REG - R&Q Insurance Hldgs - Update

R&Q Insurance HoldingsAnnouncement

19/06/2024 07:00

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RNS Number : 9595S  R&Q Insurance Holdings Ltd  19 June 2024

The information contained within this announcement was deemed by the Company
to constitute inside information as stipulated under the UK Market Abuse
Regulation. With the publication of this announcement, this information is now
considered to be in the public domain.

 

R&Q Insurance Holdings Ltd

Update

19 June 2024

R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company")
announced on 13 June 2024 an update on the proposed sale (the "Sale") of 100%
of R&Q's equity interest in Randall & Quilter America Holding Inc.,
the holding company of the Company's program management business Accredited,
to funds advised by Onex Corporation ("Onex").

The 13 June announcement explained that Onex had provided R&Q with a
proposed alternative transaction structure to that of the original Sale that
could be implemented in the event that the closing conditions to the original
Sale were not able to be satisfied (the "Alternative Proposal") and that the
Board was exploring and evaluating all options that may be available to the
Company (including the Alternative Proposal), whilst continuing discussions on
implementing the Sale on its original terms.

Following the Board's exploration and evaluation and taking all other relevant
factors into consideration, including the cash resources currently available
to the Company, the Board has concluded that the Alternative Proposal
represents the best option to secure value at this time.

The implementation of the Alternative Proposal will involve the Company filing
for a provisional liquidation in Bermuda and the Board expects the sale of
Accredited to Onex to then be implemented through that process. The
provisional liquidators would then look to realise value from the Company's
remaining assets, at the end of which the remaining Company would be wound up.
The Directors believe that, in those circumstances, there will be very little,
if any, chance of any value accruing to the Company's shareholders.

R&Q will now request that trading in the Company's ordinary shares on AIM
be suspended with immediate effect and will be filing for provisional
liquidation in Bermuda in due course. Notwithstanding any suspension of
trading in the Company's ordinary shares, the Company will continue to make
notifications as and when there are matters requiring disclosure in accordance
with the Company's obligations under the AIM Rules for Companies and/or the UK
Market Abuse Regulation.

Further announcements will be made, as appropriate, in due course.

-Ends-

 Enquiries to:

R&Q Insurance Holdings Ltd

 Tel: +44 (0)20 7780 5850

 Jeff Hayman

 William Spiegel

 Tom Solomon

 Fenchurch Advisory Partners LLP (Financial
 Adviser)                              Tel: +44
 (0)20 7382 2222

 Kunal Gandhi

 Brendan Perkins

 John Sipp

 Richard Locke

 Tihomir Kerkenezov

 Barclays Bank PLC (Financial Adviser and Joint
 Broker)                          Tel: +44 (0)20 7632
 2322

 Gary Antenberg

 Richard Bassingthwaighte

 Anusuya Nayar Gupta

 Grant Bickwit

 Howden Tiger (Financial Adviser)

 Tel : +44 (0)20 7398 4888

 Rob
 Bredahl

 Leo
 Beckham

 Deutsche Numis (Nominated Adviser and Joint
 Broker)                           Tel : +44 (0)20
 7260 1000

 Charles
 Farquhar

 Giles
 Rolls

 Ankura Consulting (Europe) (Debt Financial
 Adviser)                              Tel : +44
 (0)20 7469 1111

 Alistair
 Dick

 FTI
 Consulting
     Tel: +44 (0)20 3727 1051

 Tom
 Blackwell

 

 

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