The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksWTG.L Regulatory News (WTG)

  • There is currently no data for WTG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Recommended Mandatory Cash Offer for Ai Claims

14 Jun 2012 07:00

RNS Number : 3324F
Quindell Portfolio PLC
14 June 2012
 



Recommended Mandatory Cash Offer with Share Alternative

for

Ai Claims Solutions Plc ("Ai Claims")

by

Quindell Portfolio plc ("Quindell")

 

Right of minority shareholders to be bought out under the Companies Act 2006 ("sell-out")

 

Update

 

Quindell announced on 15 May 2012 that Ai Claims had notified the London Stock Exchange of its intention to seek a cancellation of admission to trading on AIM of Ai Claims Shares ("Cancellation"). On 8 June 2012, Ai Claims announced that at its general meeting to approve the Cancellation the resolutions were duly passed and, as a result, Cancellation is expected to become effective at 7:00 am on 22 June 2012.

 

Sell-out

 

Quindell announces that on 14 May 2012 Quindell had, by virtue of acceptances of the Offer, acquired or unconditionally acquired Ai Claims Shares which, taken with its existing Ai Claims Shareholding, amounted to not less than 90 per cent. in nominal value of all the Ai Claims Shares and carry not less than 90 per cent. of the voting rights in Ai Claims.

 

Consequently, in accordance with sections 983 to 985 (inclusive) of the Act, Quindell announces the despatch today of formal notices (the "Notice"), in the prescribed form under section 984(3) of the Companies Act 2006, to all Ai Claims Shareholders who have not accepted the Offer giving notice of their right ("sell-out right") under section 983 of the Act to require Quindell to acquire the Ai Claims Shares which they hold either on the terms of the Offer or on such other terms as may, in the case of each such Ai Claims Shareholder, be agreed between such shareholder and Quindell.

 

In accordance with the requirements of the Act, the Notice sets out the choice of consideration made available to Ai Claims Shareholders under the Offer and states that:

·; an Ai Claim Shareholder may, within 3 months from the date of the Notice, indicate his/her choice by a written communication sent to Quindell at its registered office address; and

 

·; if an Ai Claim Shareholder exercises his sell-out right without indicating his/her choice of consideration, the Lock-In Option will apply.

 

Quindell fully reserves its rights to give notice and to exercise it statutory rights under sections 974 to 991 (inclusive) of the Act to acquire compulsorily any remaining Ai Claims Offer Shares in respect of which the sell-out right is not exercised.

 

If you have any queries, please contact Computershare on 0870 889 3183 or, if calling from outside the United Kingdom, on +44(0) 870 889 3183.

 

Terms defined in the Offer Document dated 24 April 2012 have the same meaning in this announcement.

 

For further information:

Quindell Portfolio PlcRob Terry, Chairman & Group Chief Executive

 

Laurence Moorse, Group Finance Director

Tel: 01329 830 501

terryr@quindell.com

Tel: 01329 830 543

moorsel@quindell.com

Cenkos Securities plc(Nominated adviser and broker)Stephen Keys /Adrian Hargrave(Corporate Finance)

Alex Aylen / Andy Roberts (Sales)

 

Tel: 020 7397 8900

 

Media EnquiriesRedleafPolhill Limited

Rebecca Sanders-Hewett

Jenny Bahr

 

Quindell Portfolio PlcGillian Baker, Investor Relations

 

 

Tracey Terry, Chief Communications Officer

 

 

Tel: 020 7566 6720

quindell@redleafpolhill.com

 

 

Tel:01329836724 

bakerg@quindell.com

 

Tel: 01329 830 501

terrylt@quindell.com

Ai Claims Solutions Plc

David Sandhu, Chief Executive

 

Peter Harrison, Chief Financial Officer

 

 

Tel: 0844 571 3108

 

Tel: 0844 571 3200

Shore Capital & Corporate Limited

 

Stephane Auton / Patrick Castle

 

 

Tel: 020 7408 4090

 

Cenkos Securities plc, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for Quindell and no one else in connection with the contents of this announcement, and accordingly, Cenkos will not be responsible to anyone other than Quindell for providing the protections offered to clients of Cenkos nor for providing advice in relation to any matter referred to herein.

 

Shore Capital & Corporate Limited, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for Ai Claims and no one else in connection with the contents of this announcement, and accordingly, Shore Capital will not be responsible to anyone other than Ai Claims for providing the protections offered to clients of Shore Capital nor for providing advice in relation to any matter referred to herein.

 

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 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

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
OUPLLFSDRFIVLIF
Date   Source Headline
10th Feb 20207:00 amRNSPre-close update
7th Feb 20207:00 amRNSCompletion of the sale of Healthcare Services
3rd Feb 20207:00 amRNSUpdate re the sale of Healthcare services business
23rd Jan 20207:00 amRNSChange of Auditor
10th Jan 20204:40 pmRNSSecond Price Monitoring Extn
10th Jan 20204:35 pmRNSPrice Monitoring Extension
8th Jan 202011:09 amRNSHolding(s) in Company
8th Jan 202010:47 amRNSHolding(s) in Company
31st Dec 20198:00 amRNSUpdate re the sale of Healthcare services business
23rd Dec 201912:03 pmRNSHolding(s) in Company
17th Dec 20192:22 pmRNSHolding(s) in Company
29th Nov 20197:00 amRNSUpdate re the sale of Healthcare services business
22nd Oct 20194:10 pmRNSHolding(s) in Company
22nd Oct 20194:10 pmRNSHolding(s) in Company
21st Oct 20197:00 amRNSSettlement with Slater & Gordon (UK) 1 Limited
16th Oct 20194:37 pmRNSSettlement with Mr Robert Terry and others
17th Sep 20197:00 amRNSSale of Healthcare Services
4th Sep 20197:00 amRNSHalf-year Report
29th Aug 20197:03 amRNSCounterclaim against Slater & Gordon (UK) 1 Ltd
31st Jul 20197:00 amRNSAppointment of Nominated Adviser and Broker
5th Jul 20195:04 pmRNSHolding(s) in Company
1st Jul 20197:00 amRNSDirectorate Change
26th Jun 20192:14 pmRNSResult of AGM
13th Jun 20197:00 amRNSProposed counterclaim by Robert Terry and others
6th Jun 201910:23 amRNSHolding(s) in Company
3rd Jun 20197:00 amRNSAnnual Financial Report
9th May 20197:00 amRNSFinal Results
4th Apr 20191:32 pmRNSHolding(s) in Company
3rd Apr 201910:24 amRNSHolding(s) in Company
28th Mar 201910:25 amRNSHolding(s) in Company
12th Feb 20194:14 pmRNSHolding(s) in Company
31st Jan 20197:00 amRNSPre-close trading update
24th Dec 20187:00 amRNSHolding(s) in Company
3rd Dec 20182:31 pmRNSHolding(s) in Company
6th Nov 20184:57 pmRNSHolding(s) in Company
11th Oct 20183:33 pmRNSHolding(s) in Company
9th Oct 20185:20 pmRNSHolding(s) in Company
25th Sep 20185:50 pmRNSHolding(s) in Company
13th Sep 20187:00 amRNSHolding(s) in Company
30th Aug 20187:00 amRNSHalf-year Report
23rd Aug 201810:39 amRNSHolding(s) in Company
2nd Aug 20182:20 pmRNSHolding(s) in Company
29th Jun 201810:35 amRNSHolding(s) in Company
27th Jun 201811:55 amRNSAGM Results
17th May 20187:34 amRNSAnnual Financial Report
1st May 201812:27 pmRNSHolding(s) in Company
27th Apr 20187:00 amRNSFinal Results
13th Apr 20184:21 pmRNSHolding(s) in Company
16th Mar 201810:40 amRNSHolding(s) in Company
20th Feb 20187:00 amRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.