WTG.L Regulatory News (WTG)

Embargoed for release until 7.00 25 September 2013

Quindell Portfolio Plc

("Quindell" or the "Group") 

22.5% Investment in Nationwide Accident Repair Services plc

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 the Company has acquired 22.5% of Nationwide Accident Repair Services plc (AIM:NARS.L) ("NARS"), the largest dedicated provider of accident repair services in the UK.

9,700,423 shares, representing approximately 22.5%, in aggregate, of the issued share capital of NARS were acquired on 24 September 2013 from the shareholders listed in the table below in exchange for the issue by Quindell of 50,151,187 new Ordinary Shares of 1 penny each in the Company, a ratio of 5.17 new Quindell shares for each NARS share.

Note 1: As investment manager subject to necessary consents

At the closing mid market price on 23 September 2013 for Quindell shares of 16.25p, the share exchange values each ordinary share in NARS at 84.0 pence, representing a 71.5% premium on the closing mid market price of 49.5 pence per NARS share on the same date, or a 29.2% premium on the average closing mid market price of 65.0 pence per NARS share over the last six months.

Application has been made for 50,151,187 shares to be admitted to trading on AIM. Admission of the shares is expected to occur on 3 October 2013. Following Admission, Quindell will have 4,277,312,805 ordinary shares in issue. The Company has no ordinary shares held in treasury. The total of 4,277,312,805 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 FCA's Disclosure and Transparency Rules.

Rob Terry, Founder and Chief Executive of Quindell said: "We are delighted to be announcing this latest strategic investment in line with our stated strategy of having a direct ownership stake in repair services networks that can take advantage of the volume we manage for our clients. We look forward to exploring with the Board at NARS future opportunities for working together in the market leveraging our combined volume, driving forward the lowering of the costs of claims for the insurance industry and broadening our overall proposition in insurance outsourcing."

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 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