Quindell Portfolio completes deal with Silverbeck Rymer Solicitors

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.

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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