R&Q marshals 40% support for incumbent CEO Spiegel ahead of EGM fight

Embattled leadership at  Randall & Quilter (R&Q Insurance Holdings) claims to have secured 40% shareholder support and counting for the face-off against rivals now slated for September 13.

Responding to the latest barbs in a public spat over leadership, R&Q's board of directors crafted its response to “highlight the strength of public support” against proposals from rebel shareholders, including co-founder Ken Randall.

The 40% mark, if true, would put incumbent management ahead of the rival faction founded by Phoenix Asset Management and joined by R&Q's estranged partner Brickell whose takeover bid earlier in 2022 failed to muster shareholder support.

Together, the two rebel shareholder groups which seek to replace CEO William Spiegel and reinstate Ken Randall, control some 35% of equity.

R&Q had last laid claim to some 32% as it builds its support. Asset managers/insurers Slater, Abrdn, Vida and J O Hambro have come aboard publicly. R&Q did not name names of how it got from there to the 40% mark.

The R&Q board of directors claims to have found a series of “factual inaccuracies and misrepresentations” in the latest public missive from Phoenix, but did not provide details.

The board did, however, extend the solidarity of its support for current CEO Spiegel, underlining that the “whole board, including the independent directors” take “ultimate responsibility” for strategy, implementation and management selection. That board of directors includes an R&Q co-founder of its own, Alan Quilter.

Sides are slated to vote the proposals for leadership change at a September 13 special shareholder meeting (EGM).

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