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By Kyle Morris
R&Q Insurance Holdings Ltd. said Friday that it has received a notice from shareholder Phoenix Asset Management Partners Ltd. to requisition a special general meeting to propose resolutions to remove Executive Chairman William Spiegel and to appoint founder Ken Randall as an executive director.
The insurer said that it has tried to engage constructively with Phoenix, which holds 12.2% of the company’s issued share capital, to understand the motivations for the proposals. Phoenix has failed to communicate any justification for the proposals.
The board said it is unanimous in its support for Mr. Spiegel and the strategy of the company.
The board recommends that shareholders vote against the proposals if put to shareholders at a special general meeting.
A further announcement will be made in due course.
Write to Kyle Morris at kyle.morris@dowjones.com
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