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Transaction with Phoenix Asset Management Partners Ltd

1 July, 2019

On 25 November 2014, R&Q announced it had entered into a joint venture arrangement with Phoenix Asset Management Partners Ltd (“Phoenix”) to acquire (re)insurance debt in insolvent estates. At the same time, R&Q sold the economic interest in 50% of its existing (re)insurance debt assets to Phoenix.

Whilst there remains an active market in such legacy debt positions, pricing has become competitive and thus less attractive than previously. Accordingly, we have agreed to terminate the joint venture and to acquire the residual Phoenix interest in R&Q’s RQLM operations (the “Transaction”). The cash consideration of $4.5m has been calculated based on the expected cashflow of the residual (re)insurance debt recoveries, discounted at an appropriate cost of capital, in line with R&Q’s return targets. The consideration is a slight discount to the fair value of these assets at the last published Group balance sheet date of 31 December 2018. In the financial year ended December 2018, RQLM reported an unaudited loss of $625,465, which includes extraordinary expenses.

Due to the size of Phoenix’s holding in R&Q, the Transaction, when aggregated with the related party transaction disclosed by the Company on 7 February 2019, is considered to be a related party transaction pursuant to AIM Rule 13 of the AIM Rules.

The Directors consider, having consulted with Numis, that the terms of the Transaction are fair and reasonable insofar as shareholders of the Company are concerned.

Click here for the full press release.

Transaction with Phoenix Asset Management Partners Ltd

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