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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.
Totally agree and ONEX can just put offer in for whole company
Or other predators like Hiscox insurance
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.
Accredited business is performing well. It is expected to recognize gross written premium of $2.1 billion and fee income of $90 million in 2023, representing an increase of 17% and 12.5% respectively over the prior year.
Shareholders approve the sale by 55%
that's majority saying yes to sell £465m
R&Q shareholders have approved the sale of Accredited. However, the approval was by no means unanimous, with 55% of voting shareholders supporting the sale and 44% opposing the sale to Onex Corp. Almost 75% of the company’s issued shares were voted.
The sale to Onex also remains on hold while regulatory and financial hurdles are overcome
Usually insurance company's do well as they are properly managed by actuaries etc
Details are in a table in the endnotes of 20th Oct 23 RNS, 80 cents nav post transaction.
Minus any new losses / increases in associated costs etc since.
The goal for RQ is a mass deleveraging and move to fee based income to hedge against future risks which may include further asset sales.
The Losses are expected as part of the DD / auditing of assets given changes to market, just a matter of how much.
3.02p to buy, NOT 3.4P
mms misleading again
Google
'onex share price'
a $7.5 billion dollar company, in advance stage to sign the dotted line to buy RQIH in Q2,2024
and mms allowing buys at 3p is a Gift not to be missed IMO
after the sale Sp should be worth 60p (that's the placing Price in June 60.98p see June Rns)
snooze and you lose.
this could do AIM a good for investors.
as confidence will be significantly higher.
GLA and Dyor before its too late
3p to buy or slightly higher
Not followed this one and starting to take a look - so they are getting the enterprise value of the business as the “price paid” by one’s - they don’t seem to have much debt so equity value paid the RQIH looks strong.. do RQIH have other debt they intend to pay off with proceeds as note the article mentioned states net gain circa 300m.. with my deal hat on of the enterprise value is the price then the equity value should be what’s received after debt paid.
It works for Onex because they raise capital and buy assets.
It doesn’t work for RQIH because they have debt to fund the asset and higher interest rates put RQ at risk if held, hence deleverage.
The assets for sale are forecast to generate $100m free cash flow / year for next 5 years, it’s a no brainer for onex. And unfortunate that rq has to sell them. But it is what it is.
“Onex Partners and ONCAP. Similarly, in Credit, Onex raises and invests capital across several private credit, public credit and public equity strategies. Onex's investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has approximately $50 billion in assets under management, of which approximately $8 billion is Onex's own investing capital. “
Onex currently has $7.5 billion Mcap on TSX exchange
a multi billion dollar company don't make statements like this to buy RQIH asset then walk away.
Mms got this wrong
sale will go through........ Sp will rise
Https://www.reinsurancene.ws/rq-agrees-accredited-sale-to-onex-at-465m-enterprise-value/
What do some feel is true value atm?
CPE News (10.21.2023) – Onex Corporation (TSX: ONEX) has announced that Onex Partners V has agreed to acquire Accredited, the global program management business of R&Q Insurance Holdings Ltd. (LSE: RQIH).
Onex chose not to disclose purchase price in its news release while it is publicly available from R&Q.
R&Q disclosed the entering into a conditional agreement with Onex Partners V to sell 100% of the equity interest in Randall & Quilter America Holding Inc., the holding company of Accredited, for an enterprise value of $465 million, representing an expected equity value of approximately $438 million. (all dollar figures in US dollars)
R&Q said the closing of the sale is conditional on R&Q shareholder approval, regulatory approval and customary consents from certain R&Q debt providers. The sale is also conditional on the transfer of R&Q’s CEO William Spiegel, and CFO Thomas Solomon to Accredited upon closing.
Accredited is a leading program manager, providing A-rated insurance capacity in the US, UK and Europe. Accredited’s US, UK and EU-regulated insurance companies act as an intermediary between Managing General Agents (MGAs) and reinsurers. Accredited has grown significantly over the last three years achieving Gross Written Premium and Fee Income of $1.8 billion and $80 million, respectively, in the twelve months to 31st December 2022, and $1.1 billion and $46 million, respectively, in the six months to 30th June 2023
I read the “reinsurance news” article covering it all beyond just the initial purchase of assets and changes going forward.
Https://privatecapitaljournal.com/onex-partners-v-to-acquire-accredited-from-rq-insurance-holdings/
Just Google "Onex buying Randall Quilter"
do some research fellas