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22 Jul 2011 07:00
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RNS Release 07:00 on 22 July 2011
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Quindell Portfolio Plc
("Quindell" or "the Group")
Exercise of option to acquire the remaining shares in LearnED Limited
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The Board of Quindell Portfolio Plc (AIM: QPP.L), announces that the Group has exercised its option to acquire the remaining share capital of LearnED Limited ("LearnED"), a technology company specialising in the areas of remote learning, e-commerce, work and time management, scheduling, GPS and telematics. The purchase of these shares takes Quindell's ownership of LearnED from approximately 26% to 100%.
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In return for the shares in LearnED, Quindell will issue 11,840,000 1 pence Ordinary Shares, as set out in the Admission Document. As previously disclosed in the Admission Document, the filed accounts to 31Β August 2009 for LearnED show a turnover of Β£853,908 and a loss after tax of Β£50,696, however, post this period the focus of LearnED has been primarily on investment in the development of its technology platform to underpin future growth in 2011 and beyond. The Quindell shares will be subject to the same lock-in arrangements as the Quindell shares held by its Directors.
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Commenting on the acquisition Rob Terry, Chief Executive Officer of Quindell said: "LearnED sells its solutions across a number of sectors, focussing on training and compliance solutions that address industry specific requirements. Their suite of solutions for the insurance sector have already been a key factor in building our relationship with the insurance specialists Ingenie Limited, and we look forward to increasing our activity in this sector in 2011 and beyond".
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Application has been made for the 11,840,000 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 1,638,442,603 Ordinary Shares in issue.
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For further information:
Quindell Portfolio Plc Rob Terry, Chairman and Chief Executive Officer | Β Tel: 01329 830 501 |
Laurence Moorse, Group Finance Director | Tel: 01329 830 534 |
Daniel Stewart & Company PLC (Nominated Adviser & Broker) Oliver Rigby | Β Β Tel: 020 7776 6550 |
Media Enquiries | |
Quindell Portfolio Plc Tracey Terry, Chief Communications Officer | Β Tel: 01329 830 501 |
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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.
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For further information, please visit www.quindell.com
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