The results of R&Q Insurance Holdings Ltd.’s Special General Meeting have been announced by the firm, with approximately 70% of total votes cast being against the removal of William Spiegel as a Director of the non-life specialty insurer.
R&Q revealed plans to hold a special meeting on August 24th, calling for its Board to vote on proposals by Phoenix Asset Management Partners, which holds around 12% of the firm’s share capital, to remove Spiegel as a Director and replace him with Ken Randall, R&Q’s founder and former executive chairman.
At the special meeting held earlier today, the Board voted on two resolutions: to remove William Spiegel as a director; and to appoint Ken Randall as a director.
On the first resolution, 345,023,226 votes were cast in total, which represents 91.42% of R&Q’s issued share capital. Of these, 239,997,677, or 69.56% voted against the removal of Spiegel as a director, with 30.44% voting in favour. Overall, 1,697 votes were withheld.
With regards to Randall’s appointment as a director, 345,014,854 votes were cast, which represents 91.42% of R&Q’s issued share capital. Of the votes, 223,787,182, or 64.86% voted against appointing Randall as a director, with 35.14% voting in favour of the proposal. In total, 10,069 votes were withheld.
“We are pleased with the result of the meeting and would like to thank our shareholders for their support,” said Alastair Campbell, Non-Executive Director.
“The certainty provided by this outcome means that William, the Board and the management team can now ensure their full focus is on executing against our strategy and delivering on our targets. The R&Q Board will also continue with its priority of enhancing its composition, including the appointment of an Independent Non-Executive Chairman as soon as possible,” he added.
The results of the special meeting will be welcomed news for Spiegel and the management team at R&Q, as well as the investors which expressed their support in recent weeks.
