29 Sep 2015 07:01
29 September 2015
Quindell Plc
("Quindell" or the "Company" or the "Group")
Receipt of Notice of Intended Claim
Quindell Plc (AIM:QPP.L) announces that it has received a letter described as a "Notice of Intended Claim" from a law firm acting for a claimant group suggesting that it intends to commence an action against the Company under the Financial Services and Markets Act 2000 ("Notice").
Whilst the Company is not in a position to verify the assertions in the Notice (as no claim has been received as yet), the Notice estimates the value of the potential claims against the Company to be a maximum of approximately £9 million before costs (if awarded). There can be no guarantee that other claims will not be made against the Company and, in particular, the claimant firm details that it has been approached, but not retained, by other potential claimants who together, it asserts, would have a claim of a maximum value of a further £9 million.
The Company is not aware, and has not been made aware, of any other law firms acting for (or in the process of forming) other claimant groups.
The Notice provides little detail on the potential claim or the timing of the pre-action Letter of Claim and no information to support the valuation of the individual prospective claimants' claims, which would require to be proved in due course in any litigation. At this stage, the Company will vigorously defend all such claims, as appropriate.
Neither the Notice nor any claim made as currently outlined in the Notice would adversely impact the Company's previously announced intentions regarding a capital return.
For further information:
Quindell Plc | Tel: 01489 864 200 |
Richard Rose, Non-executive Chairman Indro Mukerjee, Group Chief Executive Officer |
|
Stephen Joseph, Head of Investor Relations | |
Tulchan Communications | Tel: 020 7353 4200 |
Victoria Huxster |
|
Peel Hunt LLP, Nominated Adviser and broker |
Tel: 020 74188900 |
Dan Webster | |