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New NEDs was one of the final conditions of the $500mln sale of the Accredited business
*sale
They are certainly setting up for the sake going thru unhindered in the very near future and business continuing as planned.
Very positive 👍
A very positive RNS, bundles of valuable experience and positive progress forward.
Not enough coffee!!
2 NEDs but what CEO says (3rd para) is interesting,clearly they expect expect be moving forward from this difficult time
Particularly the 3rd one
Jeff Hayman, Chairman of R&Q, said: "Stephen and Lawrence both bring relevant additional experience to the Board, in particular with regards to our priorities of reducing debt and improving the efficiency and expense base of the go-forward business. As we continue to work towards completing the sale of Accredited, these appointments also support our ongoing discussions with lenders to achieve their necessary approvals."
R&Q Insurance Holdings Ltd
Appointment of Non-Executive Directors
19 April 2024
R&Q Insurance Holdings Ltd (AIM-RQIH) ("R&Q" or the "Group") announces the appointments to the Board of Stephen Welch and Lawrence Hirsh as Non-Executive Directors, effective from 18 April 2024.
Stephen Welch has worked for financial sponsors and investors in both executive and non-executive roles. He has extensive experience managing complex corporate issues, including several restructuring situations of regulated financial services and insurance businesses. Stephen is also a Non-Executive Director of Telegraph Media Group Limited, The Spectator (1828) Limited and the Primary Group Limited. Stephen was a partner at McGrathNicol and a Senior Managing Director at FTI Consulting, and is a Chartered Accountant.
Lawrence Hirsh has acted as an independent board member and advisor to a number of companies, providing financial and operational services. Lawrence was previously a Managing Director for Alvarez & Marsal, leading its Southeastern US Corporate Restructuring Practice, and a Partner at Arthur Andersen LLP. As both an advisor and during his career, Lawrence has a track-record of helping drive operational improvements and cost reduction programs.
Jeff Hayman, Chairman of R&Q, said: "Stephen and Lawrence both bring relevant additional experience to the Board, in particular with regards to our priorities of reducing debt and improving the efficiency and expense base of the go-forward business. As we continue to work towards completing the sale of Accredited, these appointments also support our ongoing discussions with lenders to achieve their necessary approvals."
Https://finance.yahoo.com/quote/RQIH.L/
This Yahoo analysis and analyst recommendation of strong buy or hold are very pleasing.
R&Q Legacy also expects to have the ability to release a significant amount of capital over the next 5 years
and generate incremental investment income. R&Q Legacy expects over $100 million of cumulative surplus
capital to be generated as claims payments are made, thus releasing capital held against reserves. This is
in addition to the estimated $40 million to $80 million of additional collateral R&Q Legacy will be required to
hold against existing legacy exposure retained by Accredited, which R&Q Legacy expects to be released
and available over the next few years as the underlying exposures are reduced and eliminated.
Mr Bradbrook is currently engaged as the Chief Accounting Officer for the R&Q Group pursuant to a service
agreement with R&Q Central Services Limited. Mr Bradbrook receives a fixed basic annual salary of
US$360,000 payable monthly in arrears and his service agreement is terminable by either party on six months’
written notice. Mr Bradbrook may be entitled to be paid bonuses of such amounts (if any) at such times and
subject to such conditions as the Company’s remuneration committee may in its absolute discretion decide.
In addition, Mr Bradbrook is guaranteed a bonus payment of $201,600 in April 2024.
Sales doc :
bargain.
"Mr Hayman has agreed, subject to contract, to enter into a service agreement with the Company pursuant
to which he will be employed as Interim Chief Executive Officer of R&Q Legacy for a fixed basic annual
salary of US$600,000 payable monthly in arrears. There is no entitlement to a bonus. Mr Hayman will be
subject to customary restrictive covenants during and after the term of the agreement. Mr Hayman’s
appointment will be finalised upon Closing of the Accredited sale and the remaining terms and conditions
will be agreed prior to then."
Numbers pre asset sale as of June 23 interim, plenty of long term finance in place and shows plenty room for more profit for new buyers if using cash raised from equity and debt cleared
The total amounts owed to credit institutions at 30 June 2023 was $333.3m (31 December 2022: $344.9m).
The Group has issued the following debt:
Issuer
Principal
Rate
Maturity
R&Q Insurance Holdings Ltd.
$70,000k
6.35% above USD LIBOR*
2028
R&Q Insurance Holdings Ltd.
$125,000k
6.75% above USD LIBOR**
2033
Accredited Insurance (Europe) Limited
€20,000k
6.7% above EURIBOR
2025
Accredited Insurance (Europe) Limited
€5,000k
6.7% above EURIBOR
2027
R&Q Re (Bermuda) Limited
$20,000k
7.75% above USD LIBOR
2023
Revolving Credit Facility
£59,327k
Variable
Revolving
Bank Term Loan
£12,500k
SONIA - 5 NCCR LAG
2024
* USD LIBOR Capped at 3.65% through December 2023
** USD LIBOR capped at 2%
The Group's subsidiary, Accredited Holding Corporation, provides a full and unconditional guarantee for the payment of principal, interest and any other amounts due in respect of the $70.0m Notes issued by R&Q Insurance Holdings Ltd.
Classic failed pump and dump rhetoric.. "buys showing as sells". You're more transparent than a single paned window.
Larger buys all shown as sells 2.94p+
Not sure if posted before nor if there has been a readout yet:
https://www.theinsurer.com/news/bma-engages-pwc-to-scrutinise-rq-as-tricky-balancing-act-continues/
The more seems to be a pattern of low value buys well above the actual price, allowing the MMs to present the spread as being much wider than it is and showing those buys as sells.
I haven't sold out yet; just waiting for the news. I'm ready, locked in, and loaded.
See you all at 5p very soon!
Wow how many of you have sold already, must be the worst pump and dump in history
30k of buys and no tick???
Seems to be all buys around 3p. Hopefully start gaining traction soon.
Hi Davey, what's your thoughts on this company?
Oh good grief discodog is here too, it's like the top 10 of worst pump and dumpers on the LSE all trying to get out of the same stock for a profit
Technical analysis suggests a gap to fill at 3.5p, followed by a potential move to 4p+ based on the 50-day line.
Let's get to 3.5p for breakout. IMHO
Wow mrcalm is back, jeez I remember your shameless pump and dumping back in covid times, wow all the long termers are here...well were here, probably all sold out for £20 profit, they get nervous when their trades have not moved during the day and quickly sell out especially Earl despite the amazing numbers predicted as normal
Total bargain