Information  X 
Enter a valid email address

Quindell PLC (WTG)

  Print      Mail a friend

Wednesday 05 November, 2014

Quindell PLC

Director Share Purchases

RNS Number : 2339W
Quindell PLC
05 November 2014
 



For immediate release

 

Quindell Plc

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

Director Share Purchases

 

The Board of Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, has received notification from directors, Robert Terry, Laurence Moorse and Steve Scott (the "Purchasing Directors"), that they have today purchased a total of 1,575,000 ordinary shares of 15 pence in the Company ("Ordinary Shares"), with further details set out in the table below.

 

To fund the acquisition of shares the Purchasing Directors have each entered into a loan facility that may result in the transfer of up to 51,959,658 Ordinary Shares as security.  The Purchasing Directors are each required to redeem the transferred shares at maturity when the loan is repaid at the end of the two year term and it is their full intention to do so.

 

Under the terms of the facility, the lender is contractually prohibited from short selling or voting the transferred shares during the term of the loan.  The loan facility has been arranged and the funding provided by Equities First Holdings LLC, a securities-based capital provider for institutional and individual clients.  Following today's purchases of 1,575,000 Ordinary Shares, the Purchasing Directors have the following interests(1) in the equity of the Company:

 

Name/position

No. of Ordinary Shares prior to purchase

No. of Ordinary
 Shares

purchased

No. of Ordinary
 Shares after purchase

Average price of purchased Ordinary Shares (pence)

Ordinary Shares as a % of the Company

Robert Terry,
 Chairman

 

45,650,000(1)

 

1,000,000

 

46,650,000(1)

 

123.47

 

10.69%

Laurence Moorse, Group Finance Director

 

1,196,666

 

50,000

 

1,246,666

 

123.00

 

0.29%

Steve Scott,

Non-Executive Director

 

5,112,992(1)

 

525,000(1)

 

5,637,992(1)

 

123.84

 

1.29%

 

The total issued ordinary share capital of the Company comprises 436,345,424 Ordinary Shares.

 

(1)   Includes shares held as family interests by virtue of position as beneficiary or potential beneficiaries of certain trusts or companies. 

 

Robert Terry, Chairman of Quindell said:  "As demonstrated by the purchases made by some of the board today and recently by other members of the board and executive team, we believe the current market valuation of the Company is materially below its true value. The board remains confident of meeting full year market expectations and of the Company's longer term prospects.

 

We are pleased that we have been able to secure funding to allow us to take advantage of this buying opportunity and to make these initial significant purchases of stock at these levels."


For further information:

Quindell Plc
Robert Terry, Chairman

 

Laurence Moorse, Group Finance Director

 

Stephen Joseph, Head of Investor Relations

 


Tel: 01489 864201

[email protected]

Tel: 01489 864205

[email protected]

Tel: 01489 864200

[email protected]

Cenkos Securities plc
Joint Broker and Nominated Adviser
Stephen Keys/Mark Connelly

 

Canaccord Genuity Limited

Joint Broker and Financial Adviser

Simon Bridges/ Bruce Garrow

 

 

 

Tel: 020 7397 8900

 

 

Tel: 020 7523 8000

 

 

Media Enquiries
Redleaf Polhill Limited

Rebecca Sanders-Hewett / Jenny Bahr 

 

Bell Pottinger

Victoria Geoghegan / Will Powell

 


Tel: 020 7382 4730

[email protected]

 

Tel: 020 3772 2562

[email protected]

For further information, please visit www.quindell.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RDSBXBDBBSGBGSU

a d v e r t i s e m e n t