In an open letter to shareholders, Phoenix Asset Management Partners expressed serious concerns over R&Q Insurance Holdings Ltd’s deemed downfall, calling for a special general meeting to vote on the removal of the incumbent executive chairman and the reappointment of his predecessor.
“Phoenix represents 46 million ordinary shares in the company and have been continual investors in the company since its IPO in 2007,” the open letter read. “We and other investors have seen the performance of the business deteriorate under the leadership of William Spiegel.”
Phoenix is urging that former executive chairman and founder Ken Randall be brought back to the board in lieu of Spiegel, insisting that the board should be led by an independent non-executive chair.
The fund management company also aired its disappointment towards the board for leaving them with no choice but to bring this up publicly given the board’s refusal to engage in a private discussion.
The board claims to be unanimous with the decision and believes the majority of shareholders hold the same view regarding the matter, which is likely to be reflected in the votes come the general meeting.
“We are very much supportive of the company and have shown this by offering to provide all the new capital that the company has sought, and more,” the open letter read. “We want what is in the best long-term interests of the company and its stakeholders including employees and shareholders and we believe that by adopting these resolutions we will be on the right path to achieving that.”