Quindell buys 30% of Ai Claims

25/01/2012

Claims outsourcer Quindell Portfolio has added to yesterday’s purchase of law firm Silverbeck Rymer by taking a 29.9% in Ai Claims Solutions.

In December, Qunidell completed the outright purchase of Mobile Doctors – that deal had started just months earlier with a 29% stake.

Quindell has made no secret if its aim to offer a comprehensive claims outsourcing service to insurers and Post reported yesterday that Quindell CEO Rob Terry had further buys lined up.

On the AI Claims deal, Terry said: “We are delighted to be announcing this latest strategic investment. Ai Claims Solutions broadens our overall proposition in insurance, legal services and associated medical reports, and accident management. We look forward to exploring with the board at Ai Claims Solutions, propositions to provide combined business offerings that will lower the cost of claims for the insurance industry.”

The deal involves 18,222,412 Ai Claims Solutions shares, representing approximately 29.9% in exchange for the issue by Quindell of 58,311,719 new Ordinary Shares of 1 pence each in the Company, a ratio of 3.2 new Quindell shares for each Ai Claims Solutions share. The new issued Quindell shares are locked in for a period of 12 months.

At the closing midimarket price on 24 January 2012 for Quindell shares of 7.75p, the share exchange values Ai Claims Solutions at £15.1m, equivalent to 24.8 pence for each Ai Claims Solutions share, representing a 22.5% premium on the closing mid-market price of 20.25 pence per Ai Claims Solutions share.

Application has been made for the 58,311,719 Ordinary Shares of 1 pence each to be admitted to trading on AIM. Admission of the shares is expected to occur on 30 January 2012. Following Admission Quindell will have 2,062,426,439 Ordinary Shares in issue.

Original Article: Post