TIDMRQIH

RNS Number : 4435Z

R&Q Insurance Holdings Ltd

11 January 2024

R&Q Insurance Holdings Ltd

Shareholders approve sale of Accredited

11 January 2024

R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company") provides an update following the special general meeting held earlier today. Capitalised terms used, but not defined, in this announcement have the meanings given to them in the circular sent to R&Q's shareholders on 14 December 2023 (the "Circular").

The Board is pleased to announce that, at the Special General Meeting held earlier today, the resolution in relation to the proposed Sale of Accredited was duly passed. Accordingly, shareholder approval to the Sale has been obtained. The results of the voting on the ordinary resolution put to the Special General Meeting are set out below.

Notwithstanding shareholder approval, the Sale remains conditional on a number of other matters, as explained in the Circular. R&Q continues to work expediently towards satisfying all other remaining conditions to the Sale and remains hopeful that appropriate agreements can be reached with all of its lending banks, providers of credit and other finance providers (the "R&Q Finance Providers") to enable the Sale to take place. Further details on all these matters were set out in the Circular. Shareholders should note that there is no guarantee that all conditions to the Sale will be satisfied (or waived, if applicable) or that all necessary agreements will be reached with all of the R&Q Finance Providers. Closing of the Sale is expected to occur in late Q1 2024 or early Q2 2024.

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

 
 Resolution        For                        Against                    Total         Total          Votes 
                                                                          votes         votes          Withheld 
                                                                          cast          cast as 
                                                                                        % of Issued 
                                                                                        Share 
                                                                                        Capital 
                   Number        % of votes   Number        % of votes 
                    of Votes      cast         of Votes      cast 
                  ------------  -----------  ------------  ----------- 
 To approve 
  the sale 
  of Accredited    155,182,983   55.22%       125,838,348   44.78%       281,021,331   74.46%         1,009,618 
                  ------------  -----------  ------------  -----------  ------------  -------------  ----------

-Ends-

This announcement contains inside information as stipulated under the UK market abuse regulation no 596/2014, which is part of English law by virtue of the European (withdrawal) act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

 
Enquiries to: R&Q Insurance Holdings Ltd Tel: +44 (0)20 7780 5850 
   Jeff Hayman                                                          Tel: 020 3727 1051 
   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 
 
   FTI Consulting Tel: +44 (0)20 3727 1051 
   Tom Blackwell

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END

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January 11, 2024 11:01 ET (16:01 GMT)

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