The firm will now be known as Watchstone Group

Indro mukerjee july 2015 cropped

Quindell shares have resumed trading on AIM, under new name Watchstone Group, as its £414m pay-out to shareholders is approved.

The insurance software outsourcer remains under investigation by the Serious Fraud Office.

The pay-out follows the £637m sale of its professional services division to Australian legal firm Slater and Gordon.

After a court hearing held on 16 December, the company decided upon a 10-for-one share consolidation, a 90p-a-share return to investors in the company.

The firm, now known as Watchstone, will be led by Indro Mukerjee and analysts predict that it will be turning a profit by the end of 2017.

One analyst, Peel Hunt, described the company as “a changed proposition”, in the first research note on the firm in almost a year.