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RNS Number : 4237Q
Quindell Portfolio PLC
19 October 2011
RNS Release Embargoed until 7.00am on Wednesday 19 October
2011
Quindell Portfolio Plc
("Quindell", the "Company" or the "Group")
Investment takes Quindell's holding in
Mobile Doctors to level of an Associate
Quindell Portfolio Plc (AIM: QPP.L), a leading brand extension
business, is pleased to announce that it has further increased its
investment in Mobile Doctors Group Plc (AIM: MDG.L) ("Mobile
Doctors"), one of the leading providers of medico-legal reports for
personal injury claims in the UK market, taking its ownership to
approximately 21.1%.
The investment of 701,909 shares representing approximately 4.2%
of the issued share capital of Mobile Doctors, has been acquired
today from Matthew Game, CEO of Mobile Doctors, in exchange for the
issue by Quindell of 4,094,469 Ordinary Shares of GBP0.01 each in
the Company. The share exchange was based on the same ratio as for
the Company's initial purchase of shares in Mobile Doctors at a
price of 3 pence per Quindell share valuing the stake at
GBP122,834. The Quindell shares will be subject to lock-in
arrangements for a period of 12 months.
Application has been made for the 4,094,469 Ordinary Shares of
GBP0.01 each to be admitted to trading on AIM. Admission of the
shares is expected to occur on 25 October 2011. Following Admission
Quindell will have 1,658,998,500 Ordinary Shares in issue.
Rob Terry, Chairman & Chief Executive of Quindell said: "The
purchase of this most recent tranche of shares makes Quindell the
second largest shareholder of Mobile Doctors after Lloyds TSB
Development Capital Limited who own 29.9% and further cements our
relationship. We are looking forward to the synergies that can be
drawn from the combination of our shared interests, and working
closely with Matthew to explore how Mobile Doctors can extend its
brand through the application of Quindell's own technology and
expertise."
Matthew Game, Chief Executive Officer of Mobile Doctors
commented: "Mobile Doctors already holds a strong position in the
area of medico-legal reporting for personal injury claims and
remains focussed on driving its core business, but is also now
looking to leverage its brand beyond its current product lines. I
believe that Quindell can be instrumental in helping us make this
possible, ultimately benefiting all of our shareholders, and this
is why I have been willing to exchange a small proportion of my own
shareholding to help Quindell attain a holding that enables them to
account for Mobile Doctors as an associate of Quindell Portfolio
Plc."
Laurence Moorse, Group Finance Director of Quindell said: "This
latest investment takes our ownership of Mobile Doctors above 20%,
not only making it an associate of Quindell Portfolio Plc, but also
ensuring that over time Quindell obtains a larger share of the
benefits that both companies can achieve through working together.
It is particularly pleasing that we have been able to build our
ownership of Mobile Doctors at a consistent and highly accretive
rate for our own shareholders, whilst providing the opportunity for
excellent value and long term growth for the shareholders we have
acquired from."
For further information:
Quindell Portfolio Plc Tel: 01329 830 501
Rob Terry, Chairman & Chief Executive terryr@quindell.com
Laurence Moorse, Group Finance Director Tel: 01329 830 534
moorsel@quindell.com
Daniel Stewart & Company Plc Tel: 020 7776 6550
(Nominated Adviser & Broker) oliverr@danielstewart.co.uk
Oliver Rigby/Tessa Smith
Media Enquiries Tel: 020 7566 6720
Redleaf Polhill Limited quindell@redleafpolhill.com
Rebecca Sanders-Hewett Tel: 01329 830 501
Jenny Bahr terrylt@quindell.com
Quindell Portfolio Plc
Tracey Terry, Chief Communications
Officer
Notes to Editors:
About Quindell Portfolio Plc
Quindell, the Brand Extension Company, helps its clients,
investments and partners to utilise their brands, enabling them to
achieve greater sales, extend the brand into new product offerings
and take advantage of alternative routes to market including white
labelling, franchising and using broker and agency channels.
Quindell also provides clients with its cloud based technology
to deliver the necessary framework to support the online, office
and field based sales and service expectations of both its clients
and their customers in an efficient and cost effective manner.
In addition to extending the customer wallet share of its
clients' brands, Quindell's solutions are focused on generating
improvements in efficiency and effectiveness for all of its
clients, and savings of over 20% against industry norms are
targeted.
The Group's consultancy arm drives the business transformation
of its clients, and is supported by its leading edge technology,
technology enabled outsourcing, membership schemes, social media
and e-commerce with out of the box implementations.
The Group currently works with more than 1,000 companies from
SMEs to national and international brands around the globe, and its
solutions are applied in the following sectors and their related
supply chains:
-- Technology, Telecommunications and Utilities
-- Finance, Insurance and Legal Services
-- Leisure, Retail and E-commerce
-- Education
Quindell Portfolio joined the market through Mission Capital
plc. The Group was readmitted to the market on 17 May 2011
following the Company's acquisition of the whole of the issued
share capital of Quindell Limited. On 18 July, the Company was
renamed Quindell Portfolio Plc.
For further information, please visit www.quindell.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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