7th Feb 2019 09:53
LONDON (Alliance News) - Randall & Quilter Investment Holdings Ltd on Thursday said has conditionally raised GBP100 million through an oversubscribed share placing and intends to raise a further GBP7 million by way of an open offer.
The insurance company said it has placed 65.4 million shares at a price of 153 pence each. The placing shares represent 52% of the share capital of Randall & Quilter prior to the placing.
The stock was trading 6.9% lower on Thursday at 167.60p per share, giving Randall & Quilter market capitalisation of GBP211.0 million.
In addition, Randall & Quilter said it plans to make the open offer to all shareholders for up to 4.5 million shares on the basis of one new share for every 28 existing shares held.
"The proceeds from this placing and also the open offer will be used to support the development of our program management business and assist in maintaining the AM Best credit and financial strength ratings of the accredited companies," explained Chair & Chief Executive Ken Randall.
"The proceeds will also replenish liquidity used or allocated to previously announced legacy acquisitions and will help to rebalance our equity-debt funding mix," added Randall.
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