25 Jan 2012 07:00
25 January 2012
Quindell Portfolio Plc
("Quindell" or the "Company")
29.9% Investment in Ai Claims Solutions PLC
Quindell Portfolio Plc (AIM: QPP.L), the brand extension company and a leading practice provider of consultancy, software and outsourcing in its key markets, is pleased to announce that the Company has acquired 29.9% of Ai Claims Solutions PLC (AIM:ACS.L) ("Ai Claims Solutions"), one of the UK's leading outsourcers for the management of motor claims. The investment continues the development of the Company's insurance business, and follows the recently announced agreement with Silverbeck Rymer Solicitors.
18,222,412 shares, representing approximately 29.9%, in aggregate, of the issued share capital of Ai Claims Solutions, were acquired on 24 January 2012 from the shareholders listed in the table below in exchange for the issue by Quindell of 58,311,719 new Ordinary Shares of 1 pence each in the Company, a ratio of 3.2 new Quindell shares for each Ai Claims Solutions share. The new issued Quindell shares are locked in for a period of 12 months.
Ai Claims Shareholder | Shareholding pre- investment |
Shares sold to Quindell |
Shareholding post investment | ||
% | Number | % | Number | % | |
Mr Charles Good | 16.37 | 8,185,151 | 13.43 | 1,792,289 | 2.94 |
Mr Ari Zaphiriou-Zarifi | 14.29 | 7,144,510 | 11.72 | 1,564,420 | 2.57 |
Mr David Gorton | 10.92 | 2,892,751 | 4.75 | 3,763,551 | 6.18 |
Total | 41.58 | 18,222,412 | 29.90 | 7,120,260 | 11.68 |
At the closing mid market price on 24 January 2012 for Quindell shares of 7.75p, the share exchange values Ai Claims Solutions at £15.1m, equivalent to 24.8 pence for each Ai Claims Solutions share, representing a 22.5% premium on the closing mid market price of 20.25 pence per Ai Claims Solutions share on the same date.
Application has been made for the 58,311,719 Ordinary Shares of 1 pence each to be admitted to trading on AIM. Admission of the shares is expected to occur on 30 January 2012. Following Admission Quindell will have 2,062,426,439 Ordinary Shares in issue.
Rob Terry, Chairman and Chief Executive of Quindell said: "We are delighted to be announcing this latest strategic investment. Ai Claims Solutions broadens our overall proposition in insurance, legal services and associated medical reports, and accident management. We look forward to exploring with the Board at Ai Claims Solutions, propositions to provide combined business offerings that will lower the cost of claims for the insurance industry."
For further information:
Quindell Portfolio PlcRob Terry, Chairman & Chief Executive
Laurence Moorse, Group Finance Director | Tel: 01329 830 501 terryr@quindell.com Tel: 01329 830 543 moorsel@quindell.com |
Daniel Stewart & Company Plc(Nominated Adviser & Joint broker)Antony Legge/James Thomas
| Tel: 020 7776 6550
|
Cenkos Securities plc (Joint broker) Stephen Keys /Adrian Hargrave / Alex Aylen / Andy Roberts | Tel: 020 7397 8900
|
Media EnquiriesRedleafPolhill Limited Rebecca Sanders-Hewett Jenny Bahr
Quindell Portfolio PlcTracey Terry, Chief Communications Officer
|
Tel: 020 7566 6720 quindell@redleafpolhill.com
Tel: 01329 830 501 terrylt@quindell.com |
Notes to Editors:
About Quindell Portfolio Plc
Quindell, the Brand Extension Company, helps its clients and partners to utilise their brands enabling them to achieve greater sales, provide better service and extend the brand into new product offerings and alternative routes to market.
The Group works with over 2,000 brands from SMEs to blue-chips around the globe, with solutions applying to the following Sectors & related Supply Chains:
·; Telecoms, Utilities, Retail & E-commerce
·; Finance, Insurance, Health & Legal
·; Government & Public Sector
Quindell Portfolio joined the market through Mission Capital Plc. The Group was readmitted to the market on 17 May 2011 following the acquisition of Quindell Limited. On 18 July 2011, the Company was renamed Quindell Portfolio Plc. In December 2011, Mobile Doctors Group Plc was acquired increasing run-rate revenue to over £50 million and staff levels to over 600 including our off-shore capability.
Our Solutions
In addition to extending our clients' brands, Quindell's solutions are focused on generating improvements in efficiency and effectiveness in sales and service transactions with savings of over 20% against industry norms achieved.
Our Consultancy drives the business transformation for our clients, and is supported by leading edge technology, outsourcing, membership schemes and social media via repeatable solutions.
Our Software provides cloud based industry solutions to deliver the necessary framework to meet online, office and field based sales and service expectations of our clients and their customers.
Our "Sales" Technology Enabled Outsourcing leverages our own Business & Home Advisory Service brands to provide a White Labelled proposition for partners to extend into offerings for Telecoms, Utilities, Finance, Insurance, Health and Legal Services.
Our "Service" Technology Enabled Outsourcing covers a broad range of solutions and in insurance, already recognised as a market leader for independent medical evidence via a panel of circa 2,500 medical experts providing circa 11% of reports for UK Personal Injury claims.
For further information, please visit www.quindell.com