News blog

AI Claims Solutions

BY: Andrew Hore |
POSTED: 02/04/2012 |
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Outsourced services provider Quindell Portfolio has acquired a further 44.7% stake in motor claims management services provider AI Claims Solutions and launched a mandatory cash bid with a share alternative.

Quindell owns 77.6% of AI Claims having bought the 27.2% stake owned by Bluehone and additional shares from individuals. The cash payment was £3.1m – equivalent to 24p a share and there were 50.4m shares issued on the basis of 3.2 shares for each AI Claims share or 3 shares for each AI Claims share. Other shareholders will be offered the chance to accept the highest cash or shares bids.

Quindell bought its initial 29.9% stake in January when it swapped 3.2 of its shares for each of the AI Claims shares it acquired. Charles Good, Ari Zaphirou-Zarifi and David Gorton sold part of their stakes at this time and have now sold the rest. At the previous day’s closing price of 7.75p a share, each AI Claims share was valued at 24.8p.

At 24.25p a share, AI Claims is valued at £14.8m.

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