WTG.L Regulatory News (WTG)

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Quindell Portfolio Plc ("Quindell", the "Group", or the "Company")

Placing to fund significant growth opportunities and proposal to change the Company name to Quindell Plc

Quindell Portfolio Plc (AIM: QPP.L), the provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets, being insurance, telecommunications and their related sectors, is pleased to announce that it has raised £200 million (net of expenses) through the placing of 1,315,789,500 new ordinary shares (the "New Ordinary Shares") at a placing price of 16 pence per share (the "Placing"). The Placing, which was carried out by Cenkos Securities plc ("Cenkos") and Canaccord Genuity Limited ("Canaccord"), saw strong demand from both existing and new institutional investors and the Directors are pleased to welcome the new shareholders to the Company.

Recent weeks have seen the Group sign significant new contracts, including the three year contract with Direct Line Insurance Group plc announced on 9 October 2013. At the same time, with both of its divisions trading strongly, the Group has a pipeline of new business that the Directors believe is stronger than at any time in the Company's history. The Company intends to use the proceeds of the Placing to fund the working capital requirements of new contracts, which are expected to be entered into in the coming months and to enable the Group to capitalise on additional new business opportunities, further build its market share and support its goal of becoming the leading supplier of technology based insurance and telematics solutions globally.

The Directors confirm that, subject to the continued successful roll-out of recent new contracts, execution of existing contracts and anticipated industry claims frequencies, the Group is on target to achieve an outcome for this financial year at the upper end of current market expectations in terms of profitability and operating cashflows and expects to announce material new contracts in the coming weeks that will further accelerate its organic growth.

The Directors are encouraged by the number of insurers moving to the Group's collaboration model, intended to drive down cost of claims for the industry and the Group's debtor days by accelerating its operating cashflows. With the Company intending to seek a Premium Listing on the Main Market of the London Stock Exchange in March2014, and with good visibility on its organic pipeline, the Directors are excited about the prospects for the Group in 2014 and beyond.

The placing of 1,093,750,000 of the New Ordinary Shares is not conditional upon shareholder approval and application will be made for these shares to be admitted to trading on AIM, with Admission expected to take place on 21 November 2013 ("First Admission"). The placing of 222,039,500 of the New Ordinary Shares is conditional upon the approval of the necessary resolutions at a General Meeting, expected to be held on 2 December 2013. Application will be made for these shares to trading on AIM, with Admission expected to take place on 3 December 2013 ("Second Admission"). A circular to shareholders convening the General Meeting is expected to be sent to shareholders today.

The circular being sent to shareholders will also include a resolution to change the Company's name from Quindell Portfolio Plc to Quindell Plc. The Directors believe that this change reflects the Company's focus on the integrated provision of sector leading expertise in software, consultancy and technology enabled outsourcing in insurance, telecommunications and their related sectors and is consistent with the Company's overall positioning.

The Company has no ordinary shares held in treasury and, therefore, following First Admission, the total of 5,447,939,296 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. A further announcement will be made following Second Admission.

Rob Terry, Founder and Executive Chairman of Quindell said, "The Board would like to take this opportunity to thank its staff who have delivered significant profitable growth for Quindell whilst building a platform that we believe will underpin Quindell's organic growth for years to come. This has been achieved whilst continuing to drive down the cost of claims for the insurance industry and by still providing exceptional levels of ancillary income to our partners, which ensures the long-term sustainability of our model.

The Placing was materially oversubscribed and priced at 16p per share, representing a premium to the current market price. I would like to thank both our new and existing investors who have supported this Placing. The level of support demonstrates a significant vote of confidence in our business model and prospects.

The Board has a track record of being able to effectively deploy funds to primarily support organic growth, providing a strong return on capital and enhancing earnings for shareholders. We look forward to continuing to build on this track record by deploying these additional funds to support significant future growth".

For further information:

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 entered the second half of 2013 with a run rate of gross sales of more than £400 million and with over £80 million of EBITDA earned in the first three quarters of 2013. 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

Cenkos Securities plc, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as joint broker and nominated adviser to QuindellPortfolio Plc and is acting for no-one else in connection with the Placing, and will not be responsible to anyone other than QuindellPortfolio Plc for providing the protections afforded to clients of Cenkos Securities plc nor for providing advice in connection with the Placing or any matter referred to herein.

Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as joint broker to Quindell Portfolio Plc and is acting for no-one else in connection with the Placing, and will not be responsible to anyone other than Quindell Portfolio Plc for providing the protections afforded to clients of Canaccord Genuity Limited nor for providing advice in connection with the Placing or any matter referred to herein.