Capital repayment part of plan to give shareholders 100p a share
Insurance technology firm Quindell will make a £400m capital return to shareholders.
The company expects to seek court approval for the payment of 90p a share in December this year.
The capital return will cost Quindell £415m in total.
The capital return is the first part of a plan to release 100p a share to shareholders.
Quindell intends to make a second payment of 10p a share in cash at the end of 2016 following the expected release of the £50m it put in escrow as part of the sale of its professional services division (PSD)to Australian law firm Slater and Gordon.
The company will also make further capital distributions to shareholders as it receives contingent payments it is due as part of the PSD sale.
Quindell estimates that the current contingent value of the payments is £39.6m.