Randall & Quilter Investment Holdings Ltd - Bermuda-based specialty non-life insurance company with Program Management and Legacy Insurance businesses - Raises gross proceeds of about $125 million following oversubscribed fundraise.
Issues 97.8 million placing shares and direct subscription shares with institutional investors at 105 pence each. Barclays Bank PLC and Numis Securities Ltd were joint global coordinators and joint bookrunners for the placing.
Earlier Tuesday, fundraise was upsized from original target of $100 million. Plans to use the additional net proceeds from the fundraise to further de-lever the business.
The fundraise follows R&Q shareholders late last month voting to reject a £482 million takeover offer from 23% shareholder Brickell PC Insurance Holdings LLC. Brickell also had committed to provide $100 million in new equity funding to R&Q to de-leverage its balance sheet, so the equity raise announced on Monday is intended to replace this.
On Tuesday, R&Q also notes it has agreed to a $1.3 million settlement from Brickell after the takeover collapsed.
Current stock price: 97.00 pence, up 3.2% on Tuesday
12-month change: down 43%
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