RQIH.L Share Chat (RQIH)

Administrators being removed?

By court order?

Incompetence, lack of trust why?

Majority of Admins I kept an eye on LondonStockExchange were ending up with no money for shareholders,

In this case it seems like even some secured creditors won't get their money back in full, some rare unsecured categories will get something but generally got shafted.

If I read report estimates by administrators correctly - there's a deficiency of over £280M, I've got a feeling there are too many outcomes of similar kind and it's becoming norm with companies registered in Bermuda while aiming at UK investors/LSE.

Looks like another (no money left for shareholders) type deal.. urgh

Links not working, try this…..

https://find-and-update.company-information.service.gov.uk/company/03671097/filing-history

….https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/21rX7ynB42xSRPABjI8XYY-tKEX0x5trSPNOGNJgX-Y/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3NZHJAQPR%2F20241031%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20241031T094158Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEBIaCWV1LXdlc3QtMiJHMEUCIHHxbiv6PWj9U%2FobMUcklWYw0FCRHN6OPqa%2FPdBGMyrXAiEAxQ3nok5SW%2Fpzzx66RMYQ1sT6uYroR1Bw2vFdlZV8f7cqwwUIiv%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FARAFGgw0NDkyMjkwMzI4MjIiDFlZMHUEAcn3Em1y4CqXBTT2wBkhoUHHXy6wGSvJEsaWf1zyFkqoorjzwIqfQ4axmc4iX2gVl1aPLVujVtCOp%2BHpUnXZK0PxDfalBImBzde4ZHhvffzPv3YVJ9ikuubu4rdiiJ3okpjhjUDRppY5TYyS2s%2F5giBDFgB%2BRFvUfQWdG%2FpPlTKjmi%2BbBo1nqlr5IKXKhePstDYE9qsyAcTTNlgt94JKVDWtDrRYE0USoGCclm4iimDY5pA9VRQckZGHyJCvbYpsXti1Sax57E1smt4%2BlUPAnxd6AHpAvu6BeCGRNycSE%2FHdemKiu%2FEn72YVkJkpXt%2BoYxVjFrZjUrqRkrSspwZQTJrmvk1%2Bxbc5e6ToTqHSMt5aTswhlyPGh7FIITSz2jfYNgntxXteJjjnIfGGr0WUdRdzq%2Bgz56Djg%2F%2B0I491tryOAwzaHIUYqEfPfFlXZiwQ1FE%2BlWXgNrAeUaUjYj9CAVVe%2FNtWIk%2F3ewWl8fTD6rhEucst1E5zP9kkN7I4B8c4tz08xS53olC0aC%2B%2BnytDw2%2F6kGK7qv3KkfUL54D%2F4UadxIv31beZTTYo0jwTbQdLJIGEVGG2ETLOeAbc4TxJ24Qc0xBUQcgo2x8PjSMg2C88YEUsf%2FnQ%2B1oijZl1jvMMujSltj4BLB%2Byy4vy3d%2BSQzRfwL2RXl0t7q2cVkIZ%2FvGwskEw3Q1mZdrnjvIpUQOSBSM3NUS2MGt2OF44QI03OnDXOQ0vhVAy4dEirQe39wT2Fh3oquC1iFdUcvjY0qPDGudzBat6BkbhUHMw1ChM97ODsazdaDAqe7x0MfsWqHg%2F5cQsxiFnpKtSpqYokMQkMqHDYQk92LCKiNttLwIeW7SSGT8kRX1UMsp8WjLVZo4iLTCBsmd%2FXhM4ceJJEuTcXTCLlo25BjqxAbm6nGblbafFmkksAyOvStFiblPdibdiTJPLwlm%2Bhm%2F%2BHE3wr3No0JfW9SDaU9lgUf6Q8OwSWUchnI6ayBwv%2BEfY7QXXAfG53QNgHKlX6OUK0o7TnUUoaqRYUSAgjunlyrcSm4u8HSYg0NFfaLXzbGPZdTVmNmGd8mFutvFzi2jVz2blOZc%2FMspqEopuT5yy29z5VpO8WB%2F%2FO%2BDG5KvhimUBKd%2BdzeEjCgpvgR5wDWEoRQ%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=dcc340039df11623883809d4b0ac4d64a26d13ca5f83e6e0afcf3a61bf419c94

I hope someone else can understand it better than me!!!

It says “ 30 Oct 2024 Statement of administrator's proposal

This document is being processed and will be available in 10 days”.

Let’s see what it says.

Sale should have left £235m Net assets when proposed

In October.

Deduct the $45m as was sold cheaper, it should have been £200m net assets

Yet Somehow even with them quoting making a profit on each additional sale mentioned since apart from the last one which was a few mill loss to book value we are lead to believe liquidation was the only option.

They rogered us big time, I hope the results are still released because the only logical way that happens is that there has been gross misconduct here with the extra expenditure.

And they can’t blame interest rates because they are the same as when announced.

So Spiegel sails off into the sunset have presided over an annihilation of shareholder value. WHY has there not been more noise from the institutional investors and why were they last minute sellers? Surely, there should have seen it coming more than the PIs?!

https://www.insurancebusinessmag.com/uk/news/mergers-acquisitions/accredited-sale-crosses-the-finish-line-495259.aspx

As much as I’d like to think that there may be something left I’ve been here before with G3e ( if you don’t know about it look it up ) the JPL will rinse every last penny out for themselves 😞

They are getting better money for their assets then I was expecting. There are no guarantees but to me it’s looking like money will be left over. It’s just my opinion, I could be wrong. The list of pi’s in this share is very small, over half of the shares are owned by institutions and insiders. The pi’s need to get the accounts audited independently.

In my honest opinion.

They are getting good money for their assets, there will be loads of money left over in my opinion if they don’t manage to steal any of it. I am surprised shareholders are not scrutinising every sale. Over 50 percent of shares are held by ii and insiders, they are not bothered.

In my honest opinion.

DYOR

I hope for holders you are right that would be a amazing payday but even a fraction of that could be a good return. The market cap is tiny sub £300k so £20 million would be a 70 fold increase so just £2 million would be a 7 fold increase but only for those in at recent lows.

I’ll revise my estimation on that rns. I believe and I could be wrong, after looking at all assets and debts, it would be reasonable for me to conclude that around 20 million will be left for shareholders. I could be wrong, the more experienced on here will know better.

Such a sad world when this is allowed to happen and the powers that be make it crystal the don't give a flying fcuk for the honest shareholders.

Not even a "sorry we let you down "..........because we are ...........................................................................................

Liquidators will milk every drop from themselves. 99% certain there will be no return to shareholders what could happen is everyone gift their shares to a New Co that creates exactly the same amount of shares as per the RQ holding and if enough the New Co fight from a position where 'they can do things subject to UK Law' and be a bit of a nuisance/supervise/watch the liquidation. Only Costs £50 to set up a new co, but you do need to gift your shares with a certificate which is a bit of a pain, plus its TIME.

There is unlikely to be anything, no be doubt there will be a lot more costs to gone through

The liquidator's fees I suspect are not going to leave much change. I am surprised that none of the major shareholders haven't taken any action against the inept board.

By my estimation and I could be completely wrong, more experienced and knowledgeable people on here will know better!!!!

After selling everything and paying off everything around 2 million will be leftover for shareholders. Like I Said, I could be completely wrong, do your own maths.

In today’s RNS Inceptum sold for £11.25 million versus estimated net assets of £19 million subject to accredited sale and regulatory approvals.

A nice price for buyer.

Finally took on too much water ....

Oh well, good job i have cpx as that 1k is now gone ! No bounce 😩 gotta accept it and move on

Unbelievable, over half a bil of sales due to complete, They had $250m net assets and raised $60m just 12 months ago. And sale was announced when interest rates peaked to current so can’t blame them.

All while accredited is actually doing ok with turn over increasing.

Now nothing, while having the highest paid management in the industry, sometimes you dont get what you pay for.

Well and truly shafted, and they killed any start of a bounce since the sale announcement.

Ruined by corruption and incompetence.

I hope none of the BOD and their families get new jobs and they feel the pain they have inflicted on us.

I'm afraid shareholders are shafted now, including me. I've lost a lot of money.

Does anyone know to what extent the Bermuda piece makes a difference.. seems to not be as clear cut as usual routes in uk/usa etc

One piece mentioned that provisional liquidation in Bermuda Is a valuable protection for imperilled boards of companies in the zone of insolvency, where creditor threats to commence winding up proceedings can distract from the primary task of implementing a financial or operational restructuring to ensure that the company may continue as a going concern…

No idea from my side but wonder if more to this

Google showing 0.10

Market watch 0.13

Lse 0.75

Wtf

Another institution bailing out so there's 2 massive sellers in the market hence why you can buy size at bid price.

Lol, I did, now all my hard earned savings has gone down this money pit.

Oh well, back to making more chips I suppose....

Didn't you use to work down the chip shop?

Of this money pit

It’s simple.

The plan was to leave equity holders with $240m NET assets which with a small fee based business would have been enough to service the remaining $200m debt over time as net assets (insurance policies) mature over time.

Then they said there was probably $65m to $110m left they still had a leg to stand on and generate or raise and restructure the debt in a way it can be paid off over time

Now they have spent everything the company has and do not have the cash flow required to operate the business to completion of the deals.

Although security for main deal is held over Onex shares worth $465m If they liquidate the company Onex can buy it for less and deal is void, and price returned to debt holders doesn’t matter it’s just highest bidder.

In liquidation rqih can also pause payments to many parties which gives them some cash flow while sales finalised.

But current equity sits below bond holders, and other debt holders.

So shareholders have nout.

Could be as simple as there being many a big legal bills that need to be paid to complete the sales and no one will do finalise the work unless paid.

Admin was always the downside risk, just couldn’t believe so many II would let it flop, but it’s a tax write off for them with a line on a balance sheet

There will always be a bounce ! I’ve chucked a spare k in at 0.062

4 days by my calculations!

Remember seeing any falls like this has had for last 3 days....relentless...no hint of an intraday bounce either...

Fooking hell, I nearly own three percent of this sheeit company. I better calm down otherwise I’ll be filling in a TR1 lol. It’s easy to get carried away here lol.

Offering size almost at the 0.06p bid price extremely weak, pure gambling now

Lots of sells could be buys looking at the price. WTF is really going on

Plus I’m only here for the short term.

Suspension could come anytime. Caveat emptor

I’d say it’s designed to let friends in rather than out.

"It appears that Onex and Co. have royally stitch up our BoD, wasted our money and now want the whole business so they can asset strip with shareholders getting nothing."

Spot on!

Rick

I ain’t familiar with everything here but do you really believe that other large shareholders would agree to an alternative proposal from Onex to obtain a part of the business that suits them and liquidates the company.

Maybe I’m missing something but didn’t the RNS state it was an alternative proposal!

Who in there right mind as a large investor let alone ordinary investor approve it!.

I can see why the punters are taking a punt.

Not for the faint hearted but a few big buys at the end!

I don't think today is about the ratio of buys and sells, its about the risk of an RNS next week saying the BOD have thrown the towel and we're heading for admin. I'd be delighted if that doesn't happen as like most here I'm practically wiped out as to my original stake, but I'm being realistic as to the probable outcome.

So nearly 3-1 in favour of buys to sells. Crazy numbers. Whatever people believe there’s some big bets against this being the end. Let’s see how it pans out.

You really have to question the timing of the RNS just when the share was starting to pick up. So if you issue a RNS to kill momentum and the price why have they allowed it to keep trading.

I do wonder if there’s something else going on as it seems very strange. Nearly 60m traded today!

Crazy volume

Looks like it finished at12. With all them buys!

Shocking

Long term holders have been let down big time and the suspension RNS on 13th June 24 absolutely put the final nail in the share it's dead now.. Main bit that killed it of was both options are going have the same loss for shareholders absolute 💯 % stitched up big time and I do feel sorry for the long term holders and anyone that had a substantial amount of shares..

Killer part of the RNS statement was wording to say its over

The Board is currently exploring and evaluating all options that may be available to the Company, including alternative transactions (including the Alternative Proposal) and potential sources of liquidity, whilst continuing to work to complete the original Sale.

Shareholders should note that the implementation of the Alternative Proposal would involve the parent company, R&Q Insurance Holdings Ltd., filing for a provisional liquidation in Bermuda and then completing the sale of Accredited to Onex through that process. The provisional liquidators would then look to realise value from the Group's remaining assets. The Directors believe that in such circumstances there would be very little, if any, chance of any value accruing to the Company's shareholders.

As stated in the Circular, if the Sale does not proceed on its original terms and the Available Net Cash Proceeds are not available to facilitate a financial de-leveraging of R&Q, R&Q will not be able to repay its debt facilities as they become due, and R&Q would therefore be unable to continue as a going concern.

In the event that the Company were to enter provisional liquidation, R&Q would request that trading in the Company's ordinary shares on AIM be suspended immediately. Notwithstanding any suspension of trading in the Company's ordinary shares, the Company would continue to make notifications as and when there are matters requiring disclosure in accordance with the Company's obligations under the AIM Rules for Companies and/or the UK Market Abuse Regulation.

From AM bests website, not sure it posted already, was from Friday, credit rating "remains unchanged following a recent update on their pending sale"

"OLDWICK - JUNE 14, 2024 04:12 PM (EDT)

AM Best has commented that the under review with developing implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Accredited Specialty Insurance Company (ASI) (Gilbert, AZ), Accredited Surety and Casualty Company, Inc. (ASC) (Orlando, FL) and Accredited Insurance (Europe) Limited (AIEL) (Malta), collectively known as Accredited, remains unchanged following a recent update on their pending sale. "

Before this listing ship goes under

Please don't rip me off again..............

See Slater now halved their holding over last few days.

Must be regretting voting against the 175p buyout offer 2 years ago.

Found this quote “ In terms of process it’s ludicrous and in terms of price it’s nothing like what we’d accept,” the report quoted Slater chief investment officer Mark Slater as saying.

Expecting Bermuda liquidation announcement soon I think.

What a disaster.

I know and as some of you know they have been struggling since mid 2022 and kept a lid on things assumed in the end and combined with the sale of assets everything would be OK during 2023 and 2024 however it's not gone to plan and big money is now over due...

This is going back to when R&Q required the funding to shore up its balance-sheet, after announcing around $30 million of adverse reserve development, a circa $90 million charge related to impairing a structured reinsurance contract that had been capitalised an a balance-sheet asset, and having used “meaningful” cash to fund additional reserve strengthening that was required, making the new funding essential.

It's shareprice started to fall way back in April 2022 and the holders who got caught out kept on selling at a loss or averaged down a few times thinking it will come good only to be let down badly with the worst RNS a nightmare for any investor...

I have been there a before and you get the feeling things can turn around from deaths door only to find out the hard way it's over..If the shareprice was much higher they would of been able to do something however that's not possible either now

Some impulsive novice trader's will buy without doing any homework or reading the last few RNS articles thinking they can make a quick 10 or 20% and they may buy a few grands worth a few times before understanding what they have just done... MM are very clever they don't give a flying rat about buys out stripping sells regardless size or amount they just drop the price regardless, and also widen the spread 25 to 50% that's telling you something.

Look I honestly hope it works out for all the trapped shareholders and like I said it's going to take more than a silver lining or a load of luck now.

I would say if a investors shareholdings are worth only a few hundred pounds now from tens of thousands pounds invested, it may be worth holding onto your shares, if you can afford to do that, just incase after a bit of luck and the sale of the assets shareholders may get a sniff of something... However if you're thinking of buying I would say think very very carefully and read the news articles and think about it,, out of the 2 options available both will leave shareholders with nothing.

Checkricky

I hope for shareholders something better can be worked out. Surely with all the money raised over the last few years etc and assets they have there must be something possible to head off liquidation!.

Why do you feel there’s so many buys to sells!.

Why is someone gambling big. Like a £20,000 buy!.

I truly hope the shareholders have last laugh and something happens.

So basically if they sell off assets they can't offer any value for shareholders nothing for shareholders or very little which means nothing zero in a more polite way

If they don't get what they want for assets they are bust and that also means nothing for shareholders. So basically they are finished it just a matter of time and the suspension RNS will confirm this.. I hope that this is not the case and there is a silver lining somewhere... Read notes below from share news tab

Discussions with Onex about a potential sale of Accredited, through R&Q's 100% equity interest in holding company Randall & Quilter America Holding, have been ongoing since October 2023.

Among the options discussed is the provisional liquidation of R&Q Insurance in Bermuda and then completing the sale of Accredited to Onex through that process. It would also request to suspend trading in shares on the AIM market.

"The directors believe that in such circumstances there would be very little, if any, chance of any value accruing to the company's shareholders," R&Q announced.

In the event that a sale does not materialise, the company would be unable to repay its debt facilities and would therefore be unable to continue trading.

@Jamrock

Not sure if anything will be left for shareholders in the case of Onex its in black and white that shareholders will not get anything. Shareholders are alway the last to get anything if anything. I would say if you have any funds invested it maybe worth holding on to what you have as it's already destroyed the shareprice. However for new investors looking to buy without understanding the financial position it's basically suicidal and game over as you will get suckered in thinking you might be able to make a quick 10% however the spread and costs will hammer you double that and your gona be under water straight away. You might have an early morning bounce on Monday morning and the would be my que to get out provided no RNS on suspension..

In relation to Onex I don't like how it's states in the RNS shareholders will basically get nothing unbelievable

Shareholders should note that the implementation of the Alternative Proposal would involve the parent company, R&Q Insurance Holdings Ltd., filing for a provisional liquidation in Bermuda and then completing the sale of Accredited to Onex through that process. """The provisional liquidators would then look to realise value from the Group's remaining assets. The Directors believe that in such circumstances there would be very little, if any, chance of any value accruing to the Company's shareholders.""" A few lines has basically killed it off for good.. I do honestly feel sorry for the shareholders who have lost everything and left with basically next to nothing and if they can afford to move on good luck to them..

Checkricky

So do you believe the

Other large shareholders would approve Onex plan that wipes them out!. The reason I ask is because it says Onex is an alternative plan.

I truly don’t see how this ends other than shareholders lose but I’d also say I’ve seen companies come out with an alternative plan and the shares rise substantially. It’s definitely a nervous time for shareholders but I truly hope something happens and those who averaged down get an opportunity to recoup something. It’s a sad situation and how it got into this position is another story

Thank You Jamrock and Newbie. :-)

Poor investor

I understand you but equally wish you all the luck in the world.

I’d love to see a rise into the close for especially

Jamrock, I’ve just bought more so will not reveal my holding, just in case it goes tits up lol.

All I’m seeing is buying going up v selling and no movement!

Also I know little about this company and would like advice if there is any chance of a decent outcome as odds look stacked against

Just wait for the print, might come after hours, might be Monday. But it'll go ballistic if the volume stays high.

And not even a small increase...

This is better than watching the Grand National.

If only the investors turn out to be Maximus

I don’t think I’ve seen a share with so many buys and not seriously bounced.

Imagine a RNS positive to surprise short sellers.

Then we’d have drama

All it takes is two or three of the II selling at the same time against each other on market orders to drop it this far.

Most of the company is owned by TR1 listed II.

Feels like liquidation is the end result but as other say

Good luck with the high risk day trades, only bet what you can afford to lose.

The advantage of a basement mcap is high liquidity for large stakes to move around.

Thank you Jamrock. ATB

Poor investor

I love the drama and truly wish you well.

Fair play to those with risk and nerves you deserve a 10 bagger