TIDMQPP

RNS Number : 1051H

Quindell PLC

26 November 2015

26 November 2015

Quindell Plc

("Quindell" or the "Company")

RESULTS OF GENERAL MEETING

Further to its announcement on 9 November 2015, Quindell (AIM:QPP.L) announces all resolutions at the General Meeting, held earlier today, were duly passed.

The Reduction of Capital and Return of Capital remain subject to Court approval. The Consolidation is subject to the Reduction of Capital and Return of Capital.

Shareholders approved a resolution to change the Company name to Watchstone Group plc. Accordingly, the change of the name of the Company has become effective at Companies House today.

It is expected that trading in the Company's Ordinary Shares on AIM under the new name of Watchstone Group plc (AIM: WTG.L) will take effect from tomorrow, 27 November 2015. The ISIN and SEDOL numbers will not change.

Planned suspension of trading commencing 16 December 2015

Due to the gap between the record dates for the Return of Capital and the Consolidation, and because of the likely impact of the outcome of the Court Hearing on the share price of the Company, there is a risk of confusion in the market and volatility in the share price of the Company between the date of the Court Hearing and the Consolidation becoming effective. As a result, the Company has been granted its request that its Ordinary Shares be suspended from 7:30 am on Wednesday, 16 December 2015 (being the date of the Court Hearing) until the market opening on Monday, 21 December 2015 ("Suspension").

The Suspension has been requested because:

a) the Court Hearing will take place during trading hours on Wednesday, 16 December 2015 and the Company is under an obligation to ensure that the market is updated in an orderly fashion which will not be possible where there is a Court hearing. The Company will, of course, announce the results of the Court Hearing without delay; and

b) if approved, due to legal filing requirements, in the absence of the Suspension, the Ordinary Shares would trade ex-entitlement to the Return of Capital (90p per Ordinary Share) for one trading day prior to the Consolidation becoming effect. In the absence of the Suspension, there was considered a risk of excessive volatility on Thursday, 17 December 2015 and, in particular, on Friday, 18 December 2015.

Assuming the Court approves the Reduction of Capital and Return of Capital, shareholders will receive 90p per Ordinary Share in cash and the Company would expect the Ordinary Shares to devalue by 90 pence per Ordinary Share before the 1 for 10 Consolidation takes place. Once the Consolidation takes effect on Monday, 21 December 2015, and without taking account of any other market movement in the value of the Ordinary Shares, the Consolidated Ordinary Shares will re-admit with a value per share of ten times the devalued price per Ordinary Share, with each Shareholder holding a tenth of his or her previous number of Ordinary Shares in the Company.

In the event that the Company's proposals are rejected by the Court, the Company will request that its Ordinary Shares re-commence trading at the opening of the market on Thursday, 17 December 2015 and the Consolidation will not take place.

Should the Court hearing be adjourned, the Company will consult with Peel Hunt, its Nominated Adviser, as to whether to request trading in its Ordinary Shares should re-commence upon the decision of the Court following the adjournment or with immediate effect.

Updated Timetable of Events

 
 Suspension commences                               7:30 a.m. on 
                                                    Wednesday 16 
                                                   December 2015 
 Court Hearing                                     10:00 a.m. on 
                                                    Wednesday 16 
                                                   December 2015 
 Record Date                                        6:00 p.m. on 
                                            Thursday 17 December 
                                                            2015 
 Registration of Court Order and              Friday 18 December 
  Effective Date of Return of Capital                       2015 
 Consolidation Record Date                          6:00 p.m. on 
                                              Friday 18 December 
                                                            2015 
 Suspension ends, Share Consolidation               8:00 a.m. on 
  Effective and Consolidated Ordinary         Monday 21 December 
  Shares commence trading ex-entitlement                    2015 
  to Return of Capital 
 Dispatch of cheques to Shareholders                On or around 
  or Shareholders' CREST accounts               31 December 2015 
  credited (as appropriate) in respect 
  of Return of Capital entitlements

Notes

These dates are estimates only, being subject to agreement of hearing dates with the Court. Any changes will be notified to Shareholders by an announcement on the Regulatory News Services of the London Stock Exchange.

All references to time in this announcement are to London time.

For further information:

 
 Quindell Plc                                      Tel: 01489 864 
                                                    200 
 Richard Rose, Non-executive 
  Chairman 
  Indro Mukerjee, Group Chief 
  Executive Officer 
 Stephen Joseph, Head of Investor 
  Relations 
                                           Tel: 020 7418 8900 
  Peel Hunt LLP, Nominated Adviser 
  and broker 
 Dan Webster 
 
   Tulchan Communications                  Tel: 020 7353 4200 
 Susanna Voyle 
  Charlotte Church

This information is provided by RNS

The company news service from the London Stock Exchange

END

REGPGGMPGUPAGCQ

(END) Dow Jones Newswires

November 26, 2015 09:29 ET (14:29 GMT)

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