Deal involves share swap
Brand extension company Quindell Portfolio has bought a 29.9% stake in Ai Claims Solutions.
The company, which also provides consultancy and software and outsourcing, has swapped 58.3 million shares at a ratio of 3:2 for Ai Claims’s shares, which were priced at 7.75p under the deal.
Quindell bought the shares at an equivalent price of 24.8p – a 22.5% premium on the closing mid-market price of 20.25p per Ai share on the same date, valuing the motor claims management specialist at £15.1m.
The shares were acquired from three investors in Ai Claims.
Charles Good sold 8.2 million shares, equating to a 13.43% stake, Ari Zaphiriou-Zarifi sold 7.1 million shares (11.72%) and David Gorton 2.9 million shares (4.75%). The sale leaves the three with holdings of 2.94%, 2.57% and 6.18%, respectively.
This morning’s announcement follows yesterday’s news that Quindell was seeking to acquire personal injury lawyer Silverbeck Rymer Solicitors for £19m.
Quindell chairman and chief executive Rob 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.”
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