Randall & Quilter Investment Hldg : Proposed Return of Value to Shareholders

Randall & Quilter Investment Holdings Ltd

Proposed Return of Value to Shareholders of 3.4 pence per Existing Ordinary Share and Reduction of Capital

12 September 2014

Following the announcement of the Group's interim results on 26 August 2014, 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 circular setting out details in relation to the proposed return of value to the Company's shareholders ("Return of Value ") and convening a general meeting of the Company to be held at 12:30 p.m. on 7 October 2014 at 110 Fenchurch Street, 5th Floor, London, EC3M 5JT ("General Meeting ") , has been posted to the Company's shareholders today ("Circular ").

The Return of Value involves the capitalisation of monies standing to the credit of the Company's share premium account and a Reduction of Capital. To effect the Return of Value:

·      Shareholders are being offered the choice to be issued an R Share or an S Share for each Existing Ordinary Share held by them at 5.00 p.m. on 7 October 2014.

·      On or around 20 October 2014 a Special Dividend of 3.4 pence will be declared on the S Shares, and both the R Shares and S Shares will be cancelled pursuant to the Reduction of Capital; the holders of the R Shares will be paid 3.4 pence per R Share in respect of the cancellation of the R Shares.

·      Payments in respect of the Return of Value (comprising the Special Dividend and return of 3.4 pence per R Share) are expected to be made on or around 27 October 2014.

The Return of Value (including the creation and capitalization of the R Shares and S Shares, the declaration of the Special Dividend and the Reduction of Capital) is subject to the approval of the Shareholders at the General Meeting.

A copy of the Circular containing more information in relation to the Return of Value and Reduction of Capital is available on the Company's website atwww.rqih.com. 

Terms defined in the Circular have the same meaning when used in this announcement.

The Company also wishes to correct a minor error made in its announcement of 5 September 2014, in which it was stated that Tom Booth (Group CFO) holds a total of 807,895 Ordinary shares of 2 pence each.  The announcement should have stated that Mr. Booth holds 807,893 shares.

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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 core 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;

·      has a team of over 350 insurance professionals based in the UK, US, Bermuda, 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 the UK, US and Europe with net assets of £110.7m as at 30 June 2014;

·      owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;

·      launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a capacity of £150m for 2014, manages one RITC ('run-off') syndicate, 3330, and owns and operates 3 MGA business units;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £10.6m as at 30 June 2014.

The Group was founded by Ken Randall and Alan Quilter in 1991.