Phoenix Asset Management ditches R&Q stake after failing to oust CEO

Phoenix Asset Management ditched the bulk of its holdings in Randall & Quilter (R&Q Insurance Holdings) after failing in its bid to engineer a leadership overhaul at the firm.

Phoenix sold down its stake in the firm to 4.55% of shareholder votes from a prior registration of just over 12%.

Phoenix had led the charge to oust CEO William Spiegel, a moved joined by R&Q's estranged partner Brickell whose takeover bid earlier in 2022 failed to muster shareholder support.

In the end, shareholders voted down the rebellion 70-30 at a mid-September EGM. A separate motion to put co-founder Ken Randall back to the board failed by a lightly narrower 65-35.

At their peak powers, the two rebel shareholder groups had been thought to control some 35% of equity.

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