R&Q rebukes Phoenix in assertive open letter

R&Q has hit back at investor Phoenix (which has a 12.2% holding in the company), after it called for the removal of William Spiegel, R&Q’s executive chairman, as a director of the company, insisting R&Q co-founder and former chair Ken Randall should be appointed in his place.

”The Board reiterates its unanimous support for William, its respect for him, and confidence in the strategy he and his management team are executing,” wrote R&Q in a public letter.

”The Board also wishes to highlight the strength of public support AGAINST Phoenix’s proposals, with shareholders representing approximately 40% of R&Q’s voting rights stating their public support for William and their intentions to vote AGAINST the resolutions proposed by Phoenix.

”In addition, the Board has also received a significant amount of private support AGAINST the Phoenix resolutions.”

”Furthermore, while the Phoenix letter is substantially directed towards William, the Company notes that it is the whole Board, including the Independent Directors, that has ultimate responsibility for setting the strategy, corporate actions (including M&A, capital raising and remuneration) and the appointment of the right management team to deliver the strategy.

”The Board reiterates that it is important to enable the management team to execute the strategy without distraction or disruption.”