Randall & Quilter expands fundraise after agreeing settlement with Brickell
Specialist non-life insurer Randall & Quilter updated the market on its fundraise on Tuesday, reporting that following “significant demand” in the bookbuild from existing investors, it had decided to upsize the fundraise to increase gross proceeds to around $125m.
The AIM-traded firm said it would use the additional net proceeds to further de-lever the business.
It also announced a settlement, without any admission of liability by either party, with Brickell over the implementation agreement dispute.
The settlement would include the payment of $1.25m to Brickell as a contribution towards costs.
“In light of these developments, R&Q has decided to extend the period of the bookbuild in connection with the fundraise to allow investors to consider this new information,” the board said in its statement.
“The company will provide further updates on the timetable of the fundraise following completion of the bookbuild.”
At 1317 BST, shares in Randall & Quilter were up 5.17% at 98.86p.
Reporting by Josh White at Sharecast.com.