5 Nov 2014 13:46
For immediate release
Quindell Plc
("Quindell", the "Company" or the "Group")
Director Share Purchases
The Board of Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, has received notification from directors, Robert Terry, Laurence Moorse and Steve Scott (the "Purchasing Directors"), that they have today purchased a total of 1,575,000 ordinary shares of 15 pence in the Company ("Ordinary Shares"), with further details set out in the table below.
To fund the acquisition of shares the Purchasing Directors have each entered into a loan facility that may result in the transfer of up to 51,959,658 Ordinary Shares as security. The Purchasing Directors are each required to redeem the transferred shares at maturity when the loan is repaid at the end of the two year term and it is their full intention to do so.
Under the terms of the facility, the lender is contractually prohibited from short selling or voting the transferred shares during the term of the loan. The loan facility has been arranged and the funding provided by Equities First Holdings LLC, a securities-based capital provider for institutional and individual clients. Following today's purchases of 1,575,000 Ordinary Shares, the Purchasing Directors have the following interests(1) in the equity of the Company:
Name/position | No. of Ordinary Shares prior to purchase | No. of Ordinary Shares purchased | No. of Ordinary Shares after purchase | Average price of purchased Ordinary Shares (pence) | Ordinary Shares as a % of the Company |
Robert Terry, Chairman |
45,650,000(1) |
1,000,000 |
46,650,000(1) |
123.47 |
10.69% |
Laurence Moorse, Group Finance Director |
1,196,666 |
50,000 |
1,246,666 |
123.00 |
0.29% |
Steve Scott, Non-Executive Director |
5,112,992(1) |
525,000(1) |
5,637,992(1) |
123.84 |
1.29% |
The total issued ordinary share capital of the Company comprises 436,345,424 Ordinary Shares.
(1) Includes shares held as family interests by virtue of position as beneficiary or potential beneficiaries of certain trusts or companies.
Robert Terry, Chairman of Quindell said: "As demonstrated by the purchases made by some of the board today and recently by other members of the board and executive team, we believe the current market valuation of the Company is materially below its true value. The board remains confident of meeting full year market expectations and of the Company's longer term prospects.
We are pleased that we have been able to secure funding to allow us to take advantage of this buying opportunity and to make these initial significant purchases of stock at these levels."
For further information:
Quindell PlcRobert Terry, Chairman
Laurence Moorse, Group Finance Director
Stephen Joseph, Head of Investor Relations
| Tel: 01489 864201 terryr@quindell.com Tel: 01489 864205 moorsel@quindell.com Tel: 01489 864200 josephs@quindell.com |
Cenkos Securities plcJoint Broker and Nominated AdviserStephen Keys/Mark Connelly
Canaccord Genuity Limited Joint Broker and Financial Adviser Simon Bridges/ Bruce Garrow
|
Tel: 020 7397 8900
Tel: 020 7523 8000
|
Media EnquiriesRedleaf Polhill Limited Rebecca Sanders-Hewett / Jenny Bahr
Bell Pottinger Victoria Geoghegan / Will Powell |
Tel: 020 7382 4730 quindell@redleafpr.com
Tel: 020 3772 2562 quindell@bellpottinger.com |
For further information, please visit www.quindell.com