numis to deal with additional demand under the Placing and so as to raise up to £1 million (before expenses) in the event that requests to participate in the Placing from institutional and certain other investors are received after the date of this announcement.
The Placing Price represents a discount of approximately 2.9 per cent to the closing price of 120.5 pence on 27 February 2017 (being the latest practicable date prior to this announcement).
Commenting on the Placing, Ken Randall, Group Chairman and Chief Executive Officer said:
“’We are pleased to have received excellent investor support for this placing to pursue the many exciting growth opportunities available to the Group. Our refocused strategy on driving commission income from writing niche books of business using our licensed carriers in the US and Europe and largely reinsuring it to highly rated and collateralized reinsurance markets is gaining excellent momentum with a number of already executed transactions.
“At the same time, our legacy acquisition business goes from strength to strength, with new product and reach in the US, Bermuda and Europe as well as our traditional UK core. 2016 was an excellent year for acquisition activity and I am pleased to confirm that the pipeline for 2017 is even stronger. Our average deal size, whilst focused on small to medium sized entities, is also increasing. We expect to deploy this capital efficiently, driving value for shareholders. The uncertainties created by the future of the Brexit negotiations have, if anything, increased the opportunities for a group such as ours and we believe will continue to do so.”
Following the announcement of the Group’s full year results on 29 April 2019, the Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) (“Company”), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to confirm that a …
The Company has been notified that on 3 May 2019 Kenneth Randall, Chairman and Chief Executive Officer of the Company, sold 3,000,000 of his holding of ordinary shares in the Company. Mr Randall continues to hold 11,428,186 ordinary shares which …
Randall & Quilter Investment Holdings Ltd., the non-life legacy insurance investor and capacity provider of US European MGA program business, is pleased to announce the appointment of Joanne (‘Jo’) Patricia Fox to the Board as a non-executive director of the …