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RNS Number : 5450A
Quindell Portfolio PLC
02 April 2012
RNS Release Embargoed until 7.00 am 2 April 2012
Quindell Portfolio Plc
("Quindell" or the "Company")
47.7% Investment in Ai Claims Solutions PLC takes ownership to
77.6%
Quindell Portfolio Plc (AIM: QPP.L), the brand extension company
and a leading practice provider of consultancy, software and
outsourcing in its key markets, is pleased to announce that the
Company has today acquired a further 47.7% of Ai Claims Solutions
PLC (AIM:ACS.L) ("Ai Claims"), one of the UK's leading outsourcers
for the management of motor claims, taking its holding to
approximately 77.6%. Quindell is also announcing today a mandatory
cash offer with share alternative for Ai Claims.
29,070,146 shares, representing approximately 47.7%, in
aggregate, of the issued share capital of Ai Claims, were acquired
today (the "Acquisition") from the shareholders listed in the table
below (and their respective related parties) in exchange for cash
of approximately GBP3.1 million (based on 24 pence per Ai Claims
share) and the issue by Quindell of 50,369,001 new ordinary shares
of 1 pence each in the Company ("Ordinary Shares"). Of the new
Ordinary Shares issued, 25,487,574 were issued at a ratio of 3.2
new Quindell shares for each Ai Claims share, with the new issued
Quindell shares subject to 12 month lock-in restrictions, and the
remaining 24,881,427 were issued at a ratio of 3 new Quindell
shares for each Ai Claims share, with the new issued Quindell
shares subject to 12 month orderly market restrictions.
(1) (2) (3)
Ai Claims Ai Claims Shares sold Consideration
Shareholder to Quindell
Number % of Ai Claims' Cash Quindell Quindell
(note 1) entire issued (GBP'000) Shares Shares (note
share capital (note 2) 3)
Mr Charles Good 1,553,956 2.6 288 1,132,659 -
Mr Ari Zaphiriou-Zarifi 1,489,420 2.4 357 - -
Mr David Gorton 4,868,551 8.0 - 15,579,363 -
Mr John Spiers 4,570,600 7.5 439 8,775,552 -
Bluehone Investors
LLP 16,587,619 27.2 1,991 - 24,881,427
Total 29,070,146 47.7 3,075 25,487,574 24,881,427
Note 1: Including shares of the respective related parties of
the Ai Claims Shareholders named in column (1)
Note 2: Quindell Shares issued credited as fully paid up at 8p
per share, representing par plus a premium of 7p per share, and
subject to lock-in restrictions for 12 months from date of
issue
Note 3: Quindell Shares issued credited as fully paid up at 8p
per share, representing par plus a premium of 7p per share, and
subject to orderly market restrictions for 12 months from date of
issue
For the year ended 30 June 2011, Ai Claims had profits of GBP2.7
million and in the six months to 31 December 2011, Ai Claims made
profits of GBP0.9 million. As at 31 December 2011, Ai Claims' net
assets were GBP19.0 million.
As a result of the Acquisition, Quindell is obliged to make a
mandatory cash offer with share alternative to acquire the entire
issued (and to be issued) share capital of Ai Claims not already
owned by the Quindell Group, the details of which are also being
announced today, (the "Offer Announcement"). The Acquisition was
made with the consent of the board of Ai Claims conditional on the
making of the Offer Announcement.
Application has been made for the 50,369,001 Ordinary Shares of
1 penny each to be admitted to trading on AIM. Admission of the
shares is expected to occur on 10 April 2012. Following Admission
Quindell will have 2,629,038,924 Ordinary Shares in issue.
Rob Terry, Chairman and Chief Executive of Quindell said: "We
are delighted to be announcing this latest investment and offer for
the remaining 22.4% of Ai Claims. Now that Ai Claims is a
subsidiary of Quindell we will continue to lower the cost of claims
for the insurance industry, and work with major insurers, looking
to offer them the choice of a combined accident management, credit
hire, legal services and medical services solution that will be
unique in the UK market place, or of taking individual services
according to their specific requirements."
For further information:
Quindell Portfolio Plc
Rob Terry, Chairman & Chief Executive Tel: 01329 830
501
Laurence Moorse, Group Finance Director terryr@quindell.com
Tel: 01329 830 543
moorsel@quindell.com
Cenkos Securities plc
(Nominated adviser and broker) Tel: 020 7397 8900
Stephen Keys /Adrian Hargrave(Corporate Finance)
Alex Aylen / Andy Roberts (Sales)
Media Enquiries
RedleafPolhill Limited
Rebecca Sanders-Hewett Tel: 020 7566 6720
Jenny Bahr quindell@redleafpolhill.com
Quindell Portfolio Plc
Gillian Baker, Investor Relations Tel:01329836724
bakerg@quindell.com
Tracey Terry, Chief Communications Officer Tel: 01329 830 501
terrylt@quindell.com
Notes to Editors:
About Quindell Portfolio Plc
Quindell, the Brand Extension Company, helps its clients and
partners to utilise their brands enabling them to achieve greater
sales, provide better service and extend the brand into new product
offerings and alternative routes to market.
The Group works with over 2,000 brands from SMEs to blue-chips
around the globe, with solutions applying to the following Sectors
& related Supply Chains:
-- Telecoms, Utilities, Retail & E-commerce
-- Finance, Insurance, Health & Legal
-- Government & Public Sector
Quindell Portfolio joined the market through Mission Capital
Plc. The Group was readmitted to the market on 17 May 2011
following the acquisition of Quindell Limited. On 18 July 2011, the
Company was renamed Quindell Portfolio Plc. In December 2011,
Mobile Doctors Group Plc was acquired increasing run-rate revenue
to over GBP50 million and staff levels to over 600 including our
off-shore capability.
Our Solutions
In addition to extending our clients' brands, Quindell's
solutions are focused on generating improvements in efficiency and
effectiveness in sales and service transactions with savings of
over 20% against industry norms achieved.
Our Consultancy drives the business transformation for our
clients, and is supported by leading edge technology, outsourcing,
membership schemes and social media via repeatable solutions.
Our Software provides cloud based industry solutions to deliver
the necessary framework to meet online, office and field based
sales and service expectations of our clients and their
customers.
Our "Sales" Technology Enabled Outsourcing leverages our own
Business & Home Advisory Service brands to provide a White
Labelled proposition for partners to extend into offerings for
Telecoms, Utilities, Finance, Insurance, Health and Legal
Services.
Our "Service" Technology Enabled Outsourcing covers a broad
range of solutions and in insurance, is already recognised as a
market leader for independent medical evidence via a panel of circa
2,500 medical experts providing circa 11% of reports for UK
Personal Injury claims.
For further information, please visit www.quindell.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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