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RNS Number : 9353K
Quindell Portfolio PLC
25 July 2011
RNS for immediate Release on Monday 25 July 2011
Quindell Portfolio Plc
Quindell Portfolio Plc
("Quindell" or "the Company")
Investment in Mobile Doctors Group plc
and Board Appointment
The Board of Quindell Portfolio Plc (AIM: QPP.L), is pleased to
announce that the Company has made an investment in Mobile Doctors
Group Plc (AIM: MDG.L) ("Mobile Doctors"), one of the leading
providers of medico-legal reports for personal injury claims in the
UK market.
The investment of 1,387,488 shares, representing approximately
8.3% of the issued share capital of Mobile Doctors, has been
acquired from Ubiquity Capital LLP today in exchange for the issue
by Quindell of 8,093,680 1 pence Ordinary Shares in the Company.
The share exchange was based on the average mid market closing
price for the last 20 business days of 3p for Quindell and the
current mid market price of 17.5p for Mobile Doctors valuing the
stake at GBP242,810. The Quindell shares have the same lock-in
arrangements as the shares of the Company's Directors.
In addition to the investment, the Board is pleased to announce
the appointment today of Jason Cale as non-executive director of
Quindell. Jason, aged 41, qualified as a solicitor in 1995 with
Cameron McKenna and Co before joining Hill Samuel as a corporate
financier. He subsequently joined Close Brothers Corporate Finance
where he focused on the leisure & retail and healthcare
sectors. In 2002 Jason founded Ubiquity Capital Partners which
takes equity positions in, and works with, rapidly growing
companies as platforms for consolidation strategies in their
relative sectors utilising public capital markets where
appropriate. Jason is currently also a non-executive director of
Mobile Doctors.
Commenting on the investment and Board appointment, Rob Terry,
Chief Executive Officer of Quindell said: "The general area of
insurance claims fulfilment and management is a market that is
experiencing a period of renewed uncertainty and change, in
particular following the publication of the Jackson review into
civil legal costs. We believe that this therefore represents an
excellent opportunity for us to work with companies such as Mobile
Doctors that are well established and respected in this space, and
that are seen as 'insurer friendly' to generate new revenue
opportunities for Quindell and Mobile Doctors with both insurers
and related supply chain partners.
I would also like to take this opportunity to welcome Jason Cale
to the Board of Quindell Portfolio. Jason's legal experience and
contacts in the field of corporate finance will be a positive
addition to our already experienced non-executive team. Jason's
diligent approach to assisting us with our Admission to the Market
has already proved extremely valuable to the Board."
Mathew Game, CEO of Mobile Doctors commented: "we are delighted
that Quindell has become a shareholder, and we look forward to
evaluating the potential opportunities that Quindell will bring to
Mobile Doctors given their expertise in the insurance sector."
The following disclosures are required regarding Mr Cale's
appointment, pursuant to Schedule 2, paragraph (g) of the AIM Rules
for Companies:
Current Appointments: Appointments within the last 5 years:
Ubiquity Capital LLP First Motorhome Group Limited
Ubiquity Capital Partners Limited 66 Parkhill Road Limited
Ubiquity Capital Partners I Charcass Directors Limited
Ubiquity Capital Partners II
Mobile Doctors Group Plc
Jason Cale, including his interests held through Ubiquity
Capital LLP currently holds 61,228,396 ordinary shares of 1p each
in the Company, representing approximately 3.7 per cent. of the
Company's issued share capital.
Application has been made for the 8,093,680 1 pence Ordinary
Shares to be admitted to trading on AIM. Admission of the shares is
expected to occur on 28 July 2011. Following Admission Quindell
will have 1,646,536,283 Ordinary Shares in issue.
For further information:
Quindell Portfolio Plc Tel: 01329 830 501
Rob Terry, Chairman and Chief Executive
Officer
Laurence Moorse, Group Finance Director Tel: 01329 830 534
Daniel Stewart & Company PLC Tel: 020 7776 6550
(Nominated Adviser & Broker)
Oliver Rigby
Media Enquiries
Quindell Portfolio Plc Tel: 01329 830 501
Tracey Terry, Chief Communications Officer
Notes to Editors:
About Quindell Portfolio Plc
Quindell, which was founded in 2000, develops, provides and
utilises its own multi-channel e-business based Enterprise Resource
Planning and Business Process Management solutions and related
services to facilitate efficient and effective management of
customer acquisition and servicing within finance, insurance,
telecoms, utilities and other related industries. Quindell provides
consultancy on, and fully utilises its technology within its own
Business Process Outsourcing operations, online strategies,
permission based marketing, membership models and cross selling to
maximise revenue per customer.
For further information, please visit www.quindell.com
About Mobile Doctors Group Plc
Mobile Doctors, established in 1989, has grown organically to
become one of the leading suppliers of medico-legal reports for
personal injury claims in the UK. It provides independent and
objective medical evidence via a national panel of medical experts
and therapists. Mobile Doctors has a database of approximately
2,500 medical experts covering many areas of the UK and currently
provides approximately 69,000 reports out of approximately 625,000
reports required annually. In addition to its core medical report
service, Mobile Doctors also provides ancillary services such as
arranging MRI scans, X-Rays, CT scans, and ultrasounds and
rehabilitation services such as physiotherapy, hospital treatment
and cognitive behavioural therapy. Mobile Doctors Group Plc listed
on AIM on 18 July 2007.
For further information, please visit
www.mobile-doctors.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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