24th Aug 2022 14:55
(Alliance News) - R&Q Insurance Holdings Ltd on Wednesday said its board is "unanimous" in its support for Chair William Spiegel, who has faced scrutiny from an investor in the company.
Earlier this month, R&Q said it had received special general meeting requisition notice from Phoenix Asset Management Partners Ltd, which holds a 12% stake in the company, seeking seeking to remove Executive Chair William Spiegel.
Phoenix wants to appoint Ken Randall as director and, if Spiegel is removed, have him act as an executive director to fill the vacancy.
Ken Randall used to be chair of Randall & Quilter Investment, before retiring in March 2021 and being succeeded by Spiegel. R&Q was previously known as Randall & Quilter Investment.
On Wednesday, R&Q said the special general meeting will be held on September 13. The company added that the board is "unanimous" in its support for Spiegel and that the resolutions put forward by Phoenix are not in the company's best interests.
R&Q said: "The board has sought to engage constructively with Phoenix over a number of weeks, including right up to the time by which the company was required to announce publicly service of the requisition notice to the market on August 12, 2022, to understand the motivations for their proposals and appropriately address any potential concerns.
"However, during these discussions, Phoenix has, in the board's view, failed to engage collaboratively or articulate any sound justification for such proposals being in the best interests of the company."
Last week, Vida Capital Management said it will back the executive chair. Vida manages funds owning roughly 9.1% of R&Q. Further, on Monday, Slater Investments, which owns roughly a 12% stake in R&Q, said it will not support a motion to oust Executive Chair William Spiegel.
However, earlier this month, Brickell PC Insurance Holdings LLC said it backed Phoenix's resolutions.
Shares in R&Q were down 0.6% at 101.60 pence each in London on Wednesday afternoon.
By Sophie Rose; [email protected]
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