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Quindell Details Capital Distribution Plans; Says Trading In Line

Mon, 02nd Nov 2015 07:45

LONDON (Alliance News) - Insurance technology company Quindell PLC on Monday said it will pursue a two-tranche distribution of 100.00 pence per share to its shareholders

The first portion will total 90.00 pence per share, and the company will seek court approval to carry this out by December at a total cost of GBP145.0 million.

It intends to make the second, 10.00p per share distribution following the release from escrow at the end of 2016 of GBP50.0 million from the sale of its Professional Services division.

In addition to this, Quindell said it will make further distributions to shareholders of around GBP39.6 million from the contingent consideration from the sale of the Professional Services division.

Quindell said trading is currently in line with its expectations and its asset values are as per its most recent update.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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