QPP Quindell

TIDMQPP

RNS Number : 0588G

Quindell PLC

27 February 2015

27 February 2015

Quindell Plc

("Quindell" or the "Company" or the "Group")

Update

Quindell Plc (AIM: QPP.L) announces an update on the independent review of the Group's main accounting policies and expectations as to cash generation into 2015 being undertaken by PwC ("Independent Review") and certain strategic decisions.

The Board has now considered an update from PwC and one from the consultants, Richard Rose and Jim Sutcliffe (the Company's prospective Chairman and Executive Deputy Chairman) ("Consultants") who are assisting the Board. The updates covered, inter alia, ongoing strategy, the outlook for the business and appropriate revenue recognition policies. As a result, the Company confirms that:

-- The Independent Review is ongoing and has taken longer than originally anticipated given the high level of corporate activity of the Group. Advice in relation to the Company's main accounting policies (in particular revenue recognition in the Professional Services Division) is being further considered and no conclusions have been reached. The Board now expects that the Independent Review will be completed in the next few weeks and shareholders will be updated as appropriate as to its findings;

-- The Board has concluded that going forward, the Company will have two operating divisions: the Professional Services Division and the Technology Division (comprising insurance software, telematics and telecoms businesses). There are, therefore, several businesses and assets that are non-core and the Board will take appropriate action to deliver shareholder value from those assets; and

-- The Consultants have noted the quality of people, operations and prospects of the Professional Services Division. The Board and the Consultants believe, however, that it is in shareholders' interest to continue to explore the potential disposal of this division to Slater & Gordon Limited and the Company is continuing discussions as announced on 23 February 2015. There can be no certainty that these discussions will lead to an offer for, or the disposal of, the Professional Services Division.

Further announcements will be made, as appropriate, in due course.

-ends-

For further information:

 
 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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