R&Q to file for Bermuda liquidation

Following the update from last week, the board of R&Q Insurance Holdings has concluded that the alternative proposal represents the best option to secure value at this time.

The implementation of the alternative proposal will involve the company filing for a provisional liquidation in Bermuda and the board expects the sale of Accredited to Onex to then be implemented through that process. The provisional liquidators would then look to realize value from the company’s remaining assets, at the end of which the remaining Company would be wound up. The directors believe that, in those circumstances, there will be very little, if any, chance of any value accruing to the company’s shareholders.

R&Q will now request that trading in the company’s ordinary shares on AIM be suspended with immediate effect and will be filing for provisional liquidation in Bermuda in due course. The company will 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.