R&Q says divestment is on track after press speculation

1st Mar 2024 13:49

(Sharecast News) - R&Q Insurance Holdings responded to fresh press speculation on its plans on Friday, confirming that it was still on track to finalise the sale of its Accredited business.

The AIM-traded firm announced last April that it was exploring strategic avenues to separate its programme management business, Accredited, and its legacy insurance business.

Subsequently, on 20 October, it entered into a conditional agreement with funds advised by Onex Corporation to divest 100% of its equity interest in Randall & Quilter America Holding, the parent company of the Accredited business.

R&Q said on Friday that it was progressing towards meeting the conditions outlined in the circular sent to shareholders on 14 December, and in recent announcements, with the expectation of finalising the sale in the second quarter.

At the same time, R&Q's board said it was continuing to assess all potential avenues to unlock value from its legacy insurance business for the benefit of stakeholders, including shareholders.

The evaluation included both the ongoing operation of the business, as well as considering alternative strategic options.

R&Q said it would provide further updates as warranted in due course.

At 1108 GMT, shares in R&Q Insurance Holdings were down 7.98% at 5.24p.

Reporting by Josh White for Sharecast.com.