Press Speculation

Quindell Plc
(“Quindell”, the “Company” or the “Group”)

Quindell Plc (AIM: QPP.L) notes the recent speculation concerning the appointment of a new Chairman to the Board of Quindell. As previously announced, the Company is seeking a permanent Chairman and new board members. Whilst discussions are taking place with individuals, there can be no certainty that any appointment will be made imminently and further announcements will be made as appropriate.

Notification of Major Interest in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:ii Quindell Plc
2. Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached  
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments  
An event changing the breakdown of voting rights  
Other (please specify):  
3. Full name of person(s) subject to the notification obligation:iii Toscafund Asset Management LLP
4. Full name of shareholder(s) (if different from 3.):iv

Tosca Mid Cap
Tosca Opportunity

5. Date of the transaction and date on which the threshold is crossed or reached:v 02/01/2015
6. Date on which issuer notified: 06/01/2015
7. Threshold(s) that is/are crossed or reached: vi, vii 5%
8. Notified details:
A: Voting rights attached to sharesviii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction Resulting situation after the triggering transaction
Number of Shares Number of Voting Rights Number of shares Number of voting rights % of voting rights x
Indirect Directxi Indirectxii Direct Indirect
GB00BMTS9H89 21,563,784 21,563,784 23,463,784  0 23,463,784  0 5.3761%
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument Expiration date xiii Exercise/Conversion Period xiv Number of voting rights that may be acquired if the instrument is exercised/ converted. % of voting rights
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial instrument Exercise price Expiration datexvii Exercise/Conversion periodxviii Number of voting rights instrument refers to % of voting rightsxix, xx
          Nominal Delta
Total (A+B+C)
Number of voting rights Percentage of voting rights
23,463,784 5.3761%
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:xxi
Proxy Voting:
10. Name of the proxy holder:  
11. Number of voting rights proxy holder will cease to hold:  
12. Date on which proxy holder will cease to hold voting rights:  
13. Additional information:  
14. Contact name: Adam Dickinson
15. Contact telephone number: 020 7845 6100

Contract Updates

Quindell Plc
(“Quindell”, the “Company” or the “Group”)

Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, announces a number of new or extended contracts demonstrating the ongoing support of customers to the Group.

Swinton Group Limited (“Swinton”), one of the UK’s largest insurance brokers with over 1.2 million motor policy holders has signed a multi-year contract renewal with Quindell. The renewal will see Quindell continue to exclusively handle all aspects of the motor claims process for Swinton, including accident management, hire, repair services, legal services and rehabilitation.

Steve Chelton Head of Claims at Swinton: “We have enjoyed an excellent working relationship with Quindell over the past two years, providing our customers with an unparalleled service when they most need it following an accident. Quindell continues to exceed expectations in all aspects of their service throughout the supply chain and we look forward to continuing this relationship.”

In addition, the Group has also signed a contract renewal with Insurethebox who are the UK’s largest provider of telematics insurance, for Quindell’s ICE Policy administration solution and ICE Rating engine for a further three years. Quindell continues to provide all insurethebox’s core administration technology as they also use our ICE Claims product.

Quindell is also pleased to announce a new multi year contract with one of the UK’s leading motor-cycle insurers for its ICE Claims, and ICE Intelligence solutions.

Robert Fielding, Group Chief Executive Officer of Quindell, commented: “We are delighted to announce these new contracts and renewals which demonstrate that our service and technology offerings continue to be attractive to leading organisations in the insurance sector.”

Notification of Change in Major Interest of Shares

Quindell Plc
(“Quindell”, the “Company” or the “Group”)

Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, announces that Robert Terry has today informed the Company that he has disposed of ordinary shares of 15 pence each (“Ordinary Shares”) such that a relevant disclosure threshold was crossed on 9 December 2014. Following these sales, Mr Terry is interested in a total of 13,047,189 Ordinary Shares representing 2.99% of the total issued ordinary share capital of the Company.

Trading Update

Quindell Plc
(“Quindell”, the “Company” or the “Group”)

Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, provides an update on its current trading.

The Directors believe that the recent changes to the Board mark a natural point at which to take stock of the Group’s position. As set out below, PwC is being engaged to conduct an independent review.

The Board is satisfied with the overall trading performance of the Group throughout a period in which a number of distractions have been encountered, and thanks its staff, customers, referral partners and suppliers for their support during this challenging period.

Trading Update

The Group’s business remains robust in both of its divisions: Professional Services and Digital Solutions. In particular, case numbers across its broad base of cases in the Professional Services division remain in line with management’s expectations. There continues to be positive feedback and support from customers and clients regarding the quality of service and products provided by the Group.

Cash flow from operations in the Professional Services division continues to grow as the cases within Legal Services progress through to settlement, and cash receipts in this area are greater than in comparison to previous quarters. The growth in cash receipts in the final quarter of the year has not been as significant as previously anticipated. The Board remains comfortable with the Group’s overall cash position; cash generation remains a key focus of the Group and initiatives to improve the working capital profile of the Group continue to be pursued.

The Board believes, taking into account the Group’s cash reserves and continued access to its three credit facilities, that the Group’s resources are sufficient to deliver on management’s current plans.

Independent Review

Further to the recent board changes, the Group’s ongoing development and the announcement on 13 October 2014 in relation to its internal business review on Noise Induced Hearing Loss, and in conjunction and consultation with the Company’s bankers, advisers and auditors, PwC is being engaged to carry out an independent review. This will review, inter alia, the Group’s main accounting policies and expectations as to cash generation into 2015. Initial work on this review has commenced and the Board will update shareholders on its results and provide future guidance in due course.

David Currie, interim non-Executive Chairman, said: “The appointment of PwC to conduct an independent review is the natural next step to give additional support to the Board’s confidence in the business and will also assist the Company in assessing its future strategy and outlook. The search for a permanent Chairman and new board members is ongoing and we will update shareholders as appropriate.”

Robert Fielding, Group Chief Executive, commented: “The Group’s business remains robust and we believe we have sufficient resources to deliver on management’s plans. I would like to take this opportunity to thank all of the Group’s staff for their hard work and professionalism and for the notable support of customers and suppliers over the past few weeks. I believe that we have a strong business, with great people and we look forward to the future with optimism.”

Issue of Shares

Quindell Plc
(“Quindell”, the “Company” or the “Group”)

Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, announces that, further to the announcement on 14 July 2014, it has issued 101,586 new ordinary shares, being the remainder of the first third of the deferred equity consideration payable to the sellers, in respect of the acquisition of iter8 Inc., which was concluded and announced on 18 April 2013.

Application will be made for the 101,586 new ordinary shares to be admitted to trading on AIM, with admission of the shares expected to occur on 11 December 2014. Following admission, Quindell will have 436,447,010 ordinary shares in issue. The Company has no ordinary shares held in treasury. The total of 436,447,010 ordinary shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.