WTG.L Regulatory News (WTG)

RNS Release Embargoed until 7.00 am 14 May 2012

Quindell Portfolio Plc

("Quindell" or the "Group")

Appointment of Simon Hall as Chief Executive Officer of Quindell Motor Services

and Acquisition of Simon Hall Associates Limited

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 the appointmentof Simon Hall as Chief Executive Officer of Quindell Motor Services Limited with effect from 1 August 2012 and the acquisition of Simon Hall Associates Limited. Quindell Motor Services Limited will leverage the capabilities of Ai Claims Solutions Plc, Mobile Doctors and SilverbeckRymer primarily outside of the traditional insurance sector with brand extenders such as motor manufacturers and other retail brands offering automotive products and services.

Simon will bring exceptional knowledge and experience from across many areas of the motor industry to the Group, having operated for more than 20 years at a senior level in the motor industry and associated service functions. Simon has real in-depth knowledge and hands on senior management experience of accident claims management, vehicle rental, leasing, contract hire and network management (both vehicle service and accident repair) and its associated service and finance functions. Simon has operated at a senior level with a number of major organisations within the motor industry including Europcar and LeasePlan. Simon joined the Innovation GroupPlc ("Innovation Group") early in 2010, where he became Managing Director of UK Motor Services responsible for the motor businesses delivering circa 41% of Innovation Group's UK revenues.

Rob Terry, Chairman and Group Chief Executive of Quindell said: "I am delighted that Simon will be joining Quindell, as his ability to build excellent relationships and deliver highly innovative solutions has already been recognised by the industry, most recently at the 2011 Bodyshop Awards and also by the Auto Body Professional (ABP) ranking him in the top 25 most influential people in the repair industry for 2011, for his role in establishing key contracts with organisations such as Ford and Tesco. Having him as part of our senior team will contribute significantly towards our knowledge, future growth and success.

This appointment further demonstrates Quindell's ability to attract respected talent to the business. I have no doubt that Simon's industry knowledge and relationships will be beneficial in helping us to secure an even greater proportion of the new outsourcing opportunities that the Company is currently discussing. These new contracts are generally of a similar nature to the £120 million contract we announced last week, which I look forward to updating the market on in due course."

Commenting on the appointment, David Sandhu, CEO Ai Claims Solutions said:"Ai welcomes the arrival of Simon Hall as CEO of Quindell Motor Services Limited, and see his experience and influence in the industry as integral to Ai's plans to substantially grow our presence within the automotive sector. The timing of Simon's arrival perfectly supports Ai's newly developed accident management scheme which delivers a world class service, offering sizeable revenues for Vehicle Manufacturers and other affinity partners."

Commenting on his appointment Simon Hall, said: "I have always considered that there is enormous potential to change the business model within the industry and I am genuinely excited at the prospect of joining Quindell as it works to make these new ways of working a reality for its clients. Ultimately it became inevitable to me that I would join Quindell, as I always look to challenge the operational status quo and with the vision and philosophy of the Quindell team there is clearly a great fit"

Simon is not able to take up his role as Chief Executive Officer with Quindell Motor Services Limited, which shall be operating primarily outside of the traditional insurance sector with brand extenders such as motor manufacturers and other retail brands offering automotive products and services, until 1 August 2012, when his current employment and post-termination restrictions with the Innovation Group come to an end.

The Group also announces today that Simon Hall Associates Limited has been acquired via a newly incorporated entity, Quindell Motor Services Limited ("QMS") by the Group at a valuation of up to £2.5 million to be satisfied by the initial issue of 10,000,000 Quindell Shares ("New Shares"), and up to a further 15,000,000 Quindell Shares ("Further Shares"). This valuation has been calculated on a multiple of five times QMS's targeted profit after tax of £500,000 ("Target Profit") within a continuous twelve month period ending prior to 31 December 2013 ("Target Profit Period"). The New Shares will be issued prior to the start of the Target Profit Period and the Further Shares may be issued over the next nine months and used to acquire the businesses of other industry leading talent, not currently working with the Group, in order to assist in meeting this Target Profit. 

The New Shares will be issued at a price of 10 pence per share, representing a premium of circa 45% on yesterday's closing price. The shares are subject to lock in of between 12 and 36 months from the date of issue. In the event that QMS misses its Target Profit, the Group will receive compensation from the vendors in the form of cash equal to 5x the shortfall.

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 joined the market through Mission Capital Plc, now renamed Quindell Portfolio Plc. The Company was readmitted to the market on 17 May 2011 following the acquisition of Quindell Limited prior to the immediate acquisition of Quindell's technology and outsourcing partners. In December 2011, Mobile Doctors Group Plc was acquired increasing 2012 run-rate revenue to over £50 million. On the 1 April 2012, Ai Claims Solutions Plc became a subsidiary of Quindell, increasing run rate revenue to over £150 million. With the acquisition of SilverbeckRymer due to be completed on 1 July 2012, subject only to SRA approval, proforma run rate revenues will exceed £200 million and staff levels, including off-shore resources, increase to circa 1,250.

Our Industry Sectors

In today's digital world the line between traditional industry sectors continues to blur, however the focus on tight service management is common to them all. We believe that excellent customer service, tight cost control and integrated supply chain management is not the prerogative of any single industry sector and with our solutions in multiple industry sectors savings of over 20% against industry norms are being delivered to the bottom line.

Our Solutions

The pressures on an organisation can come simultaneously from multiple directions including the need to add customers, increase wallet share, reduce costs and improve customer satisfaction. At Quindell we have the People, the Processes and the Supply Chains, underpinned by our sophisticated Champion and Challenger Business Process Management Technology Platform and Industry Solutions to help our customers tackle these efficiently and effectively.

With a clear understanding that having the best products and services on offer is not always enough and that getting your customers to use or adopt them is key, effective conversion lies at the core of our unique Champion and Challenger tools and techniques. Using these solutions Quindell has helped its customers achieve sales and service conversion rates ranging from 75% to 90%, way above industry norms. But life does not stand still, and complacency can kill any business, so the embedded Champion and Challenger continual improvement focus of our Learning Solutions is at the heart of all we offer. Using our industry insight and expertise, Quindell takes the holistic view of our customers' challenges.

For example, when considering the Insurance industry today where 50% of the cost of an auto claim is associated with Personal Injury, including legal services, medical reporting and rehabilitation, it is clear that an organisation will not be able to achieve the levels of savings and customer satisfaction desired without addressing the injury to the driver as well as the repair of the vehicle. This is why at Quindell we have designed our insurance solutions and supply chains to address the full end to end cycle, with the ability and expertise to treat an injured party as well as repairing their vehicle. This makes Quindell a truly unique proposition for the insurance industry today.

Our Customers

QuindellPortfolio's companies have worked with over 2000 brands from Small to Medium Enterprises and Blue-chip organisations around the globe. Today we count a number of the world's top Insurance and Telecommunications blue chip companies within our client base, as well as hundreds of customer centric organisations working in both the distribution and supply of their services.

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