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On June 26, 2024, Michael Morrison, Mark Allitt, and Charles Thresh of Teneo (Bermuda) Limited were appointed as Joint Provisional Liquidators for R&Q Insurance Holdings Ltd, following an application filed on June 21, 2024. Subsequently, Deutsche Numis resigned as Nominated Adviser and Broker with immediate effect, and nine directors, including Jeffrey Hayman and William Spiegel, tendered their resignations. R&Q's shares remain suspended, and the Company has no intention of appointing a replacement Nominated Adviser within the one-month period required to avoid cancellation of its AIM admission.
| Date | 27 Jun 2024 |
| Time | 07:00:16 |
| Category | Corporate updates |
| ID | 1206U |
R&Q Insurance Holdings Ltd
Appointment of Joint Provisional Liquidators and Related Matters
27 June 2024
Further to the announcement on 24 June 2024 explaining that on 21 June 2024 R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company") had filed in the Supreme Court of Bermuda an application to appoint joint provisional liquidators ("JPLs") to oversee the liquidation and ultimately the winding up of the Company, a hearing of an application took place at 11 am (Atlantic Daylight Time) yesterday at which Michael Morrison, Mark Allitt and Charles Thresh of Teneo (Bermuda) Limited were appointed as JPLs of R&Q.
Consequently, Deutsche Numis informed the Company of its intention to resign as Nominated Adviser and Broker to the Company with immediate effect. The Company's shares remain suspended from trading and pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's shares to trading on AIM will be cancelled. The Company has no intention of appointing a replacement Nominated Adviser.
Shortly following the appointment of the JPLs, Jeffrey Hayman, William Spiegel, Tom Solomon, Philip Barnes, Eamonn Flanagan, Jo Fox, Lawrence Hirsh, Jerome Lande and Robert Legett tendered their resignations as directors of the Company.
As a consequence of the provisional liquidation, it's anticipated that there will be very little, if any, chance of any value accruing to the Company's shareholders.
Any enquiries regarding the provisional liquidation of R&Q should be submitted to: [email protected].
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