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On June 26th, R&Q Insurance Holdings Ltd announced significant developments, including the appointment of joint provisional liquidators (JPLs), the resignation of its Nominated Adviser, and the likely delisting of its shares.
R&Q has confirmed that at a hearing yesterday, Michael Morrison, Mark Allitt, and Charles Thresh of Teneo (Bermuda) Limited were appointed as JPLs of R&Q.
As a result, Deutsche Numis informed the company of its immediate resignation as Nominated Adviser and Broker.
R&Q’s shares remain suspended from trading, and according to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the company’s shares will be delisted from AIM. R&Q does not plan to appoint a replacement.
Shortly after the JPLs’ appointment, the company’s directors resigned.
Due to the provisional liquidation, shareholders are expected to receive little to no value from their shares.
For background, in October of last year, R&Q announced it had entered into a conditional agreement to sell its Accredited program Management business to private equity investment manager Onex Corporation.
However, on June 13th, Onex proposed an alternative transaction structure to be used if the original closing conditions could not be met.
On June 19th, after evaluation by its Board, R&Q confirmed that it will be filing for a provisional liquidation in Bermuda, expecting the sale of Accredited to Onex to proceed through this process.
Two days later, R&Q applied to the Bermuda Supreme Court to appoint JPLs to oversee the liquidation and eventual winding up of the company.
Following this, R&Q entered into an agreement to sell Inceptum Insurance Company to Marco Capital Holdings for $11.25 million, including the sale of all Inceptum shares and the transfer of related reinsurance arrangements with other R&Q entities, including AIEL.
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