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Don't be too hard on yourself in losing out in 88e bud.
One 10k buy? Don't make me laugh. It was probably one of you lot that have turned up all of a sudden trying to get people to buy. I'll stand corrected if I'm wrong but this has got pump and dump written all over it.
You have been warned!
Someone in the know? Seemed.like they wanted to get in. Bet we have news tomorrow.
Net assets after sale = 80 cent (60p)15 Mar 2024 18:55
Adjusted for closing of the Sale and subsequent de-leveraging of R&Q assuming Available Net Cash Proceeds of $170 million (at the lower end of the expected range), R&Q's current estimated pro-forma financial position as at 30 June 2023 would be as follows:
Assets
$2.0 billion
Debt
$203 million
Shareholders' Equity
$356 million
Debt to Capital Ratio
36%
Group Solvency Ratio
>200%
Net Asset Value Per Common Share
80 cents
'Net cash proceeds available for utilisation immediately on closing are expected to be between approximately $170 million and $210 million ("Available Net Cash Proceeds")
Nice £10k
A nice round number to end the day
Seen a similar thing in Taylor Wimpy in 2007 when it fell to 4p and sold its USA arm to pay debts in the Uk. The share rocketed to over £2,00 in months and years to follow.
Not saying it’s exactly the same as I don’t know all facts but it sounds similar.
Air on the side of caution here, alot of the links being posted are from last year and some of the names appearing on this board look like the boiler room ramping crew. Doing my own research nothing new has been released and any share that the EarlofAim appears to be ramping on is definitely one to avoid. Not a deramp as I have a small holding here but don't jump in blindly.
Just looking at the interims, I was worried about higher rates but that section says they benefited from higher rates, hummmm
Cash and investments
Our Cash and Investments at 30 June 2023, excluding funds withheld, was $1.5 billion. We produced a book yield, which excludes net realised and unrealised gains on fixed income assets, of 2.8%, an increase of 80 bps compared to H1 2022, due to the higher interest rate environment.
I get that a lot of money will be changing hands. But this section of the RNS "The proceeds will be used for a combination of paying down the Group's Revolving Credit Facility and retaining cash in regulated entities." has me a bit befuddled. People are making big claims about SP rises but I require more explanation if how this will happen if is being used for the purposes explained in the quote.
Pity it doesn't work this way, but net proceeds of $300 million from the sale is about 80p per share uplift. 🙃
• Remaining Conditions: The sale hinges on satisfying additional conditions, and there’s no guarantee that all requirements will be met.
• Net Proceeds: R&Q expects net proceeds of $300 million from the sale, which will support its legacy insurance business.
• Leadership Transition: CEO William Spiegel and CFO Thomas Solomon are expected to transfer to Accredited, and R&Q will seek a new top executive upon deal closure.
• Bermuda Monetary Authority: The regulator’s review temporarily halted external legacy insurance transactions, including a loss portfolio transfer and note redemption.
The sale is anticipated to conclude in late Q1 2024 or early Q2 2024
Definitely think it's is worth a punt at this level.
Not a prolific poster as shown by the number of posts but I have to say this situation and the inherent possibilities to make money, hopefully, intrigued me. Got to be worth a punt methinks. As always only afford what you can lose. Take care.
Scara - that thought does cross my mind: If it’s all known why isn’t market reacting?
But also if market always weighed accurately there would be no spikes or re-rates….
It will be interesting to see what comes out the oven.
So what’s the catch? Regulator approvals given, shareholder approvals given. Some debt holders holding out? If such a slam dunk, and I hope it is, why priced so low? The market rarely gets it wrong… has it here?
Ah yes this one:
https://www.insurancebusinessmag.com/us/news/mergers-acquisitions/sale-of-randqs-accredited-gets-major-nod-480328.aspx
Any other regulators that need to approve? eg BMA?
Hi
I have only just become aware of this share. Please forgive my ignorance. Please can someone explain what is occurring with this company and the potential for retail investors. Many thanks
All been approved by EU
See an article posted her about 3 weeks ago
Totally agree and ONEX can just put offer in for whole company
Or other predators like Hiscox insurance
Do we know what regulatory approvals are required, and from whom? Any info on the specific hang ups holding the sale up, if any? Or is it just taking its sweet time?
155m voted for
125m voted agaisnt
80m volume since the sale announcement in Oct
41.5m volume since vote on 11/1/24
There lies the simplest reason why it’s at 3p and plenty of buying is being absorbed.
Simple market mechanics Let it churn, let the asset sale happen, it’s not just a day trade, plan was hold to end of Q2 or a rally.
Worrying to much about the short term book while it’s at £10m mcap from £250m mcap as point of asset sale rns.
Well done EOA and MMs you have managed today well !