Randall & Quilter advised on $125 million fundraising

Mills & Reeve has advised Randall & Quilter on its placing and direct subscription to raise circa $125 million and open offer to raise up to $8 million.

Randall & Quilter, a non-life global specialty insurance company focused on program management and legacy transactions, has announced a placing and direct subscription which, conditional on shareholder approval at a general meeting of the Company, will raise approximately $125 million. Alongside the placing and direct subscription, they have announced an open offer which will raise up to a further $8 million.

Mills & Reeve has acted for Randall & Quilter for the last 15 years including helping to redomicile R&Q from the UK to Bermuda in 2013. We have also advised on numerous AIM fundraisings as well as several bank and debt facilities, including listed debt securities.

Emma Plaxton, who led the Mills & Reeve transaction team said: “We have enjoyed a longstanding relationship with R&Q and we were really pleased to work alongside R&Q again on this significant transaction. Our work involved working with US and Bermuda counsel as part of a cross-jurisdictional team to support R&Q.”

George Clarke, Group General Counsel at R&Q, said: “As we have said before Mills & Reeve are an available, supportive and a tight knit team familiar with our business. With our US and Bermuda counsel we have a strong and responsive team across the required disciplines and jurisdictions. We very much appreciate the work of the team.”

The Mills & Reeve team advising R&Q included partners James Hunter and Frances Churchard; principal associates, Emma Plaxton, Rachel McDonnell and Sofie de Pfeiffer; senior associate, Tom Samuel and trainee solicitors Omar Nwoko and Emma Clarke. Partner James Hunter has led the firm’s client relationship with R&Q since the early years.

Numis Securities and Barclays Bank acted as joint global coordinators and joint bookrunners, and Numis acted as nominated advisor. Conyers Dill & Pearman provided Bermuda law advice and Mayer Brown provided US securities law advice to the company, while Simmons & Simmons were legal advisor to Numis and Barclays.

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