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R&Q Insurance Holdings Ltd - Bermuda-based specialty non-life insurer formerly known as Randall & Quilter Investment - Says it has received special general meeting requisition notice from Phoenix Asset Management Partners Ltd, which holds 12% stake in R&Q, 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.
‘The board has sought to engage constructively with Phoenix to understand the motivations for their proposals and appropriately address any potential concerns. However, during these discussions, Phoenix have, in the board's view, failed to articulate any sound justification for such proposals being in the best interests of the company,’ says R&Q, adding the board is unanimous in support for Spiegel and it advises shareholders vote against proposals at meeting.
Current stock price: 106.25 pence, up 1.4% in London on Friday
12-month change: down 37%
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