29th Apr 2020 17:52
(Alliance News) - Randall & Quilter Investment Holdings Ltd on Wednesday reported a USD100 million of new equity investment into the company.
The legacy acquisitions specialist said Brickell Insurance Holdings LLC has subscribed for USD80 million for a new series of preferred stock issued by Randall & Quilter PS Holdings Inc, a subsidiary of Randall & Quilter. This stock is exchangeable for shares in the capital of Randall & Quilter at a price of GBP1.35 per share.
Randall & Quilter shares closed 1.0% lower in London on Wednesday at 144.00 pence each.
In addition, the company announced a USD20 million subscription by funds managed by Hudson Structured Capital Management Ltd, which took 11.9 million of Randall & Quilter's new shares at a price of GBP1.35 each.
The share price represents a discount of 7.2% to the closing mid-market price of 145.5p per share on Tuesday.
Randall & Quilter said proceeds from these investments will be utilised primarily to invest in the growth of the company's program management and legacy businesses.
"We are extremely pleased to have raised these funds. We have long been clear on the significant opportunities we see for the group in the two fast growing markets we operate in: program management and legacy," said Randall & Quilter Executive Directors Ken Randall, Alan Quilter and William Spiegel.
"The equity we have secured will enable us to proactively and quickly move to capitalise on these dynamics as the market seeks the solutions R&Q is able to provide," the trio added.
By Evelina Grecenko; [email protected]
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