WTG.L Regulatory News (WTG)

Embargoed for release 7.00 am 31 December 2012

Quindell Portfolio Plc

("Quindell", the "Group", or the "Company")

Further Completion of Legal Acquisitions

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 that further to the announcement on 21 December 2012 and following approval from the Solicitors Regulation Authority ("SRA") to operate as an Alternative Business Structure ("ABS") announced on 18 December, Quindell Legal Services Limited has now completed the acquisitions of Pinto Potts Solicitors ("Pinto Potts") and The Compensation Lawyers ("TCL").

Pinto Potts

The consideration for the acquisition, which was announced on 15 October 2012, has been satisfied by the payment of the final amount in relation to the £1.5 million of cash due on completion and a further £1.5 million payable in the second half of 2013 together with the issue today of 87,500,000 Quindell shares, which will be subject to lock in arrangements ranging from 12 to 36 months.

The Compensation Lawyers

Consideration for the acquisition, which was announced on 3 December 2012, was satisfied by the payment of £30,000 in cash and the issue today of 2,200,000 Quindell shares which will be subject to lock-in arrangements ranging from 12 to 36 months.

Rob Terry, Chairman and Group Chief Executive of Quindell said: "The Board of Quindell Legal Services, which now operates as an approved ABS, is delighted to have concluded these acquisitions in time to be able to present a consolidated balance sheet for investors and other stake-holders in our year end accounts. 

Quindell Legal Services is now the UK's largest, claimant focused, personal injury law firm (based on forecast run rate volumes) having secured long-term relationships with some of the UK's most respected motor related brands during 2012. These long-term relationships are part of Quindell's wider claims outsourcing arrangements covering vehicle repair, hire, recovery, broader legal services, medical reporting and multi disciplinary rehabilitation services all helping to lower the total cost of claims for the insurance industry whilst protecting the quality of customer journey and the rights of the consumer.

During the last month of the year, including during the Christmas period, Quindell has continued to convert pilots into commitments for multi-year outsourcing arrangements with major blue chip insurance companies, providing further visibility in recurring revenues thereby giving confidence to the Board in Quindell's ability to meet or even exceed market expectations and our internal targets in 2013 and beyond.

I would like to take this opportunity to thank all of our team for their hard work and commitment during this exciting period of profitable and rapid growth. It is only their focus and dedication in proving to our clients that, through the combination of our technology enablement, people and processes during the pilots undertaken, we can lower the total cost of claims for the industry whilst also protecting their ancillary income and improving the conversion ratios that they have experienced with other suppliers, which gives these major brands the confidence to enter into long-term contractual partnerships with Quindell."

The SRA's Chief Executive, Antony Townsend, endorsed the rapid emergence of an entity coming from outside the traditional law firms. He said: "ABS applicants have proved to be highly innovative and forward thinking, whether they are existing legal bodies looking to grow successful business models, proposing to grow by acquisition or creating joint ventures, or entirely new entrants to the legal services market wanting to take market share in areas of law traditionally serviced purely by all-lawyer firms. This application is yet another example of that innovative thinking."

Application has been made for 89,700,000 shares to be admitted to trading on AIM. Admission of the shares is expected to occur on 7 January 2013. Following Admission, Quindell will have 3,621,802,440 ordinary shares in issue. The Company has no ordinary shares held in treasury. The total of 3,621,802,440 ordinary shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

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.

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 client's 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 and ethically based proposition for the insurance industry today.

Our Customers

Quindell Portfolio'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