Quindell PLC Issue of Equity (4050H)
March 13 2015 - 8:00AM
UK Regulatory
TIDMQPP
RNS Number : 4050H
Quindell PLC
13 March 2015
13 March 2015
Quindell Plc
("Quindell" or the "Company" or the "Group")
Issue of equity
On 5 March 2015, Quindell Plc (AIM: QPP.L) announced the
settlement of litigation (Laurence Baker, et al. v. Hassan Sadiq,
et al. and NavSeeker, Inc. C.A. No. 9464-VCL, Court of Chancery of
the State of Delaware USA) and the associated acquisition of 11.67
per cent. of Navseeker, Inc ("Navseeker"), not already held by the
Company (which includes shares held by non-litigants to whom
Quindell is required to extend the Navseeker purchase
offer)("Settlement"). As part of the process to achieve full
ownership of Navseeker, the Company further announces that it has
today issued 832,946 new ordinary shares of 15p each in the Company
("Ordinary Shares"), in respect of the acquisition of a further
8.33 per cent. of Navseeker not already held by the Company.
Navseeker is a subsidiary of Himex Limited (a wholly owned
subsidiary of Quindell) and following completion of this
acquisition and the Settlement, Navseeker will be a wholly-owned
subsidiary of Himex.
Application will be made for the 832,946 new Ordinary Shares to
be admitted to trading on AIM "Admission"), with Admission expected
to occur on 20 March 2015. Following Admission, Quindell will have
440,946,623 Ordinary Shares in issue. The Company has no Ordinary
Shares held in treasury. The total of 440,946,623 Ordinary Shares
may therefore be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
-ends-
Quindell Plc
David Currie, non-Executive Interim Chairman Tel: 01489 864200
Robert Fielding, Group Chief Executive
Stephen Joseph, Head of Investor Relations
Cenkos Securities plc, Nominated Adviser
and broker Tel: 020 7397
Stephen Keys / Mark Connelly 8900
Tulchan Communications
Susanna Voyle / Victoria Huxster Tel: 020 7353
4200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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