30th Aug 2022 19:19
R&Q Insurance Holdings Ltd - Bermuda-based specialty non-life insurer formerly known as Randall & Quilter Investment - Notes letter to shareholders from Phoenix Asset Management Partners Ltd sent on Thursday last week against Chair William Spiegel, arguing that the company "is not competently led".
Phoenix says Chair William Spiegel has three serious shortcoming. The investor says Spiegel is not competent, does not align with the interests of R&Q shareholders and lacks integrity.
In a letter to other R&Q shareholders, Phoenix outlined its rationale for calling a special general meeting. Phoenix has roughly a 12% stake in R&Q. Phoenix wants to appoint Ken Randall as director and, if Spiegel is removed, have him act as an executive director to fill the vacancy.
"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," R&Q says.
Current stock price: 101.66 pence
12-month change: down 38%
By Dayo Laniyan; [email protected]
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