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RNS Number : 3324F
Quindell Portfolio PLC
14 June 2012
Recommended Mandatory Cash Offer with Share Alternative
for
Ai Claims Solutions Plc ("Ai Claims")
by
Quindell Portfolio plc ("Quindell")
Right of minority shareholders to be bought out under the
Companies Act 2006 ("sell-out")
Update
Quindell announced on 15 May 2012 that Ai Claims had notified
the London Stock Exchange of its intention to seek a cancellation
of admission to trading on AIM of Ai Claims Shares
("Cancellation"). On 8 June 2012, Ai Claims announced that at its
general meeting to approve the Cancellation the resolutions were
duly passed and, as a result, Cancellation is expected to become
effective at 7:00 am on 22 June 2012.
Sell-out
Quindell announces that on 14 May 2012 Quindell had, by virtue
of acceptances of the Offer, acquired or unconditionally acquired
Ai Claims Shares which, taken with its existing Ai Claims
Shareholding, amounted to not less than 90 per cent. in nominal
value of all the Ai Claims Shares and carry not less than 90 per
cent. of the voting rights in Ai Claims.
Consequently, in accordance with sections 983 to 985 (inclusive)
of the Act, Quindell announces the despatch today of formal notices
(the "Notice"), in the prescribed form under section 984(3) of the
Companies Act 2006, to all Ai Claims Shareholders who have not
accepted the Offer giving notice of their right ("sell-out right")
under section 983 of the Act to require Quindell to acquire the Ai
Claims Shares which they hold either on the terms of the Offer or
on such other terms as may, in the case of each such Ai Claims
Shareholder, be agreed between such shareholder and Quindell.
In accordance with the requirements of the Act, the Notice sets
out the choice of consideration made available to Ai Claims
Shareholders under the Offer and states that:
-- an Ai Claim Shareholder may, within 3 months from the date of
the Notice, indicate his/her choice by a written communication sent
to Quindell at its registered office address; and
-- if an Ai Claim Shareholder exercises his sell-out right
without indicating his/her choice of consideration, the Lock-In
Option will apply.
Quindell fully reserves its rights to give notice and to
exercise it statutory rights under sections 974 to 991 (inclusive)
of the Act to acquire compulsorily any remaining Ai Claims Offer
Shares in respect of which the sell-out right is not exercised.
If you have any queries, please contact Computershare on 0870
889 3183 or, if calling from outside the United Kingdom, on +44(0)
870 889 3183.
Terms defined in the Offer Document dated 24 April 2012 have the
same meaning in this announcement.
For further information:
Quindell Portfolio Plc
Rob Terry, Chairman & Group 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 Limited
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.
Notes to Editors:
About Quindell Portfolio Plc
Quindell Portfolio Plc is a provider of sector leading expertise
in Software, Consulting and Technology Enabled Outsourcing in its
key markets being Insurance, Telecommunications and their Related
Sectors.
Quindell joined the market through Mission Capital Plc, now
renamed Quindell Portfolio Plc. The Company was readmitted to the
market on 17 May 2011 following the acquisition of Quindell Limited
prior to the immediate acquisition of Quindell's technology and
outsourcing partners. In December 2011, Mobile Doctors Group Plc
was acquired increasing 2012 run-rate revenue to over GBP50
million. On the 1 April 2012, Ai Claims Solutions Plc became a
subsidiary of Quindell, increasing run rate revenue to over GBP150
million.
Our Industry Sectors
In today's digital world the line between traditional industry
sectors continues to blur, however the focus on tight service
management is common to them all. We believe that excellent
customer service, tight cost control and integrated supply chain
management is not the prerogative of any single industry sector and
with our solutions in multiple industry sectors savings of over 20%
against industry norms are being delivered to the bottom line.
Our Solutions
The pressures on an organisation can come simultaneously from
multiple directions including the need to add customers, increase
wallet share, reduce costs and improve customer satisfaction. At
Quindell we have the People, the Processes and the Supply Chains,
underpinned by our sophisticated Champion and Challenger Business
Process Management Technology Platform and Industry Solutions to
help our customers tackle these efficiently and effectively.
With a clear understanding that having the best products and
services on offer is not always enough and that getting your
customers to use or adopt them is key, effective conversion lies at
the core of our unique Champion and Challenger tools and
techniques. Using these solutions Quindell has helped its customers
achieve sales and service conversion rates ranging from 75% to 90%,
way above industry norms. But life does not stand still, and
complacency can kill any business, so the embedded Champion and
Challenger continual improvement focus of our Learning Solutions is
at the heart of all we offer. Using our industry insight and
expertise, Quindell takes the holistic view of our client's
challenges.
For example, when considering the Insurance industry today where
50% of the cost of an auto claim is associated with Personal
Injury, including legal services, medical reporting and
rehabilitation, it is clear that an organisation will not be able
to achieve the levels of savings and customer satisfaction desired
without addressing the injury to the driver as well as the repair
of the vehicle. This is why at Quindell we have designed our
insurance solutions and supply chains to address the full end to
end cycle, with the ability and expertise to treat an injured party
as well as repairing their vehicle. This makes Quindell a truly
unique proposition for the insurance industry today.
Our Customers
Quindell Portfolio's companies have worked with over 2000 brands
from Small to Medium Enterprises and Blue-chip organisations around
the globe. Today we count a number of the world's top Insurance and
Telecommunications blue chip companies within our client base, as
well as hundreds of customer centric organisations working in both
the distribution and supply of their services.
Our award winning Business Transformational, Software,
Consulting and Outsourcing Solutions are recognised as delivering
significant savings and additional sales to our customers every
year.
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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