(“Quindell”, the “Company” or the “Group”)
On 5 March 2015, Quindell Plc (AIM: QPP.L) announced the settlement of litigation (Laurence Baker, et al. v. Hassan Sadiq, et al. and NavSeeker, Inc. C.A. No. 9464-VCL, Court of Chancery of the State of Delaware USA) and the associated acquisition of 11.67 per cent. of Navseeker, Inc (“Navseeker”), not already held by the Company (which includes shares held by non-litigants to whom Quindell is required to extend the Navseeker purchase offer)(“Settlement”). As part of the process to achieve full ownership of Navseeker, the Company further announces that it has today issued 832,946 new ordinary shares of 15p each in the Company (“Ordinary Shares”), in respect of the acquisition of a further 8.33 per cent. of Navseeker not already held by the Company.
Navseeker is a subsidiary of Himex Limited (a wholly owned subsidiary of Quindell) and following completion of this acquisition and the Settlement, Navseeker will be a wholly-owned subsidiary of Himex.
Application will be made for the 832,946 new Ordinary Shares to be admitted to trading on AIM “Admission”), with Admission expected to occur on 20 March 2015. Following Admission, Quindell will have 440,946,623 Ordinary Shares in issue. The Company has no Ordinary Shares held in treasury. The total of 440,946,623 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.