The outsourcing giant acquired a 25.3% stake in NARS in September 2013

Quindell

Quindell has denied it has any plans to sell its 25.3% stake in Nationwide Accident Repair Services (NARS).

The outsourcing giant initially acquired a 22.5% stake in NARS, the UK’s largest accident repair network, in September 2013.

The transaction was enacted through a share swap, under which Quindell took 9.7m shares of NARS in exchange for 50.2m newly issued shares in Quindell, a swap ratio of 5.17.

The stake was increased to 25.3% later that month.

In an announcement today the company said: “Quindell, confirms that, contrary to speculation, it is not actively seeking to sell its shares in Nationwide Accident Repair Services.”

This latest announcement by the troubled company follows the exit yesterday of Andrew Bryant from Cenkos, the sector analyst who covered Quindell for its house broker.

According to reports, his exit means there is currently no analyst charged with providing research about Quindell at Cenkos.

Quindell’s other house broker, Canaccord, quit on 21 October.

The Telegraph has reported that the LSE is in the early stages of looking at whether Quindell broke AIM market rules following its share price fall.

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