Quindell spends 3.1m gaining control of AI Claims
Outsourcing firm Quindell Portfolio has spent 3.1m pounds increasing its stake in AI Claims, which manages motor insurance claims.
Outsourcing firm Quindell Portfolio has spent 3.1m pounds increasing its stake in AI Claims, which manages motor insurance claims.
Quindell now owns 77.6% of AI, and has offered to buy the remaining shareholders out at 24p per share. On Friday the stock closed at 19.05p.
Shareholders may also choose to exchange their AI stock for Quindell shares at a rate of one to three or one to 3.2 if they agree a "lock-in" clause.
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
On a cash basis the offer values AI at £14.9m, with Quindell arguing the acquisition broadens its offering in the insurance sector.
Shares in AI were trading at 23.6p at 09:17, up 19.6% (although, obviously, this simply reflects the offer price). Quindell shares were up very slightly at 09:45, sitting at 7.64p, a gain of 0.2%.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published