R&Q Investors Picking Sides
R&Q Investors Picking Sides
One of R&Q’s investors spoke out in favor of William Spiegel, the executive chairman, who has been the target of requests to have him removed from the board of directors.
Phoenix Asset Management Partners, which holds around 12% of the company’s shares, called Spiegel in recent weeks and demanded that he be fired and replaced by R&Q’s founder and former executive chairman Ken Randall. Phoenix noted a decline in the company’s performance under Spiegel’s direction.
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However, other companies who own shares in R&Q have defended Spiegel. Abrdn is the most recent of these.
Thomas Moore, senior investment director for UK and European equities at the firm, said: “abrdn PLC manages funds owning approximately 6.2% of the outstanding shares of R&Q Insurance Holdings Ltd. We support the current Executive Chairman, William Spiegel, and believe that the strategy outlined is appropriate to realise the full shareholder value inherent in the Legacy and Program Management divisions.”
R&Q Investors Picking Sides
He added: “We have not seen a valid argument to justify the distraction which would arise from a change in management, and believe the stability of Spiegel’s leadership is especially important after a year of change.”
The Scottish company is not the only one endorsing Spiegel. The company’s existing leadership and business strategy have received backing in recent days from the investment firm Vida Capital, which holds 9.07% of the outstanding shares.
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The vertically integrated, uncorrelated investment firm, which specializes in insurance, longevity, structured credit, and private financing, said in a statement that it backed Spiegel, the management group, and the Board in their efforts to maximize shareholder value.
It added: “We believe a dramatic change to the strategy or to the executive leadership at this time would be counterproductive and would create a major distraction for the company.”
Earlier in the week, 777 Partners backed insurer Brickell PC Insurance Holdings, which had been set to acquire R&Q earlier this year before the deal was rejected by two shareholders as Brickell argued that R&Q had breached certain obligations, expressed concern about the “recent significant deterioration of the business.”
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