Randall & Quilter (R&Q), the Bermuda-based program underwriting management and legacy acquisitions specialist, has raised approximately £107 million via the issuance of new ordinary shares.
The sum was raised through the issuance of 69,858,915 new ordinary shares (before expenses), R&Q announced following a general meeting this week.
The company announced in February that it would look to raise funds through the placement of new shares in order to support growth and assist in maintaining the A.M. Best credit and financial strength ratings of the Accredited companies.
Under the open offer referred to in a notice to shareholders dated 8 February, R&Q received valid applications from qualifying shareholders for an aggregate of 4,499,438 new ordinary shares, which was the maximum amount available under the offer.
Accordingly, a total of 65,359,477 shares were allotted under the firm placing of new ordinary shares, and 4,499,438 shares were allotted under the open offer.
R&Q said trading for the shares would commence on 6 March 2019, after which the company will have 195,843,195 shares in issue.