R&Q Insurance Holdings Ltd Response to Phoenix (4674X)
30 Agosto 2022 - 1:01AM
UK Regulatory
TIDMRQIH
RNS Number : 4674X
R&Q Insurance Holdings Ltd
30 August 2022
R&Q Insurance Holdings Ltd
Response to Phoenix
30 August 2022
R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the
Company"), the leading non-life global specialty insurance company
focusing on Program Management and Legacy Insurance businesses,
notes the Letter to the Shareholders of R&Q from Phoenix Asset
Management Partners Limited ("Phoenix") on 25 August 2022.
The Board of R&Q notes the comments, including a significant
number of factual inaccuracies and misrepresentations, made by
Phoenix and highlights the Company's announcement "Notice of
special general meeting and Board recommendation for shareholders
to vote AGAINST the resolutions requisitioned by Phoenix Asset
Management Partners Limited", and accompanying Shareholder Circular
("the Circular"), issued 24 August 2022, which directly addressed a
number of the comments made in Phoenix's announcement.
The Board reiterates its unanimous support for William, its
respect for him, and confidence in the strategy he and his
management team are executing. The Board also wishes to highlight
the strength of public support AGAINST Phoenix's proposals, with
shareholders representing approximately 40% of R&Q's voting
rights stating their public support for William and their
intentions to vote AGAINST the resolutions proposed by Phoenix. In
addition, the Board has also received a significant amount of
private support AGAINST the Phoenix resolutions.
Furthermore, while the Phoenix letter is substantially directed
towards William, the Company notes that it is the whole Board,
including the Independent Directors, that has ultimate
responsibility for setting the strategy, corporate actions
(including M&A, capital raising and remuneration) and the
appointment of the right management team to deliver the strategy.
The Board reiterates that it is important to enable the management
team to execute the strategy without distraction or disruption.
-Ends-
Enquiries to:
R&Q Insurance Holdings Ltd www.rqih.com
William Spiegel Tel: 0207 780 5850
Tom Solomon
Fenchurch Advisory Partners LLP (Financial
Adviser) Tel: 020 7382 2222
Kunal Gandhi
Brendan Perkins
Richard Locke
Tihomir Kerkenezov
Numis Securities Limited (Nominated Adviser & Broker)
Charles Farquhar Tel: 020 7260 1000
Giles Rolls
Barclays Bank PLC Limited (Joint Broker)
Andrew Tusa Tel: 020 7632 2322
Anusuya Nayar Gupta
FTI Consulting
Tom Blackwell Tel: 020 3727 1051
Notes to Editors:
About R&Q
R&Q is a non-life global specialty insurance company
operating two highly complementary businesses: Program Management
and Legacy Insurance. Both of these businesses are leaders in
markets with high barriers to entry and significant growth
opportunities. Legacy Insurance generates profits and capital
extractions from expert management of legacy non-life insurance
portfolios. Program Management generates commission income from its
licensed (and rated) carriers in the US, EU and the UK, writing
niche and profitable program business, largely on behalf of highly
rated reinsurers.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
Fenchurch Advisory Partners LLP, which is authorised and
regulated by the Financial Conduct Authority (the "FCA") in the
United Kingdom, is acting exclusively for R&Q and for no one
else in connection with the subject matter of this announcement and
will not be responsible to anyone other than R&Q for providing
the protections afforded to clients of Fenchurch Advisory Partners
LLP nor for providing advice in connection with the subject matter
of this announcement.
Numis Securities Limited ("Numis"), which is authorised and
regulated in the United Kingdom by the FCA, is acting exclusively
for R&Q and no one else in connection with the matters set out
in this announcement and will not regard any other person as its
client in relation to the matters in this announcement and will not
be responsible to anyone other than R&Q for providing the
protections afforded to clients of Numis, nor for providing advice
in relation to any matter referred to herein.
Barclays Bank PLC ("Barclays") is authorised by the Prudential
Regulation Authority (the "PRA") and regulated in the United
Kingdom by the PRA and the FCA. Barclays is acting exclusively for
the Company and no one else in connection with the content of this
announcement or any matters described in this announcement.
Barclays will not regard any other person as its client in relation
to the content of this announcement or any matters described in
this announcement and will not be responsible to anyone other than
the Company for providing the protections afforded to its clients
or for providing advice to any other person in relation to any
matter referred to herein.
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END
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