Quindell Portfolio Plc completed Friday the acquisition of Silverbeck Rymer Solicitors after receiving approval from the UK's Solicitors Regulation Authority.
The software and consultancy firm said a consideration was satisfied by the issue of 97.66m Quindell shares subject to lock in arrangements ranging from 12 to 36 months, together with the final payment against £12m in cash.
Non-Executive Director Jason Cale will acquire 10,23m shares in the company at 16.4p per share. It will increase his shareholding in the organisation together with those held by Ubiquity Capital Partners, a company to which Cale is connected, to 81.49m shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Rob Terry, Chairman and Group Chief Executive of Quindell said: "We are delighted to have now concluded this acquisition. Having worked closely with Silverback Rymer over the last six months, we have grown it from the fourth largest personal injury law firm and Quindell Legal Services is now the UK's largest based on forecast run rate volumes. It is great that we have now completed this acquisition as we enter 2013."
An application was made for 97.66m shares to be admitted to trading on AIM, with admission expected on January 2nd. Quindell will have 3.53bn ordinary shares in issue following admission.
Quindell shares were down 2.29% to 16.00p at 8:19 Friday.
RD
-
Paying the grandkids’ school fees could generate a shock IHT billPrivate school fees have soared as a result of the government’s VAT policy, meaning more grandparents are helping out – but what are the tax implications?
-
Number of savings deals hits record high – as interest rates slump to two-year lowSavers have more choice than ever when it comes to choosing a savings account or cash ISA. But, the interest rates on offer continue to fall. What’s next for the savings market?
