trending Market Intelligence /marketintelligence/en/news-insights/trending/sdzKlRqzv4xFJU8z-zSLMA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Randall & Quilter to raise £49.3M through share placing, open offer

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report


Fintech Funding Flows To Insurtech In February

Randall & Quilter to raise £49.3M through share placing, open offer

Randall & Quilter Investment Holdings Ltd. said it intends to raise up to approximately £49.3 million through a placing and open offer to fund its growth, as it announced changes to its board expected to take effect in 2018.

The Bermuda-based, London-listed company said Oct. 5 that a total of 34,883,720 new ordinary shares, representing around 39.8% of the company's issued ordinary share capital, have been placed by joint brokers Numis Securities Ltd. and Shore Capital Stockbrokers Ltd. at 129 pence per share with certain institutional shareholders and directors, conditionally raising gross proceeds of approximately £45.0 million. Up to a further 3,309,117 open offer shares at the same price will be provided to all qualifying shareholders to raise up to around £4.3 million.

Up to approximately £47.6 million of the proceeds from the fundraising will be used as a £30 million capital contribution into R&Q Insurance Malta to grow its balance sheet and gain an A- rating, and a $25 million capital contribution to the group's A- rated U.S. carrier Accredited, raising it into the size "7" category.

As part of its succession planning, Randall & Quilter also announced that group CEO Ken Randall is expected to step down from his post in summer 2018 but will remain as executive chairman. CFO Tom Booth will then take over Randall's post, while Alan Quilter will step down as COO to become deputy chairman.

A new CFO and COO will be appointed.