29th May 2022

R&Q acquisition off-proposed $100m Placing and Open Offer of up to $8m announced
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Further to the announcement this week that Brickell's cash acquisition would not proceed, Randall & Quilter Investment Holdings held the reconvened Special General Meeting referred to in the notice to shareholders of the company on 27th April 2022 and which had been adjourned on 20th May 2022.
Following a poll conducted at the meeting, resolutions 1, 2 and 3 as set out in the notice convening the SGM have not been approved by shareholders.
The passing of resolutions 1, 2 and 3 was a condition to completion of the cash acquisition of the entire issued share capital of the company by Brickell PC Insurance Holdings and Brickell’s commitment to provide $100m new equity Ttransaction will not proceed, the company is now focussed on raising approximately $100m via a Placing and up to $8m via an Open Offer.
The vote against the resolutions required to complete the Transaction demonstrates the confidence of certain of the company’s shareholders in the future value and prospects of the business and support for an equity raise. Following a short market sounding process, certain existing shareholders have indicated strong interest to subscribe for in excess of $100m in the Fundraise.

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