Randall & Quilter proposes return of capital to shareholders

Specialist non-life insurance investor, service provider and underwriting manager Randall & Quilter issued an update to the market on Tuesday, confirming that a notice of an annual general meeting had been posted to shareholders, along with further details of a return of capital to shareholders.

The AIM-traded firm said the return of capital would involve the creation and capitalisation of the X-shares from monies standing to the credit of the company's share premium account and the reduction of capital.

To effect the return of capital, Randall & Quilter said shareholders would be issued one X-share for each ordinary share held by them at 1700 BST. on 1 June.

On or around 8 June, the X-shares would be cancelled and holders of the X-shares would be paid the capital paid up on the shares, being 5.2 pence per X-share.

Payments in respect of the return of capital were expected to be made on or around 15 June, the company’s board said.

“The return of capital - including the creation and capitalisation of the X-shares and the reduction of capital - is subject to the approval of the shareholders at the annual general meeting,” the Randall & Quilter board said in a statement.