3 Oct 2013 07:00
Embargoed for release until 7.00 3 October 2013
Quindell Portfolio Plc
("Quindell", the "Company" or the "Group")
Change of Auditor and Full Listing Update
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 appointment of KPMG LLP ("KPMG") as auditor of the Company as a further step in preparation for the Group's proposed full listing. Baker Tilly Audit Limited (formerly known as RSM Tenon Audit Limited) has resigned as auditor of the Company with immediate effect and has confirmed to the Company that there are no circumstances in connection with its resignation which it considers need to be brought to the attention of the Company's shareholders or creditors.
Rob Terry, Founder and Executive Chairman of Quindell said: "As previously stated at the time of announcing our interim results, it remains the Board's intention for the Group to move to the Full List at the appropriate time, which is considered to be at the point of reporting the Full Year results for 2013 in March 2014. We are pleased to be able to announce today the next important step in our company's plan to move to the Full List with the appointment of KPMG as our auditor. KPMG have spent a considerable amount of time with our audit committee and finance teams, having visited a number of key sites and met with local management, as well as attending a number of our teach in events to ensure they were up to speed with the Group, its business model, processes and policies prior to this appointment. The Audit Committee have been impressed with the quality, depth and commitment of Will's team at KPMG to work to our stated timescales and look forward to working together on the next stage of our development.
Our plan remains to not only proceed with a Full Listing early next year, but to also to fully consider alternatives including a North American dual listing, to ensure the Board achieves the optimum valuation for the Company's shareholders."
Will Smith, Partner of KPMG said: "We are delighted to have been appointed as auditor of Quindell, and to be working as part of the team supporting their plans for a full listing or potential North American dual listing. The scheduled target of March 2014 when full year result could be published is challenging, but feasible, and we look forward to working towards this goal together with Rob and his team."
For further information:
Quindell Portfolio PlcRob Terry, Founder and Executive Chairman
Laurence Moorse, Group Finance Director
Ian Farrelly, Group General Counsel & Company Secretary Head of Investor Relations | Tel: 01489 864201 terryr@quindell.com Tel: 01489 864205 moorsel@quindell.com Tel: 01489 864217 farrellyi@quindell.com |
Cenkos Securities plcJoint Broker and Nominated AdvisorStephen Keys
Canaccord Genuity Limited Joint Broker and Financial Advisor Simon Bridges Bruce Garrow |
Tel: 020 7397 8900
Tel: 020 7523 8350
|
Media EnquiriesRedleaf Polhill Limited Rebecca Sanders-Hewett Jenny Bahr |
Tel: 020 7382 4730 quindell@redleafpr.com |
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 enters the second half of 2013 with a run rate of gross sales of more than £350 million and with approaching £50 million of EBITDA earned in the first half 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