RE: capital return23 Nov 2019 13:47
QPP RNS 02/11/15
Quindell Plc (AIM:QPP.L) announces that, pursuant to previously stated commitments, the Board of Directors of Quindell plc (the "Board") has decided to pursue a two stage distribution of 100 pence per share, with an initial, Court approved, capital repayment to shareholders of 90 pence per share and expects to seek Court approval for this to be made to shareholders in December 2015 at a total cost of approximately £415 million.
In consultation with its legal and financial advisers, and following detailed internal and external consideration of the Company's actual and prospective contingent creditors, the Board considers that an initial, Court approved, capital repayment to shareholders of 90 pence per share is both prudent and appropriate. The Board's intention is to make the second stage payment to shareholders of a further 10 pence per share in cash following the anticipated release at the end of 2016 of the £50m (which would represent approximately 11 pence per share) warranty escrow put in place as part of the disposal of the Professional Services Division ("PSD"). The Company will also seek to make this payment to shareholders in a tax and cost efficient manner.
I think it’s safe to assume that the majority of shareholders believed they would receive the full £1 return.
WTG need to update shareholders, are they going to return the extra money or not?