Randall & Quilter Investment Holdings Ltd. (R&Q) has confirmed the completion of its non-pre-emptive placing, direct subscription, and management subscription fundraise with total gross proceeds of $129.5m.
R&Q initially predicted that its fundraise would result in gross proceeds of $125m, but a higher amount was achieved as they were able to raise additional funds due to the “strong level of investor appetite.”
The additional funding comes from the issue of 4,355,371 Open Offer Shares, raising gross proceeds of $5.5 million, taking the total proceeds of the fundraise to $129.5m.
William Spiegel, Executive Chairman of R&Q, said: “This new capital means R&Q enters the second half of the year with the balance sheet strength needed to underpin the growth we are seeing in Program Management and our well-established position as a leading global provider of Legacy Insurance solutions.”
An application was also made for the Conditional Issuance Shares, totalling 74,758,355 new Ordinary Shares, to be admitted to trading on AIM, with dealing commencing at 8am on or around 12 July, according to R&Q.
Following this Second Admission, R&Q will have 377,395,235 Ordinary Shares in issue.
Spiegel added: “We would like to thank our shareholders for their support and we look forward to R&Q moving ahead with renewed momentum and a clear focus on achieving our objectives for 2022 and beyond.”
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