R&Q
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Available net cash proceeds on closing are now down ~$100mn to $65mn-$110mn
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The company is still working to get debt holder approval for the Accredited deal.
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The company reiterated its commitment to consummating the Accredited sale.
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The Lloyd’s legacy business has been placed up for sale, along with other units.
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R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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The company announced in March last year that the executive was set to retire.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
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The company reiterated that, if the sale does not complete, R&Q “may not be able to repay its debt facilities as they become due, and R&Q would, therefore, be unable to continue as a going concern”.
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The company said that the targets were dependent on ‘many factors’, including closing the Accredited sale and paying down debt.
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The executive has been in post since September 2020.
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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