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RNS Number : 9035B
Quindell Portfolio PLC
24 April 2012
RNS Release Embargoed until 7.00 am 24 April 2012
Quindell Portfolio Plc
("Quindell" or the "Group")
Recommended Offer for Ai Claims Solutions plc ("Ai Claims") by
Quindell Portfolio Plc
Further to the announcement on 2 April 2012 of the Offer,
Quindell and Ai Claims announce that the Board of Ai Claims is
recommending the Offer. The Offer Document containing the letter of
recommendation from the Board of Ai Claims as well as the full
terms and conditions of the Offer and the related Form of
Acceptance are being posted today (or otherwise made publicly
available) to Ai Claims Shareholders.
To accept the recommended Offer in respect of Ai Claims Shares,
the Form of Acceptance should be completed for shares held in
certificated form, signed and returned or electronic acceptances
made in accordance with the instructions set out in the Offer
Document as soon as possible and, in any event so as to be received
or settled by no later than 1.00 p.m. (London time) on 15 May
2012.
Definitions used in this announcement have the same meaning as
those used in the announcement of 2 April 2012, unless specified
otherwise.
For further information:
Quindell Portfolio Plc
Rob Terry, Chairman & Chief Executive Tel: 01329 830 501
terryr@quindell.com
Laurence Moorse, Group Finance Director 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
Ai Claims Solutions Plc
David Sandhu, Chief Executive Tel: 0844 571 3108
Peter Harrison, Chief Financial Officer Tel: 0844 571 3200
Shore Capital & Corporate Ltd
Stephane Auton / Patrick Castle Tel: 020 7408 4090
Cenkos Securities plc, which is authorised and regulated in the
United Kingdom by the FSA, is acting exclusively for Quindell and
no one else in connection with the contents of this announcement,
and accordingly, Cenkos will not be responsible to anyone other
than Quindell for providing the protections offered to clients of
Cenkos nor for providing advice in relation to any matter referred
to herein.
Shore Capital & Corporate Limited, which is authorised and
regulated in the United Kingdom by the FSA, is acting exclusively
for Ai Claims and no one else in connection with the contents of
this announcement, and accordingly, Shore Capital will not be
responsible to anyone other than Ai Claims for providing the
protections offered to clients of Shore Capital nor for providing
advice in relation to any matter referred to herein.
Disclosure requirements under the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1
per cent. or more of any class of relevant securities of Ai Claims
or of any paper offeror (being any offeror other than an offeror in
respect of which it has been announced that its offer is, or is
likely to be, solely in cash) must make an Opening Position
Disclosure following the commencement of the Offer Period and, if
later, following the announcement in which any paper offeror is
first identified.
An Opening Position Disclosure must contain details of the
person's interests and short positions in, and rights to subscribe
for, any relevant securities of each of (i) Ai Claims and (ii) any
paper offeror(s). An Opening Position Disclosure by a person to
whom Rule 8.3(a) applies must be made by no later than 3.30 p.m.
(London time) on the 10th business day following the commencement
of the Offer Period and, if appropriate, by no later than 3.30 p.m.
(London time) on the 10th business day following the announcement
in which any paper offeror is first identified. Relevant persons
who deal in the relevant securities of Ai Claims or of a paper
offeror prior to the deadline for making an Opening Position
Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1 per cent. or more of any class of relevant
securities of Ai Claims or of any paper offeror must make a Dealing
Disclosure if the person deals in any relevant securities of Ai
Claims or of any paper offeror. A Dealing Disclosure must contain
details of the dealing concerned and of the person's interests and
short positions in, and rights to subscribe for, any relevant
securities of each of (i) Ai Claims and (ii) any paper offeror,
save to the extent that these details have previously been
disclosed under Rule 8. A Dealing Disclosure by a person to whom
Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London
time) on the business day following the date of the relevant
dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of Ai Claims or a paper offeror,
they will be deemed to be a single person for the purpose of Rule
8.3.
Opening Position Disclosures must also be made by Ai Claims and
by any offeror and Dealing Disclosures must also be made by Ai
Claims, by any offeror and by any persons acting in concert with
any of them (see Rules 8.1, 8.2 and 8.4).
Details of Ai Claims and any offeror companies in respect of
whose relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the Offer Period commenced and when any offeror was first
identified. If you are in any doubt as to whether you are required
to make an Opening Position Disclosure or a Dealing Disclosure, you
should contact the Panel's Market Surveillance Unit on +44 (0)20
7638 0129.
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. In April 2012 Ai Claims Solutions Plc became
a subsidiary of the Group, increasing run rate revenue to over
GBP150 million and staff levels to circa 1,000.
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 alternative
offerings. Weknow that many insurance brokers and other brands do
not have the resources or capability to fully cross-sell the full
range of insurance and other lifestyle event related products to
their clients.We work with these brands to sell their own add-ons
or give them access to ours including add on offerings
withinTelecoms, Utilities, Finance, Insurance, Health and Legal
Services.We are constantly researching new products coming in to
the market and enjoy excellent relations with insurers and
underwriters as well as telecoms, utilities and other service
providers; testing these offerings through our own Business and
Home Advisory Service brands.
Our "Service" Technology Enabled Outsourcing covers a broad
range of solutions and in insurance, is already recognised as a
market leader. Within insurance, the Group's strategy is to work
with the sector to provide ethical end to end claims management
solutions, which provide market leading customer service with an
ethos to control claims cost inflation. The Group manages motor
claims from the initial incident through to final resolution for a
number of the UK's leading insurance companies, brokers, fleet
companies and automotive businesses. The Group provides circa
200,000 core services to insurance policy holders each year
including accident management services, cost containment, claims
recovery, vehicle repair, personal injury claims management,
medico-legal reporting, rehabilitation and replacement vehicles
where the Group has access to 300,000 vehicles through its rental
partners.
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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