R&Q shareholder roster remains in rotation post takeover bid

A short list of financial investors have revealed sudden stakes in excess of 18% of LSE-listed  Randall & Quilter Insurance Holdings (R&Q), filling gaps left from a failed 2022 takeover bid.

Funds managed by Gresham House Asset Management have announced a doubling of the stake they first announced just as that 2022 takeover bid was heating up in earnest.

The five Gresham funds upped their holdings to 38.4 million shares, a 10.26% stake, just over twice the stake initially revealed in late August 2022, just weeks before the takeover bid failed.

That announcement follows word in March that Scopia Capital Management LP and Scopia Management Inc. had taken a rather sudden 30 million shares, an 8.01% stake.

The shareholder roster has had every reason to rearrange after a minority shareholder group failed in an attempt to oust leadership that culminated at a September 2022 EGM.

The challenge had been thrown down 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 had been thought to control some 35% of equity.

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