18 Nov 2014 07:00
Quindell Plc
("Quindell" or the "Company" or the "Group")
Directorate Change
Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, announces that Robert Terry, the Company's Chairman, has resigned from the Board of Directors with immediate effect.
The Directors believe that, in order to ensure an orderly transition, it is desirable to retain Mr Terry on a consultancy basis with particular focus on the Group's key relationships and he will be available to assist the Board, where appropriate, in executing its strategy.
David Currie will become non-Executive Interim Chairman of the Company with immediate effect and a process has begun to find a new Chairman.
Laurence Moorse, Group Finance Director, has agreed with the Company that, following the 2015 Annual General Meeting of the Company, he will step down from the Board. Mr Moorse has agreed to remain with the Company thereafter for a period of up to twelve months in order to effect an orderly handover.
Steve Scott, a non-executive director of Quindell, has agreed with the Company that he will step down from the Board with immediate effect.
The Board remains confident in the future prospects of the business.
David Currie, Quindell's non-Executive Interim Chairman, commented:
"Rob is the founder of the business and has made a huge contribution to Quindell's growth to date and the Board thanks him for that. We look forward to completing our search for a new Chairman and additional non-executive directors as soon as possible."
Robert Terry said:
"I entered into the share transactions announced on 5 November 2014, with the best of intentions for the Company and all shareholders and it would have been my intention to acquire more shares were it not for the restrictions due to the discussions leading to this announcement. I am clearly disappointed and sorry that events turned out as they did.
"In view of the share price performance of the last few days, it is likely that a margin call will be made in relation to the share transactions and, at the current share price, I would expect to relinquish my rights to acquire 8,850,000 shares under the EFH Sale and Repurchase Agreement, rather than satisfying the margin call as this would now no longer make economic sense. This will draw a line under this Agreement and I have no intention of making further use of this Agreement or its like again."
For further information:
Quindell Plc Tel: 01489 864200
David Currie, non-Executive Interim Chairman
Stephen Joseph, Head of Investor Relations
Cenkos Securities plc, Nominated Adviser and broker Tel: 020 7397 8900
Stephen Keys/Mark Connolly
Bell Pottinger Tel: 020 3772 2562
Victoria Geoghegan/Will Powell