by Joe Hope
Randall & Quilter Investment Holdings Ltd said Wednesday that shareholders narrowly rejected three proposals at a special general meeting, and will now focus on fundraising of up to $108 million.
The London-listed insurer said 74.26 percent of its shareholders agreed to the proposals to approve the takeover by Brickell PC Insurance Holdings LLC and adopt a statutory merger agreement, bye-laws and adoption and to cancel its business on London’s alternative investment market. Voted. The minimum limit of proposals to be accepted was 75%.
Passing of the resolutions was a prerequisite for Brickell’s commitment to complete the acquisition and to provide $100 million in funding on Brickell’s part.
Since the transaction will not go ahead, Randall & Quilter said it will focus on raising approximately $100 million and up to $8 million in an open offering that begins around June 13. It said $60 million would be used to fund the collateral requirements. and to pay off the remaining debt.
“The vote against the resolutions required to complete the transaction reflects the confidence of some of the company’s shareholders in the future value and prospects of the business,” Randall & Quilter said.
The company said it expects more than $90 million in pretax operating profit in 2024.
Write to Joe Hope at [email protected]
Credit: www.marketwatch.com /