The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I've added this stock to my monitor. Never heard of it. Always seems to be 3p offer no matter how many buys, maybe it's just a overhang play, clear overhang and you might get a spike.
Big movement soon judging by the chart ..very oversold
Yes things could be looking up here ,a realisation of the big pending event should focus the mind a little :-) and wider market stability is returning too.
I have RQIH and Iofina ( IOF ) marked as two big movers this week
3.39p paid, it's going to move this week.
Other platforms are reporting a rise of 5% today so far, just for info.
Don’t forget there are other interested parties, the sale involved :
94 counter parties approached
59 entered NDAs
16 non binding offers first round
9 went to second round
4 non binding offers at second round
Onex bid was chosen from the lot.
The sale docs also mention potential risks from a take over approach before sale completion.
It’s getting there, aslong as RQ keep on top of it then and all is as they have RNS’d the. It should happen, the sale has a pledge held over $465m Onex shares so they can’t walk away, and Onex want the $100m / year accredited is going to generate, Onex need to be seen to grow and replace their AUM and Accredited is a steel at the sale price for them.
Given the appointments announced today I believe the sale must be progressing smoothly and will be confirmed in the very near future.
Downside is IF the sales don’t complete they wind the business down as they won’t have the required A- or above credit rating to operate in US.
Nothing in life is free. But the potential Risk/reward here is a 10+ to 1 bet.
If all goes to plan the slimmed down company will be a good asset to keep or sell, eventually potentially returning multiples of current mcap to equity holders over many years.
Just a matter of time.
I have to agree with Flava and MAB. The positives far outweigh the negatives in my view. I always, like no doubt many others, look at the lowest price and it appears to me that this has reached its nadir. Even if it were to go lower surely it will only be marginal given the steps they have taken. You only have to look at the shareholders to get comfort. I haven’t seen any of them deserting a sinking ship. In my opinion the only way is surely up - isn’t it ? Take care.
The market cap is very low which is why I have recently invested here. The value of the company is seemingly not reflected in the SP, I chose to invest now because the company is clearly moving forward and there is clear evidence of planning for a very successful future. I expect the SP to rise towards previous levels in the short to mid-term and that will benefit any new investors buying at these low prices.
✅ New Board Members: R&Q Insurance Holdings Ltd has appointed Stephen Welch and Lawrence Hirsh as Non-Executive Directors of the company.
✅ Expertise: Both Welch and Hirsh bring significant experience in financial restructuring, corporate management, and operational improvements.
✅ Focus: Their appointments are aimed at helping R&Q reduce debt and streamline its operations.
✅ Strategic Context: These appointments come as R&Q continues working towards finalizing the sale of its Accredited business unit and seeks approval for these changes from its lenders.
Background on R&Q Insurance Holdings Ltd
R&Q is a specialty insurance group with a focus on legacy solutions and program management.
The company operates globally with a presence in the US, Europe, and Bermuda.
Why This Matters
The addition of Welch and Hirsh to the R&Q board signals the company's commitment to:
✅ Addressing financial challenges: Their expertise will be crucial in the debt reduction process.
✅ Streamlining operations: The focus on operational improvements hints at cost-cutting measures.
✅ Completing the Accredited sale: The appointments support the ongoing sale process, likely by adding credibility and financial expertise to negotiations.
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.